Personal Loans Home Improvement Loans
Your home is an important part of your life, something you invest in and enjoy for a long time. When looking at all the ways you can remodel and improve your home, it is important to look at all your options for home repair loans and renovation loans.
Whether you want to make home repairs, remodel, buy new appliances, install a pool or just furnish your house, a personal loan makes it easy to finance any home improvement.
Taking advantage of a home improvement loan can add joy to owning a home and increase your property value. Using personal loans for home repairs can be done without depleting your home equity.
Whether you are building an addition, making repairs or updating a bathroom, a personal loan can be the smart way to finance these home improvements. Once approved, your loan is funded and you can use the money however you want.
There are many benefits of a personal loan for home improvements.
Here’s what you’ll need ready before applying for a home improvement loan:
Your credit score: The most favorable rates often go to borrowers with the highest credit score. Every lender you apply to is going to want to know your credit score and credit history. You can check your credit score for free at myBankrate. Checking your score through myBankrate does not impact your credit score.
The cost of your project: Home improvement projects can vary widely in cost. Remodeling your bathroom won’t cost the same as replacing your windows. Before applying, know the cost of your materials and length of your project. Don’t borrow more money than you need.
Your debt-to-income ratio: You can find your debt-to-income ratio by dividing all of your monthly payments vs. your monthly income. On average, home improvement lenders consider a 20% debt-to-income ratio low. Many lenders will consider borrowers with higher ratios, but the cutoff is around 50%.
Your personal information: This includes information like your Social Security number, mother’s maiden name, employment history, employer information, and a list of any monthly debts you may have.