Do you have big home improvement plans, but can't complete them without financial assistance? If you answered yes, you might consider a home equity loan, a home improvement loan or a personal loan to finance your project. To get started, determine which type of loan is best for you—read the helpful information below on the various loan options and then visit your neighborhood North Country Savings Bank to discuss the next step.
Home Equity Loan
One option is to take out a home equity loan, which allows you to borrow against the equity in your home. Depending on the type of home equity loan you secure, you could potentially borrow up to 90% of the value of your home. This is a very popular way to finance home improvement projects, but if you choose this route, keep in mind that should you default on the loan, you are offering your house as collateral.
Another avenue is to take out a personal loan, which can typically be used any way you like. This type of loan works just like the home equity loan, but you aren't borrowing against the equity in your home. The amount of money you can borrow will vary depending on your credit history and your income to debt ratio.
Home Improvement Loan
A third option is to secure a home improvement loan. Often this type of loan is for smaller projects, and in some cases, the interest rates may be different. As you consider your financing options, do your research and make sure that the terms are reasonable and you can afford to repay whatever you borrow.
For more information on financing home improvements, stop by your neighborhood North Country Savings Bank to talk to one of your experienced banking professionals.