Because terms and rates differ greatly between these niche loan products, it's also harder to understand just what you're signing up for. Steer clear of shady offers, especially payday loans. You should compare the terms, APR (annual percentage rate), and other costs of each loan to see which one makes the most sense. The Mortgage Professor offers many calculators for that tricky task.
If you have equity in your home and are planning on projects costing $50,000 or more, the best loans to tap will probably be tied to your property. HELOCs, home equity loans, and cash out refinances offer the best rates (30-year fixed mortgage rates are among the lowest we've seen in decades, at 4.06% . A 15-year fixed home loan is currently 3.12%, according to WSJ.) Also, you might be able to deduct the interest on these loans and any points you pay to reduce the interest rate on your taxes (check with a tax advisor, though).
The biggest problem or obstacle to getting home improvement projects done? Contractors. Many people research DIY solutions but do so not to perform the work themselves but to have some knowledge when hiring someone else to do it for them.Where are the articles on the realities of dealing with contractors, not the glossed over 1,2,3... steps which are hardly helpful in the experiences of so many?Perhaps TOH can shine a bit of light of what no one really wants to talk about on the side of sites selling ads, displaying links to Home advisor and those types of hyped up services?Maybe TOH could spend a little bit of time advocating better service providers than displaying their ads everywhere?Most people know the usuals, the defined scope, the quotes and so on. How many contractors can easily pass a reference check and then the home owner discovers the work is shoddy, the communication practically non-existent and the contractors think it's their project? It's the homeowners project.
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.

If you’re interested in applying or would like more information, please review this PDF file, which outlines the various programs that are available to residents. Then complete this pre-application form and send it to Elena Shulman, one of our project managers, at ElenaS@washingtoncountycda.org. She’ll give you a call to to talk about your plans, review the eligibility requirements with you, and make sure that you’re applying for those programs that will be most beneficial for you. Questions? Give Elena a call at 651.202.2823.


A credit card can be a better option for borrowing smaller amounts of money for your home improvements with lower interest rates than a personal loan. Credit cards can offer 0% interest rates for a set period of time on your larger purchases, which might include a new kitchen or bathroom suite. A credit card works best if you can pay it off quickly.


A home equity loan lets you borrow a lump sum all at once, while a HELOC lets you draw on a line of credit as needed for a certain number of years, called the draw period. During the draw period, you only have to repay interest on the loan, which makes monthly payments quite small but can result in payment shock later when the draw period ends and the borrower has to start repaying principal too. In addition, a HELOC has a variable interest rate, while a home equity loan has a fixed interest rate. A HELOC’s initial rate may be lower than a home equity loan’s, but over time it can become higher if market conditions push interest rates up. (For more, see Choosing a Home Equity Loan or Line of Credit.)
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
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.
Because terms and rates differ greatly between these niche loan products, it's also harder to understand just what you're signing up for. Steer clear of shady offers, especially payday loans. You should compare the terms, APR (annual percentage rate), and other costs of each loan to see which one makes the most sense. The Mortgage Professor offers many calculators for that tricky task.
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