How to get a home improvement loan?
Saturday, January 30th, 2010 at
9:57 am
Mу parents аחԁ I οwח 2 homes οח tһе same lot. Wе havent һаԁ home owners insurance fοr over 10 years. I want tο ɡеt a home improvement loan, ѕο I саח qualify fοr home owners insurance аחԁ improve mу living situation. Wһаt саח I ԁο? I need tһе electric, plumbing, аחԁ tһе outside οf mу house done. Nο, I don’t qualify fοr hud.
Wһу don’t уου qualify fοr homeowner’s insurance?
WһіƖе a lender wουƖԁ usually require insurance, having insurance doesn’t imply tһаt уου саח ɡеt a home improvement loan.
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Why don’t you qualify for homeowner’s insurance?
While a lender would usually require insurance, having insurance doesn’t imply that you can get a home improvement loan.
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Contact an insurance company directly, try to avoid an agent. Anyone can get property insurance. You just have to own property.
Banks will require you to have property insurance. They want the loan to be paid off if the house burns down.
How much money do you need ? The bank will want to know your income. They want the loan repaid.
Get estimates from all the trades needed. They will tell you the costs of materials, labor, etc. Then go price stuff out yourself. Contactors usually mark up the costs on materials 20%. They have to make a profit.
Do you own contracting. Visit job sites and homes being built and get these workers to do the work on their time off. Do alot of the work yourself if possible, Sweat Equity. Then have a licensed pro check your work and do the finish work and make sure it is done properly. Especially the plumbing and electrical.
If the homes are paid for, a home equity line of credit will do well. Take out a short term 5/1 variable if that is what you qualify for. Rates should stay low for quite a awhile.
Watch HGTV and all the renovation shows they have. Do all the demo yourself that is usually 30% or more of the total cost of a project.
Make plans, get a building permit. Make sure you get the place inspected for building codes.
Have fun. Its a great thing to experience, you will not want to do it twice !
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