Home improvement loans. What are they? Should I get one?
We’ve spent a lot of time indoors over the last year or so. Hours spent in the kitchen, home office or bedroom might reveal how much your home needs a refresh. If you’re thinking of remodeling, adding new landscaping or making paint and lighting upgrades, consider a home improvement loan.
What is a home improvement loan?
A home improvement loan with Kelly Community is a collateral loan secured by your home that you can take out to use on home improvement projects and renovations. Borrow from $1,000 to $50,000, depending upon your credit score, annual income and other factors. Since it is collateral loan that will add to the overall value of your home, it’s often available at a much lower interest rate than an unsecure personal loan.
A home improvement loan has a competitive fixed interest rate that is usually lower than credit cards. Not only will you pay less over time for the loan, but it will also be a fixed monthly rate until it’s paid off.
When should I consider a home improvement loan?
Your home is most likely the biggest investment you will make in your life. And as any home owner knows, maintenance is part of the long-term investment. Here are a few reasons why you might consider a home improvement loan:
- You need to repair your home but don’t have the cash on hand for the entirety of the project
- You do have cash, but don’t want to empty your emergency savings to repair or improve your home
- You want to spread the cost of renovations and repairs out over a long period of time, but don’t have enough equity in your current home for a home equity loan
If you look around at your house and realize it might be time to for an update, a home improvement loan is a great choice.
You can apply for a home improvement loan today!