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Choices in Home Improvement Loans

Choices in Home Improvement Loans By Craig Friesen
HIPhome Columnist
December 31, 1969

Home repairs and renovations do not need to wait until you have saved up the extra cash. With a number of good options for home improvement loans, you could be ready to start your project in just a day or two.

Before you go and stick your expenses on a credit card, you should consider the benefits of a home improvement loan. With home improvement loan rates considerably lower than credit card interest you can save yourself a bundle of money with a trip to your financial institution. Government home improvement loans are another source of financing that may be available to you.

Government Home Improvement Loans

Government home improvement loans can be available at all levels of government. Your financial institution will probably know whether federal, state or local levels have funding available for home improvement. Specific circumstances are usually attached to these home improvement loans, such as providing assistance for first-time house buyers. Home improvement loan rates from the government are usually competitive with comparable institutional loans but may provide greater flexibility for payment terms. Additional resources, such as software that searches for federal grant money, can be purchased online.

Home Improvement Loan Rates, Benefits, and Options

Home improvement loan rates can vary with the type of loan received. If the home improvement loan is unsecured then the rates will be higher but still below typical credit card interest rates. A secured loan will have the best interest rates and these will either be granted on a revolving line of credit or the full amount estimated for your project. If you are purchasing a home or willing to re-finance your mortgage then consider including your intended home renovation project. In addition to lower interest rates and government home improvement loan incentives, a home improvement loan may have options such as insurance for your project.

About the Author
Craig Friesen is a freelance writer and an ordained Mennonite minister in rural Saskatchewan, Canada. He has a Bachelor of Arts degree in Religious Studies from University of Manitoba and a Master of Divinity degree from Associated Mennonite Biblical Seminary in Elkhart, Indiana. A computer hobbyist, Craig operates several home-based online businesses in his leisure time.

*Before you apply any of the advice described on the Hip-home.com website, you should consider if the advice is safe and suitable for your individual home situation and consult experts as necessary to evaluate the suitability for your circumstances.
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