Home Loan Information

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Home Loan
  Basic Home Loan Terms Explained
  Sound Advice on Home Loans
  How to Secure a Construction Loan For a True Modular Home
  Important Information On Home Loan Refinance
  Are You Qualified For A Home Loan Refinance?
  How To Get The Most Favorable Home Loan Rate Deal
  Pay Home Loan Off Quickly

Home Equity Rate
  Best Home Equity Rates - How to Land One
  Important Factors When Cashing Out

Bad Credit Home Loan
  Can Homeowners Still Get a Loan When They Have Bad Credit?
  Are They Right For You?

Secured Home Loan
  Actualize The Potential In your Home

Home Equity Mortgage
  4 Tips That You Should Follow Closely

Home Equity Loan n
  Home Equity Loan - Advantages and Disadvantages
  How to Borrow Money by Cashing Out Home Equity

More Tips

  Home Equity Loan - Advantages and Disadvantages
  Sound Advice on Home Loans
  How to Secure a Construction Loan For a True Modular Home
  Important Information On Home Loan Refinance
  How To Get The Most Favorable Home Loan Rate Deal

Home Loan Articles

Basic Home Loan Terms Explained
The wonderful world of home buying can sometimes overwhelm the first time home buyer. They are inundated with information riddled with terms of art. ARMS, points, interest rates, good faith estimates, pay-downs, lock-in dates, so on and so forth... Read More

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Friday, November 14, 2008

Home Improvement Equity Loans for Your Repair Needs

If you need to have home repairs on your houses, you can get cash from a home improvement loan. Indeed, while some residence owners will go and take out a secondary type of debt, more popularly called the home equity loans, others want to be updated on their loans and will instead obtain home improvement equity loans.

A home improvement loan offers extra cash money to home owners in need of finances to be used in making home repairs and improvements as well as renovations. Such repairs may include inside and outside repairs, re-tiling, carpeting, interior and exterior painting, roof and ceiling repairs, piping repairs and even structural repair, improvement and remodeling.

The amount of the home improvement equity loans allotted to the prospective borrower all depends on his current status with his lending company. Of course, if the home owner has good loan standing, he will certainly obtain home improvement loan, with the lending company offering him full equity lending. On the other hand, new borrowers will get partial lending at around 85 percent.

Home improvement equity loans are usually extended to as long as 15 years. Actually it all depends on what the lending company will offer, it can be as long as 25 years or as short as 10 years. Likewise, the length of term depends on the application outcome of the borrower.

A typical home improvement loan can be obtained in either as fixed rate loan or the adjustable type of loan. Usually, most borrowers opt to take the fixed rate home loans. This is because the rate of interest stays the same, whatever is the condition and overall status of the economy.

Some home improvement equity loans require independent contractors who will check on the improvements and repairs made on the property. This is to make sure that the borrower uses the money only for the agreed purposes, which is home repair and improvement.

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Labels: Home Equity Loan

posted by Khate @ 4:34 PM

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