The advent of online lending portals has made it easy for borrowers without collateral to get an unsecured personal loan from both national and local lenders. The rates for this type of debt are significantly higher than for home equity debt; on Bankrate, average APRs for personal loans range from a low of 10.3 percent for someone with excellent credit—a FICO cedit score of 720 and higher—to 32 percent for someone with poor credit.
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Whether you want to give your kitchen a fresh look, build the deck you’ve wanted, or want to make a few bigger home repairs, one of the decisions you’ll face is how to pay for your home improvement. Sure, you could use your credit cards or maybe take advantage of in-store financing, but one of the most convenient ways to pay for larger projects is with a home improvement loan.

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If you're looking to sell your home in the near future, you may want to consider re-doing the landscaping, repaving the driveway or repairing cement patios to boost your curb appeal. Whether you do the work yourself or hire a landscaper, a home equity loan can help you cover the costs. After all, investing in the labor, cement, pavers, plants, irrigation, topsoil, mulch and removal of your old landscaping can add up fast.
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Your home improvement ideas are as unique as you are and our range of financing options can help you realize those ideas in the way that makes the most sense for you. Narrow down your options using the information below and remember our financing representatives are available to answer any questions. Be sure to consider the costs associated with each option, including interest rate, when choosing a product.
Home repairs and renovations can be very expensive, but they are often necessary. Urgent projects such as mold remediation and structural repairs cannot be put off and planned for, while updates in finishes may be required if you are trying to sell your home soon. A common way to obtain money for renovations is through a home improvement loan that's secured by the equity you have accumulated in your home.
• 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.
To possibly have the quickest impact on your home's resale value, replace overgrown bushes with low, uncluttered plantings. In the backyard, add a simple patio made of pavers, a fire pit or a fountain fashioned out of rocks or pottery. Choose evergreen, perennial plants as the primary elements in your garden. These are low maintenance, and in the winter your home will show better with full bushes instead of twigs. On the other hand, if you live in a warm climate, build an outdoor living space with gravel, pavers, umbrellas and plush patio furniture.
Before applying, be sure to check your credit history for inaccuracies, and if you find any, dispute them. You’ll want to make sure your credit is in tip top shape so you can get the best rate from lenders. If your credit score is subprime, consider a bad credit loan instead. It’s also important to get a few estimates prior to applying for a loan so you have an idea of how much money you need to get the job done.
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.
Interest rates. The less interest you pay, the more loan you can afford. An adjustable-rate mortgage (ARM) is one way to lower that rate, at least temporarily. Because lenders aren't locked into a fixed rate for 30 years, ARMs start off with much lower rates. But the rates can change every 6, 12, or 24 months thereafter. Most have yearly caps on increases and a ceiling on how high the rate climbs. But if rates climb quickly, so will your payments.
If you have very good to excellent credit, you can probably get approved for a new credit card that will charge you no interest on new purchases for nine to 18 months. Cards that have such an offer as of Dec. 5, 2016, include Chase Slate (0% APR for 15 months, no annual fee) and Capital One QuicksilverOne (0% APR for 9 months, $39 annual fee). Many other offers are available from both credit unions and banks. 
Some of that affordability is negated, though, by Prosper’s loan origination fee. This lender charges a fee based on your credit profile, which could cost you anywhere from a few hundred to a few thousand dollars depending on your credit score and how much you need to borrow. Other lenders offer lower interest rates and don’t charge loan origination fees, so make sure you weigh all the factors if you decide to go with Prosper for your loan.
The advent of online lending portals has made it easy for borrowers without collateral to get an unsecured personal loan from both national and local lenders. The rates for this type of debt are significantly higher than for home equity debt; on Bankrate, average APRs for personal loans range from a low of 10.3 percent for someone with excellent credit—a FICO cedit score of 720 and higher—to 32 percent for someone with poor credit.

If you're ready to do some demolition and renovation, begin the process to apply for a home equity loan by answering a few questions. With a home equity loan, you have the ability to choose your repayment term and no annual fees. Plus, our home improvement loan rates are low, fixed interest rates, designed to make monthly payments more manageable. Contact a Citizens Bank Home Loan Originator for more information on home equity loans and rates today.
Most HELOCs come with a variable interest rate, which means your monthly payment can go up or down. The amount of interest you pay is determined by a number of factors, including interest rate levels set by the Federal Reserve, investor demand for Treasury notes and bonds, and the movement of benchmark rates used by the banking industry. Each factor can affect your interest rate.
After the kitchen, you may want to think about remodeling your existing bathroom. If your house is older, you may be sporting pink, blue or avocado tile or outdated fixtures. Even if your home is newer, styles can change. Invest in neutral-colored tile and give the room some personality with a fresh coat of paint, wall hangings and a new shower curtain. Update lighting fixtures and install a low-flow toilet to save on the water bill. You may even want to add a new vanity and matching mirror.
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.
Home repairs and renovations can be very expensive, but they are often necessary. Urgent projects such as mold remediation and structural repairs cannot be put off and planned for, while updates in finishes may be required if you are trying to sell your home soon. A common way to obtain money for renovations is through a home improvement loan that's secured by the equity you have accumulated in your home.
Until recently, borrowing money for a new kitchen, second-story addition, or other home improvement meant going to the bank, seeing a loan officer, and hoping for the best. Today, however, you have many more options to help finance home improvements. A mortgage broker, for example, can offer more than 200 different loan programs. And brokers are just one of the many lenders eager to put together a loan that fits your situation—even if your credit history is less than perfect.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
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**Subject to credit approval. No down payment. Fixed APR of 7.99% for 90 months. Payment Example: Based on each $1,000 financed, 6 months of interest only payments in the amount of $6.66 followed by 84 amortized payments in the amount of $15.58. Payment Example: Based on $3,000 purchase, 6 months of interest only payments in the amount of $19.98 followed by 84 amortized payments in the amount of $46.74. See loan agreement or ask Associate for details. Not valid in Puerto Rico, USVI, and Guam. LICENSES: NMLS #1416362; CT SLC-1416362; NJ MT #1501607 C22
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