Home improvement loan: where to get?

Heloc

Quote from BeeEss : does anyone have any good sources for Home improvement loans? The home is already financed for from last 2 years. There are certain home improvements that we are planning to do that we need a loan for. Anyone know how much interest on these kinda things? Also, is it fairly easy to get these loans?

I would imagine that you would either need to get a home equity line of credit (ie: HELOC) if you plan on using your home for collateral on the loan. If you wanted to go the unsecured route, depending on how much you need, what you need, and where you intend to get it, you might be able to get away with something like a Home Depot credit card with 0% interest for XX months.

Whether you qualify for a HELOC is dependent on how much equity you have in your home. If you've only had the mortgage for two years, and if you didn't put a significant amount down, you probably won't get one. If you have >20% equity, you should be OK. The rates vary between banks, but would be significantly less than standard credit card APRs. And obviously your credit score will come into play.

You really provided no concrete information, so it's hard to actually answer your question.

How much are you needing? My bank often sends blank checks with 0% apr for a year and 3.9 after. If you need like 10k for a few years this might be the way to go.

Quote from dealgate : Heloc

Quote from phonic : I would imagine that you would either need to get a home equity line of credit (ie: HELOC) if you plan on using your home for collateral on the loan. If you wanted to go the unsecured route, depending on how much you need, what you need, and where you intend to get it, you might be able to get away with something like a Home Depot credit card with 0% interest for XX months. Whether you qualify for a HELOC is dependent on how much equity you have in your home. If you've only had the mortgage for two years, and if you didn't put a significant amount down, you probably won't get one. If you have >20% equity, you should be OK. The rates vary between banks, but would be significantly less than standard credit card APRs. And obviously your credit score will come into play. You really provided no concrete information, so it's hard to actually answer your question.

Quote from nizzy1115 : How much are you needing? My bank often sends blank checks with 0% apr for a year and 3.9 after. If you need like 10k for a few years this might be the way to go.

It looks like we will not qualify for HELOC, as the home has mortgage for less than 2 years and we did not put a significant amount down.


So yes, it will be an unsecured loan. Thats why I was wondering, first of all, where to get it, whether there are some credit unions or banks etc who would provide these, and is it fairly easy to get it.


I was also thinking of all these low interest or zero interest credit cards to make the payment, but the contractor is not accepting credit card payments...

Quote from BeeEss : I was also thinking of all these low interest or zero interest credit cards to make the payment, but the contractor is not accepting credit card payments...

What about the checks though like I said, not credit cards.

How do you know you won't qualify for a HELOC? I'd call around to some banks and talk to them. HELOCs are based on your equity with many banks making the HELOC higher that the actual equity (I've seen as much as 120% more than value).

Quote from dealgate : How do you know you won't qualify for a HELOC? I'd call around to some banks and talk to them. HELOCs are based on your equity with many banks making the HELOC higher that the actual equity (I've seen as much as 120% more than value).

thanks for ur suggestion, gonna try that

Quote from phonic : I would imagine that you would either need to get a home equity line of credit (ie: HELOC) if you plan on using your home for collateral on the loan. If you wanted to go the unsecured route, depending on how much you need, what you need, and where you intend to get it, you might be able to get away with something like a Home Depot credit card with 0% interest for XX months. Whether you qualify for a HELOC is dependent on how much equity you have in your home. If you've only had the mortgage for two years, and if you didn't put a significant amount down, you probably won't get one. If you have >20% equity, you should be OK. The rates vary between banks, but would be significantly less than standard credit card APRs. And obviously your credit score will come into play. You really provided no concrete information, so it's hard to actually answer your question.

the credit score is in 690's

How much money are we talking about?

Many credit cards will offer "balance transfer" checks with 0% APR for the first 12-24 months, though they normally tack on an instant 2-4% balance transfer fee. But that would only equate to 1-2% APR for a 12-24 month loan, which is actually really good - assuming you can pay it off in time.

These are basically blank checks that can be deposited into your own bank, or paid to any third party. You can't go higher than your available credit line(s) with the account(s) you write them off of, but it could be an option.

Assuming you have enough available credit, or can get another credit card that does this, it could allow you to finance the project. I know Citibank is very happy to offer these. We receive NO LESS than one packet of these checks a WEEK from them, which get torn up and thrown away.

I would advise against getting a HELOC that exceeds the value of your house. No reason to put yourself under water on purpose.

Quote from phonic : How much money are we talking about? Many credit cards will offer "balance transfer" checks with 0% APR for the first 12-24 months, though they normally tack on an instant 2-4% balance transfer fee. But that would only equate to 1-2% APR for a 12-24 month loan, which is actually really good - assuming you can pay it off in time. These are basically blank checks that can be deposited into your own bank, or paid to any third party. You can't go higher than your available credit line(s) with the account(s) you write them off of, but it could be an option. Assuming you have enough available credit, or can get another credit card that does this, it could allow you to finance the project. I know Citibank is very happy to offer these. We receive NO LESS than one packet of these checks a WEEK from them, which get torn up and thrown away. I would advise against getting a HELOC that exceeds the value of your house. No reason to put yourself under water on purpose.

Oh ok
Am fairly confident of paying it off in 12 months.


Amount needed is about $20-25K


Anyone know good balance transfer credit cards?
I never seem to receive these 'offers'.... so wondering how to go about then.

Quote from BeeEss : does anyone have any good sources for Home improvement loans? The home is already financed for from last 2 years. There are certain home improvements that we are planning to do that we need a loan for. Anyone know how much interest on these kinda things? Also, is it fairly easy to get these loans?

Also look into a home equity loan from your credit union. They offer a fixed rate versus the floating rate with a HELOC.

Wow thanks for the insight

Quote from beeess : oh ok am fairly confident of paying it off in 12 months. Amount needed is about $20-25k anyone know good balance transfer credit cards? I never seem to receive these 'offers'.... So wondering how to go about then.

you're not getting one with a <700 fico

Quote from BeeEss : It looks like we will not qualify for HELOC, as the home has mortgage for less than 2 years and we did not put a significant amount down.

Quote from BeeEss : the credit score is in 690's

Quote from BeeEss : Amount needed is about $20-25K

[waving arms] Danger Will Robinson, Danger! [/waving arms]

Seriously dude, unless the roof is caving in, I'd hold off on any home improvement for a while. You have no equity in your home, a crappy credit score, and you want to put yourself in *more* debt? Bad idea.