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It is Possible to Finance Your Home Improvement Project Right Now
Wed 18 Mar 2009 - 08:34
It is Possible to Finance Your Home Improvement Project Right Now
By [http://ezinearticles.com/?expert=Craig_R._Powers]Craig R. Powers
At this time there is this misconception that it is utterly impossible to finance any home improvement project. Much of this has to do with the state that the economy is in. Lending seems to be at a freeze, but it isn't completely frozen. Some individuals are not even trying to get financing for their home improvement project because they think they can't and they don't want the inquiry on their credit report.
If you are one of these individuals who think that it is impossible to finance your home improvement project, here are some ways that you can take care of it right now:
Refinance your first mortgage - If you are on time with your mortgage payments and you have built equity in your home, refinance that mortgage and use the equity to finance your home improvement project. This tends to be the most common method amongst homeowners because it is actually the easiest.
Taking out a second mortgage - Many individuals may choose not to refinance their first mortgage for the fact that they may have terms and conditions that are very beneficial to them. So this is when individuals will choose to take out a second mortgage. If there is enough equity in the home, the money can be adequate to conduct a home improvement project.
A home improvement loan - You can simply go to your bank and tell them that you want to make improvements to your home. This is where you can simply get an unsecured loan that will pay for the improvements. Just make sure that your interest rate is reasonable and that you can make the monthly payments.
These are three great ways for you to get the money you need to take care of your home improvements. There are, however, things that must be taken into consideration. For instance, you have to ensure that the improvements made will increase the value of your home. It is important that the value is increased beyond the amount of the loan. You also need to make sure the monthly payments are something that you can afford because you don't want to default on a loan that is meant to improve your home. There are also possible tax consequences that need to be evaluated.
And when doing your home improvement project, it is important to make sure you stay on budget with the repairs so that you can do everything that you want to do. You definitely don't want to be halfway through the project and find out you're running out of money. So make sure that you have a system in place that helps you keep track of expenses. If at all possible, try to scope out material prices before the project starts so that you have an idea of what everything will cost. This will allow you to cut where you need to in order to meet budget. This is how you will make your financing really work for you and you can make it work for you right now.
Craig Powers is the owner & CEO of Power Jack Foundation Repair, a Texas-based residential foundation repair company serving Dallas/ Fort Worth, and the greater DFW since 1991. For more information on foundation repair services check out http://www.PJFR.com
Article Source: http://EzineArticles.com/?expert=Craig_R._Powers http://EzineArticles.com/?It-is-Possible-to-Finance-Your-Home-Improvement-Project-Right-Now&id=2091261
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