A home improvement loan can provide a tax deductible way for improving your home to look the way you really want it to, while increasing the value. There are typically no restrictions for home improvement, as long as they are within the boundaries of local building requirements. You have the choice of doing the improvement work yourself, or using a contractor. Mortgage Calculators

With a home improvement loan, you get a fully amortized, fixed rate loan, which is placed in second position on the title of your home. It is essentially a second mortgage or equity loan which is usually paid to you as one lump sum. Another option is a line of credit on your home, which is based on a variable rate, and offers you the ability to draw money for making improvements only as you need it. There is no change in the terms your existing first mortgage when you take out a home improvement loan. You typically have a choice of loan terms from 5 to 30 years. If you have an existing equity loan or second mortgage, it must be paid off with the new loan. Additionally, there is no equity is required for home improvement loans. The maximum loan amount can go as high as 125% of the current value of your home.

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