There are infinite scenarios that may leave you in need of a quick infusion of cash. You may be seeking funds to buy a car or send your child to college, or you may be longing to renovate an aging kitchen or bathroom, or adapt new green technologies to your home. Ideally, you could fund these purchases with some type of emergency cash fund or savings account that you’ve been accumulating for this very occasion. But if you’re like most Americans, you don’t have that kind of cash sitting around in your account just waiting for you to need it. If you’re a homeowner who has accumulated equity in your property, you may be able to convert this equity into cash. People choose to draw on their home equity because loan rates are significantly lower than other types of borrowing, like personal loans or credit cards. There are also tax advantages associated with home equity loans, because the interest may be tax deductible within certain limitations. Another reason that home equity loans are appealing is that closing costs are relatively low. Contact First Choice Financial TODAY to speak with a professional refinance consultant. We can tell you more about the various refinance options available to you.
Home Improvement Loans
Home improvement loans are home loans used to finance improvements on your house or property. These loans are used to maintain or increase the value of your home. This can include repairs, a new kitchen, a new bathroom, an extension or general property improvements. Landscape improvements and swimming pools can also in many cases be considered home improvement. Generally, all actions that can be considered to increase the value of the property in such a way that it increases the expected sales value of the home or the property are to be considered home improvements. Before considering the loan options you should have a detailed plan for the home improvement you intend to carry out. In this plan you should include both the calculated and estimated costs for the improvements, but also the value improvements you are expecting. In a later stage you will in many cases be required to present this information to the lender, therefore you should also get estimates and quotes from contractors. Contact First Choice Financial TODAY to speak with a professional refinance consultant. We can tell you more about the various refinance options available to you.
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