Home Improvement Loan Rates



1. Home improvement loan rates are most effective when the rate is fixed.

True
The best home improvement programs have fixed rates and are fully amortized with the fixed rate in second position on the title of your home. Because a home improvement financing is essentially an equity loan, or second mortgage, a major advantage is in the ability to write off the interest on monthly payments.


2. You can compare various home improvement loan rates on the Internet.

True
The Internet is a great place to get a variety of home improvement financing rates in a fast, easy, and free way as there are many lending organizations that offer home improvement fund rates online. Rates offered will typically depend on the borrower's credit level, loan term, and the loan amount requested.


3. It is wise to choose home improvement loan rates that are high.

False
Leveraging the equity in the home can be a smart financial move when interest rates are low. For some homeowners, the liquidity offers new opportunities for investing, while for others paying off high interest debt saves thousands of dollars on taxes and in interest.


4. Home improvement loan rates are determined by your credit history.

True
Financial lending institutions always determine the interest rate by evaluating how likely an applicant will be able to repay the loan based on their past credit history. Lenders then decide how much the applicant will pay for financing based on their recent credit history. High loan rates mean the borrower will be paying much more to finance the loan.


5. Knowing your home improvement loan rate is wise management.

True
Proverbs 27:23-24 - Be thou diligent to know the state of thy flocks, and look well to thy herds. For riches are not for ever: and doth the crown endure to every generation?


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