Introduction Every homeowner likes to enhance their home and the home decor as home is the place where we want to feel relaxed. You might think of an additional room, a color change or few changes in decor. All these are possible if you have the finance available with you for the home improvements.
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Five options for financing your home improvements
1) Use Cash ● Use a portion of your savings for home renovation. ● This way you can avoid paying the interest. ● Plan and save money every week required for the home improvements.
2) Refinance Your Mortgage ● Refinance your current mortgage if your home needs a large improvement. ● You can refinance at a lower rate.
3) Apply for a Personal Loan ● Obtain a secured loan for the home improvements. ● Make sure you have a good credit score to get the secured personal loan.
4) Zero Interest Home Remodeling Loan ● Apply for the loans programs like 203k rehab loan and USDA loan by local country government. ● Your income and value of the home must meet the guidelines of the program. ● You can save a lot of money with this loan.
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5) Home Equity Loans ● For large home improvement projects Home Equity Loans (HEL) and Home Equity Lines Of Credit (HELOC) are helpful. ● You will get the amount based on the equity you currently hold in your home.
➢ You should look at different interest rates on the various loans to secure the financing you need to start working on your project. ➢ For more details on how to finance visit : https://www.drewmortgage.com/finance-home-renovation/
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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/
Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080
Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060
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