Finding the Money for Home Improvements

Would you like to make home improvements to boost your curb appeal and property value? If the answer is yes, you might consider applying for a home improvement loan with North Country Savings Bank.

Home improvement loans can be used for many different projects including remodeling a kitchen, adding a swimming pool or upgrading bathrooms. This type of loan has to be secured with collateral— and traditional loans ask that the borrower have a large percentage of equity in the home. This equity, in combination with the equity that is created with the improvement, provides the collateral.

As you evaluate your home improvement loan options, there a few things you should keep in mind regardless of the loan program. Always read the fine print and asses the interest rates. Look for lower down payments, reduced closing costs, and reduced finance rates.

Also, consider the length of the loan— many are usually less than ten years, however in some cases lenders will allow up to fifteen years for repayment depending on how much money is borrowed. Lastly, be aware that the loan applicant must own the residence or be making payments on it.

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