Loan for Home Improvements

Home improvement loans can be used for a wide range of projects, including kitchen and bathroom remodels, room additions, roofing repairs, landscaping, energy-efficient upgrades, and more. Essentially, any project that enhances the value or functionality of your home is eligible.

The amount you can borrow depends on several factors, including your credit score, income, debt-to-income ratio, and the type of loan you choose. Personal loans typically range from $1,000 to $100,000, while home equity loans and HELOCs can allow you to borrow a percentage of your home's equity, often up to 80-85% of the home's value minus the remaining mortgage balance.

A secured loan, such as a home equity loan or HELOC, uses your home as collateral. This typically allows for lower interest rates and higher borrowing limits. An unsecured loan, like a personal loan, does not require collateral but may have higher interest rates and stricter credit requirements.

Approval times vary by lender and loan type. Personal loans can often be approved within 1-7 business days, with funds available shortly after. Home equity loans and HELOCs typically take longer, usually 2-4 weeks, due to the need for a home appraisal and additional underwriting.

Credit requirements vary by lender and loan type. For unsecured personal loans, lenders typically prefer a credit score of 660 or higher. Home equity loans and HELOCs may have slightly lower requirements but still generally require good credit. If your credit is less than perfect, you may still qualify for a loan, but you might face higher interest rates or need a co-signer.