Use a Home Equity Loan to Make Repairs Now Rather Than Later
Having equity in your home means you have the means to take care of necessary home repairs.
- Make minor repairs or major remodeling improvements.
- Choose from multiple loan options that give you the access and repayment flexibility you need.
- Consult your tax advisor—interest may be tax deductible.
Increase Your Home Value—A Few Tips
Unless you use a home equity loan to refinance your existing first mortgage loan, the terms of your first mortgage loan will not change when you take out a home equity loan.
Typical loan terms range from five to twenty years. Any existing home equity accounts, also known as second mortgage loans, must be paid off with the new home equity loan. If you make home improvements with the specific intent of increasing the resale value of your property (as opposed to just making it more comfortable to live in), make sure the improvement will add the value you want.
Before deciding on a final home improvement loan account, complete a cost breakdown that itemizes the estimated cost of your home improvement. Be sure to include a contingency amount in your home equity loan to account for possible unplanned expenses such as upgrading to a $20/foot backsplash over a $2/foot one.
|How much money can I get?|
|Is there a penalty if I repay my loan early?|
|What documentation do I need to provide after I apply?|