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Thursday, 5 February 2009
Home improvements loan 76

When a home is aging and needs some care, an ideal way to ensure this is can be carried out is by arranging a home improvement loan. Tradesmen such as carpenters, electricians, plumbers, plasterers are an expensive addition to the overall home improvement budget but for many homeowners they have no alternative as their own skills are not sufficient.

Two types of home improvement loan exist; secured loans which are based on the equity in the property and those that require no security at all. Loans that do not require security are quite flexible and even new homeowners can apply. Fortunately for the homeowner, an non-equity based financing arrangement is available with a fifteen year repayment term if required.

The only condition made on no equity finance is that the owners must have a joint income which is lower than the county limit where the property is but reaches the limit specified by the lender. Although a number of details of the applicant are looked into, these loans are relatively easy to arrange and there is not much documentation to complete.

A secured home improvement loan allows you to access some of the equity in your home, so that you can take out a loan against your property. There are benefits to arranging a secured loan though as they generally have a lower rate of interest so reducing the monthly payments and although they are relatively hassle free, they are not another mortgage on the property.

Still before a secured loan can be arranged, the equity available in your home will need to be agreed upon by the lender. All factors are considered before a final amount is agreed upon and that includes how much is owed on the mortgage, its current value and what other debts the owners may have.

All these factors will be considered for putting a loan package together for your consideration. It is never a good idea to lend more than the property is worth although a few lenders do, which often causes problems if property prices fall; fortunately most will only lend to the top value of the property.

An equity based loan can be risky if you arrange to lend an amount greater than you can comfortably afford so consider this carefully as you may end up handing your beautiful home over to your creditors. So when you arrange a home improvement loan, it is best to use it only for necessary repairs and make renovations or home additions only when you have the money to spare.



Eunice Castro
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BTW, i found a site about real estate in Lora del Rio in spanish : promociones inmobiliarias en Lora del Rio

 


Posted by marcelinocain927 at 7:49 AM EST

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