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Home improvement is big business in the United States — to the tune of $457 billion. And that figure is expected to grow mightily in the next few years. Couple that with the hot housing market, and people will be looking to revamp their living spaces for the foreseeable future.
Perhaps you’re looking to replace your weather-worn back deck or want to redo your powder room to fix the chipped floor tiles and leaky sink. Whatever your home project is, if you’re looking to spend money on your property and don’ t want to (or can’t) pay out of pocket, you may want to explore your finance options. Specifically, a home improvement loan.
What Is a Home Improvement Loan?
A home improvement loan is financing that is secured to pay for home-related expenses. Like repairs or an addition for your house. Many brick-and-mortar banks, credit unions and fintech companies offer these types of loans. And like other types of loans, this money carries an interest rate and payment terms that the borrower needs to adhere to when paying the money back.
There is no *one* home improvement loan; there are several types of loans that fall under the category of “home improvement.” (And sometimes this loan is simply referred to as a personal loan.) Qualifications vary by lender, but many have similar requirements — like having proof of employment and a government ID or birth certificate.
Why You Might Want a Home Improvement Loan
There are a number of reasons why you might want to finance a home improvement through a loan.
- You require a large amount of funding. Sometimes a home reno project requires money you just don’t have (or can’t save for in a reasonable amount of time before you start a project).
- It’s an emergency. If you’re on a tight timetable or an urgent need has popped up, home improvement loans might be the best option for your situation.
- You want to pay a little bit over time. Perhaps you’d prefer to borrow funds and spread the…
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