Home Repair Loans Are Readily Available For Those In Need
Home repair loans are very important for obvious reasons. Because a home is a place where you live every day, there are bound to be some repairs needed every once in a while. Examples of such repairs include; roofing, painting, and remodelling. Some of these of repairs might be sudden and necessary at a time when you don't have money. In such cases, a home improvement loan might come in handy. Below are a few reasons for taking a home repair loan and also a few tips to consider when choosing home repair loans.
Reasons For Taking Out A Home Repair Loan
1. Low loan rates: Most home repair and improvement loans attract low interest rates especially in times like this when the housing market is performing poorly. It can therefore be wiser to take a home repair loan in times like this as opposed to using your own capital which you would have channelled elsewhere for investment purposes. If the rates are low for home repair loans, then there is absolutely no reason why you shouldn't take advantage.
2. Reduced costs: Taking a home loan for repairs may also be justified if it will result in lower costs i.e. energy costs. There is absolutely nothing wrong with taking a home improvement loan that will make your home energy efficient i.e. investing in a solar water heater, insulating your hot water system, installing programmable thermostats, buying energy star appliances e.t.c. This is because you will get your money back from savings on energy bills and tax credits from green energy. It is therefore justified to take a home improvement/repair loan for reducing energy costs. It is however important to make sure that you get the best prices possible for the loan to be justified.
3. Cheaper Contractors: A home repair loan may also be justified in times where there are cheap contractors i.e. during recession. Even though the housing market is recovering, there are still very many contractors who are desperate for work. If hiring such a contactor to do your home repairs makes sense in regards to the interest you are going to pay for your loan, then there is absolutely no reason why you shouldn't take advantage of the cheap contractors. You might find out that doing the repairs now with a home repair loan offers you big savings as opposed to doing the repairs later using your own money. You should however keep in mind that hiring many contractors will be cheaper as opposed to hiring just one contractor to do the job.
4. Preparing your home for sale: If you have a potential buyer/s interested in buying your home and you do not have the money to do repairs, then taking a home repair loan is justified. You should however first hire a home inspector to find out the exact amount of money you need to do all the necessary repairs before your buyer visits. Home inspectors have insights i.e. what buyers look for, the most crucial repairs that can cost you a sale e.t.c. By using a home inspector, you will be able to save on unnecessary repairs that wouldn't necessarily add value to your home. You also get to save on interest payments charged on taking huge loan amounts because you only borrow what you need.
5. Enjoy your home: Unfortunately most home owners do repairs when they are looking for or have found a potential buyer. This basically means that you will spend money yet it is someone else who is going to enjoy the benefits. In cases when the cost of taking a loan is justified i.e. very low interest rates, it is good to do home improvements/repairs so that you can enjoy your home. It is not bad to take a loan to repair your home before selling it however you should also consider taking a cheap loan to repair your home for your own benefit.
Tips to consider when choosing a home repair loan
As discussed above, there are many reasons why one should consider taking a home repair loan. If you have a justified reason and you have made a bold decision to take a loan, there are a number of things that you should consider when choosing a good home repair loan.
1. Home repair loan interest rate structures: You should consider taking a loan only if the interest rates are low or going down. If the rates are unfavourable i.e. going up a home repair loan may not be a suitable option for you.
2. Compare interest rates: Before you make your final decision to take a home repair loan, you should have compared all the interest rate offers from all lenders in order to ensure that you get the best deal.
3. Read the loan contract carefully: You should also read all the terms and conditions of the loan contract to ensure that you understand everything. In most cases, you will find out that there might be some information you wouldn't have known i.e. hidden charges that would affect you in special circumstances.
4. Get all your quotes on the same day: This is also an important home loan tip that many people ignore. It is important to note that interest rates fluctuate daily thus if you want to have accurate comparisons, you have to get all quotes from different lenders on the same day.
5. Consider the long repayment terms: This is also an important tip that can save you money. If you want to pay the lowest interest rates on any loan, considering a long repayment term is the best especially if interest rates are expected to be lower in the long-term.
Here are some lenders:
1) Lender: Enerbank
2) Lender: AMS Financial
3) Lender: Chase Bank
4) Lender: Rhode Island Housing
5) Lender: USDA Rural Development
6) Lender: VA Loan Desk
7) Lender: TD Canada Trust
8) Lender: Citi Financial
9) Lender: HLC
10) Lender: Canadian Mortgages Inc.
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