Can I get a loan at reduced rate to renovate my home?
Date: Tue, 12/15/2020 - 18:15
I am planning to renovate my house in the next month. Can I get a loan for that? Will the interets rate be low since the mortgage rates are low now?
It is a bad idea to take out
It is a bad idea to take out a loan to renovate your home. How much do you need to renovate your home? Can you postpone your plan? What type of renovation do you need? Save money every month to renovate your home. Plus, there are many budget-friendly ways to renovate home. You can try them out.
You can take out a home
You can take out a home equity loan to renovate your home. You will be using your home equity as the collateral to take out this loan. So, make sure to repay the loan on time. Otherwise, it can lead to foreclosure on your home.
The best part of home equity loans is the interests are tax-deductible if you use the borrowed money to buy, build or improve your home.