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A Look At Poor Credit Home Improvement Loans

Sep 11, 2008
Any improvement of your home is going to cost a great deal of money and the vast majority of people find the only way they can afford to carry out work of this kind is to arrange a home improvement loan. If you want a first rate home improvement job carried out with a guarantee then you will need to use professional tradesmen who should also speed the work up a great deal.

Almost all homeowners are able to arrange a home improvement loan but some may decide voluntarily, or be forced, to have the loan secured on their home or other valuable possession. A loan that does not require equity allows new homeowners to apply even if they just bought their home. Finance which is used to improve the home is seen as a good investment in the property and even if equity in the property is not required, the loans can be organized for up to 15 years at a time.

However, one stipulation for a zero equity finance arrangement is that the combined income of the owners reaches a specified limit but it must not be greater than the limit imposed by the county where they live. The loan process for people applying for a no equity loan is minimal even though the property and type of improvements planned are looked into.

The difference with a secured home improvement loan means the value of the property is taken into account so when there is spare equity, the loan is basically taken out of this. Equity based loans are arranged quite quickly and while these loans are not considered as second mortgages, they have the benefit of lower interest rates and preferential terms as part of the arrangement.

How much you can borrow on a secured loan depends on the equity in your home. Although the value of your home is required, it will also take into account how much you owe both on the house and personally.

After this has taken place, the lenders will put a package forward which may not necessarily be for the full amount the homeowner wanted. Usually, finance companies will lend you a percentage of the assessed value of your house but some lenders can lend as high as 125 percent of your home's equity.

An equity based loan can be risky if you arrange to lend an amount greater than you can comfortably afford so consider this carefully as you may end up handing your beautiful home over to your creditors. So when you arrange a home improvement loan, it is best to use it only for necessary repairs and make renovations or home additions only when you have the money to spare.
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