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Home improvement projects—whether you hire a pro or DIY—do cost a pretty penny, so most of us have to take out some sort of loan to pay for them. You've probably received "you've been approved for a personal loan!" letters in the mail or have been told you can refinance your mortgage and take money out for whatever you want. As with other major financial decisions, however, it's really worth the time to understand your different choices so you don't screw yourself in the long run. Let's take a look.
With a low home improvement loan rate available, now's the perfect time to get started on those remodeling projects you've been putting off. However, while you're renovating your home, be careful not to add things that would price your home out of the range of your neighborhood. For example, if you own a bungalow in a neighborhood where sale prices don't top $125,000, reconsider adding a master suite fit for a mansion. You may not recoup that investment when buyers can get very similar homes on the same street for less. Even in a neighborhood where homes sell for $1 million, adding exotic hardwood floors or marble drives and walkways could still push your home's price higher than the average, making it harder for you to sell someday.
Last year I bought a house that had the stainless steel micro model installed. The house was surrounded by 80’ tall Maples & Birch. TONS OF LEAVES.Yes, it the micro mesh keeps all leaf and seeds out of the gutter 100%. What the manf and dealers won’t tell you is that you must clean the mesh 2x’s a year to get spring pollen, mold, & fall leaf dust off. Otherwise it will eventually keep EVERYTHING out, including WATER. Major ice problems flowing over the gutters. No it was not the result of ice damming. I removed it all & just deal with the leaves 3x’s each fall.Got ranch home with easy access to the gutters - get the micro mesh. Easier to clean that than clean gunk out of the gutter.hire a young buck to climb a ladder. A whole lot cheaper.
To determine the loan amount, lenders use the loan-to-value ratio (LTV), which is a percentage of the appraisal value of your home. The usual limit is 80 percent—or $100,000 for a $125,000 home (.805125,000). Lenders subtract the mortgage balance from that amount to arrive at the maximum you can borrow. Assuming your balance is $60,000, the largest loan that you can obtain is $40,000 ($100,000-$60,000=$40,000). If you have a good credit rating, a lender might base your loan on more than 80 percent of the LTV; if you don't, you might get only 65 to 70 percent. While many lenders go to 100 percent of the LTV, interest rates and fees soar at these higher ratios.

If you tend to have trouble getting out of debt, keeping your finances organized or meeting deadlines, this isn’t a good option for you. Borrowers who are disciplined, detail oriented and spend within their means could find this to be the least expensive option. However, it may not be possible to borrow as much with a credit card as you could with a home equity loan or cash out refinance, depending on how much equity you have and how good your credit is.
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