5 Home Improvement Financing Solutions
If you are ready to put your home improvement plans into action, the next step is to decide how you will fund them. NobleBank & Trust offers a variety of home improvement financing options, depending on your specific needs and circumstances.
- Home Equity Line. Having a home equity line of credit is good if you have sufficient equity in your home and want the flexibility to access funds when you need them. This is also a great choice if you are looking to explore a tax-deductible option.
- Personal Credit Line. This may be a good option if you don’t have sufficient home equity or prefer not to use the equity in your home. It gives you the flexibility to access funds when you need them now or in the future and enables your family to be prepared for unexpected expenses.
- Personal Loan. A personal loan provides a much more manageable solution than the use of credit cards or payday loans. The borrower is provided with the opportunity to make a stream of payments with generally a lower overall interest rate. The other major benefit is that at NobleBank, we are happy to report your payment history to credit reporting agencies. This will enable you, the borrower, to build a better credit rating when payments are made on time.
- Unsecured Loan. If you don’t have sufficient home equity or prefer not to use the equity in your home, and want a quick and virtually paperless process, an unsecured loan may be your best option. These installment loans can be used to fund necessary expenses such as an immediate and urgent home repair. Recipients of unsecured loans are often charged a lump sum, upfront fee known as an “origination fee” in exchange for the ability to repay over a period of time – usually over a period of more than one year.
- Affordable Home Improvement Program. This program offers loans between $1,000 and $10,000 in value and is a good option for qualified recipients who want to make home repairs or improvements.
No matter what type of loan you choose to make your home enhancements, a loan from a financial institution is the way to go. Our team at NobleBank & Trust can create a repayment schedule which outlines equal monthly payments and a definite end date to your repayment schedule. These loans provide much better options, as opposed to having a credit card debt hanging over your head. The structured nature of loan payments will assist you when making your home improvement dreams a reality, all while developing a budget and sticking to it! Member FDIC and Equal Housing Lender.
-Paul Z. Rogers
Senior EVP & Market President
NobleBank & Trust