State and Local Loan Programs. In addition to loan programs run by the federal government, there are thousands of programs operated by the 50 states, as well as counties and municipalities. For example, the state of Connecticut currently lists 11 programs that assist homeowners with everything from financing the purchase of a home in need of repair to helping improve the energy efficiency of their houses.
Energy-efficient mortgages (EEMs). Suppose your home's R-value is the envy of your block. An EEM from Fannie Mae or elsewhere could boost your debt-to-income ratio by up to 2 percent. Utility bills are lower in energy-efficient homes, so the homeowner can afford a bigger loan. EEMs have been used for new construction; lenders are now pushing them for existing homes. An EEM requires a determination that your house meets Fannie Mae's stringent energy-efficiency standards.
Home improvement loans are unsecured, meaning they’re approved based on the borrower’s credit history and income and do not require collateral. They are offered by online lenders, banks, or credit unions and work similarly to personal loans. Once approved, you’ll receive funding through direct deposit or paper check, and then be able to pay for your building supplies and contractors.
Since these projects may involve some demolition and plumbing, you may want to consider a contractor. It is important to obtain several quotes that include the following: project start and completion dates, a guarantee to clean up debris, a warranty on the work, and a payment plan. Then, compare quotes to make sure you get a competitive price without sacrificing quality. Once you've found a contractor you want to work with, check out Citizens Bank's competitive home improvement loan rates to make these major projects a reality.
Home loans using home equity as collateral are the most common and offer the biggest loan amounts, according to Greg McBride, senior financial analyst for Bankrate.com. However, “Lenders are looking for homeowners to retain a 15% equity stake after the loan,” McBride said, so you’ll need a fairly large amount of equity in your home just to qualify.
"For those borrowers who do not have equity in their homes for a traditional home equity or second mortgage loan, borrowers can usually access some form of unsecured home improvement loan or revolving credit," says Ron Haynie, senior vice president of mortgage finance policy for the Independent Community Bankers of America, which represents the interests of the community banking industry. "Most banks will make an unsecured home improvement loan."
SoFi is known for student loan refinancing, but the online lender also offers personal loans for house remodeling. You can borrow as little as $5,000 or as much as $100,000 and repay it over two to seven years. SoFi loans also come without origination fees and prepayment penalties. They even have an unemployment protection program that can temporarily pause your payments if you lose your job.
A traditional home improvement loan lets homeowners borrow a lump sum to pay for the necessary labor and materials to complete projects such as remodeling a kitchen or bathroom, adding a swimming pool to the backyard or replacing an aging HVAC system. Credit unions, traditional banks and online lenders offer home improvement loans. These are unsecured loans, meaning the homeowner doesn’t provide any collateral for the loan. As a result, the interest rate will be higher than it would be for a secured loan, such as a home equity loan.
* The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Avant branded credit products are issued by WebBank, member FDIC.
Great tips. At the onset of explaining various causes of a squeak, Tom Silva says it can be alignment, either of the door-to-hinge, or hinge-to-hinge. Hmm, seems to me those two scenarios different than the case in the vid, that being singular hinge with the barrels out of alignment. So, the vid shows a great solution to fixing out of alignment barrels, but what about fixing doors with hinges out of alignment from each other, or hinges out of alighment on the door? How do you make that determinations, and what is the solution? thx
Think carefully before you embark on this type of refinance, though: You’ll be using your home as collateral for a bigger loan, and you’ll be financing short-term costs with long-term debt, which adds interest and other fees to the price of the renovations. In most cases, a cash-out refinance is appropriate only if you’re improving your home in ways that will increase its value.
A credit card might be a better choice than a loan, for instance, if you don't need to borrow a lot. Experian's 2019 report on consumer credit card debt found that the average credit card limit is about $23,000, but your card limits may be lower or higher. If you're applying for a new card, your credit limit at first may be capped at $5,000 or $10,000.
• Your house payment alone (including principal, interest, taxes, and insurance) should be no more than 28 percent of your gross monthly income. The maximum debt-to-income ratio rises to 42 percent on second mortgages. Some lenders go even higher, though fees and rates get expensive — as will your monthly payment. However, a debt-to-income ratio of 38 percent probably is the highest you should consider carrying.
Refinancing costs: Because you’re getting a brand new home loan, closing costs can make refinancing expensive. Also, you’re extending the life of your loan, so the new monthly payments will mostly go toward interest payments instead of reducing your loan balance. But, if you have sufficient funds on hand, you can always pay extra and eliminate your debt early.
Home remodeling loans offer an influx of cash for homeowners with big remodeling plans but pocketbooks that won't quite stretch far enough for costly home improvements. When you own a home, remodeling loans can make it possible to build on an addition, put in skylights, add a pool or make any change you want. But you should know what to expect before jumping in and signing on the dotted line of a home improvement loan.
If you have decent credit, you'll run into offers for 0% interest on credit cards (new credit cards or checks you can use with cards you already have). Credit Karma previously advised us that these offers might be best for projects under $15,000—presumably because it's (relatively) easy to pay off the loan within the low interest rate offer timeline (usually 12 to 18 months), it's easy to apply and qualify for, and you don't risk losing your home on this kind of unsecured loan.
It's been a few years since I painted anything in anger, but back when I did, there was a trick I'd use when protecting carpet. Round the edge of the carpet, right up against the baseboard, I'd run a 1 1/2 or 2 painter's tape, and let the tape stick slightly to the board. Then I'd go round with the broadest taping knife I had, and tuck the tape down hard. That left the carpet edge protected and rounded over and the tape was now creating a line along the baseboard *below* the level of the carpet. Then I'd sheet up as usual.That made it super easy to paint the baseboard, the bottom edge didn't need cutting in! Just work the pain in there! If the bottom edge was a little messy and uneven, who cared? Once the paint was thoroughly dry, the tape was lifted (carefully, to not pull the carpet off the gripper) and the carpet would bounce up and hide the bottom edge of the paint. A perfect look, quicker and safer than trying to cut in along a fuzzy carpet edge.