Tips for Getting Loans for Additions

Tips for Getting Loans for Additions

How does one go about the loan hunting process? Here are a few tips.

If you are getting loans for additions such as an in-law suite, a master bedroom bump-out, or a kitchen extension, you can whittle down the loan hunting process by following several straightforward steps. If you have never gotten a loan for a home addition before, it can be confusing to know where to start. You can simplify the process by following the steps below.

Evaluate Your Credit

The first step is to evaluate your credit history. If you have stellar credit, then you might be looking at some home improvement financing options above others. If you have an imperfect credit history, you might prefer other financing options, such as a home improvement loan. Home improvement loans involve less risk than a home equity loan and are therefore safer for those with poor credit.

Evaluate Your Needs

Another way to know which loans for repairs might be right for you is to know your financial needs. Honestly evaluate your ability to keep on top of payments and how much your project might cost. If you would prefer a payment schedule to help you keep on track, a home improvement loan might be better than a credit card or a home equity line of credit. Meanwhile, your loan preference can also depend on the size of your project. It is best to know how much it will cost before seeking a loan, plus how much funds you will need upfront.

Research Loan Types

Armed with the knowledge of your credit history, your financial needs, and your project cost, you can better choose the right loan type for your addition. The next step is to research loan types and narrow down the kind that fits your needs. 

Seek Professional Guidance

The final step is finding the right lender. There are many lenders out there, but armed with the above knowledge, you can then be confident in choosing a lender that can offer the loan type you are looking for. If you conclude that a home improvement loan is the choice for you, Pure Finance Group can help you get the best deal. 

Pure Finance Group Is Here to Help!

Thank you for your interest in Pure Finance Group. We’re so excited you’re here. For more information on how our lending services can help you with your home financing needs, give us a call (410-401-4957) or fill out the form on our contact page today. If you have a question about any lending services we provide including home improvement loans, we are here to help answer all your questions. Just give us a call (410-401-4957) or contact us today. To keep up-to-date with the latest financing tips and solutions, keep in touch with us on Facebook and LinkedIn!

This entry was posted on Friday, February 4th, 2022 at 3:27 pm. Both comments and pings are currently closed.