Home is every individual’s largest investment. It needs proper maintaining to ensure safety for every person residing under its roof as well as sustain its value. You may need a loan to update or renovate it. You can opt for a home improvement loan and enhance your property.
The range of amount and term period varies from one financial institution to another. For example at Blackhawk bank, the loan amount can range from $5000 to $25,000 and the length, term varies. Besides, the Blackhawk bank mortgage rates are reduced by 0.50% with opening a checking account with them. You can renovate your home with the loan in several ways.
- Patio and more
What is the home improvement loan?
A type of personal loan that does not need any collateral. It is unsecured and will not put your home title at risk as there is no mortgage or reverse mortgage. You can repay them in monthly or quarterly installments, as agreed. The installment to be paid will be the same until the life-time of the loan. Nevertheless, make sure that you are regular in paying and there is no default.
The total loan amount you receive will be based on your ability to repay and credit history. The amount can be small [$5,000] or large [$25,000].
Benefits of home improvement loans
The eligibility criteria are simple and documentations are minimal.
- Basic personal details like the address and contact number
- Education history
- Annual income
- Do you have existing loans?
- Bank statement
- How much you need?
- How much time you need to repay?
Simple application process
A home renovation loan can be applied offline or online. You just need to have the above documents and information handy, while filling an online application form. Make sure to shop around for the best deals on the internet.
The internet has made it convenient to get a loan approved than it was in the past. Getting an appointment with some busy banker was very challenging but today you can apply anytime and from anywhere.
Quick response & transfer
After the financial institution receives your application and documents, it will get evaluated and verified. If they find you qualify, then you will be sent a confirmation email. The amount will be transferred to your account within a day.
Flexible borrowing option
Some financial institutions offer a flexible feature like pay interest on the amount used. Thus you can borrow funds in installments from the total amount sanctioned. Choose to pay the interest-only EMI’s at the start of tenure, then towards the end, the principal can be paid.
It helps to manage cash-flow easily and even pay for impulsive expenses hassle-free. There is no need to disrupt your savings for a home renovation project. Home renovation loans cover your expenses to any kind of home improvement project.
It is sensible to check your preliminary loan offer including the loan amount and interest rate first. Home renovation loans are for homeowners only.