LOOKING FOR FINANCING?
If a homeowner is looking to update their residence, they should know that loans for home improvement are available. There are many different kinds of programs that a homeowner could qualify for if they desire to update their home. Many feel that they will only qualify for a loan if they use the equity that is already built up in their home. However this is not always the case. There are home improvement loans with no equity available. Did you know that 33% of homeowners have nearly negative equity in their homes? This simply means that the homeowner owes more than the house is valued at.
So what should one do if they desire to apply for loans for home improvement, and they have no equity in the existing home? There are many wonderful programs on the market today that a homeowner can look into if they would like to take out a home improvement loan with no equity. Some of the options available may be to refinance the home and take out extra cash. One may even wish to borrow from their 401(k). Simply put, just because there is no equity in a home, does not mean that the homeowner is doomed. There are many ways around this to find loans for home improvement.