Just like every other project, financing has a major role to play. As the world revolves, new ideas are discovered and everyone wants to be modern. With home upgrades, not only are you doing it for your comfort and style, but also for the value of the house.
However, not all individuals can fund this project themselves, that is why they seek home improvement loans from companies.
According to research, the average cost for a kitchen upgrade is more than $23,000, while bathroom upgrade costs around $21,000. Without using your house as collateral, there are home improvement finance companies with zero-interest loans that you might want to consider. Some of them include:
1. PenFed Credit Union:
PenFed was established in 1935 and is one of the largest member-owned credit unions in the country. This is a home improvement loan company with a low interest rate, no organization fee, and no title or deed required. With PenFed Credit Union, the maximum loan amount is $20,000 which is good for small-size renovation. The repayment term is usually 6-60months.
2. Flagstar Bank:
Flagstar Bank offers loans to people that want to renovate or improve their homes. The maximum loan is about 75% of the value of the property. They are available in all 50 US states, and they also have some mortgage loans that don’t require a down payment, and borrowers can apply online or at their branch location which is available in only a few states.
3. SOFI Personal Loan:
They offer loans with a fixed rate that starts from 5.99% and a maximum loan of $100,000. They don’t charge for late fees, prepayment fees, and organization fees. To qualify for a loan, you require a good credit score. Even though their funding process is slower than other loan companies, you don’t need a home or collateral requirement.
4. Alliant Credit Union:
It is a non-profit financial cooperative that works in all states except Maryland. They operate on the no down payment mortgage first-time home buyers and 5% down payment option with no private mortgage insurance. Other loan services they offer are conventional mortgage, mortgage refinancing loans, first-time homebuyers programs, and ARM loans.
This Company was formed as a result of the merger between SunTrust Bank and BB&T. They offer refinancing options on Automobiles, Boats and Aircrafts and Timeshares. They lend loans to people with good credit scores and their annual percentage rate on home improvement starts at 3.99%, with a maximum loan of $100,000. They require no home equity to borrow loans but will however consider the borrower’s ability to save their income and current debt situation. Their repayment term is 2-12 years.
Although, there are several options available to homeowners, the options provided above represent the best from the rest. To be on the safe side, be willing to compare their … Read more