Home Improvement Loans in Connecticut

How do home improvement loans work in Connecticut?

Home improvement loans in Connecticut work the same as most home improvement loans in other states. There are multiple home improvement loan options available that you first must consider. For example, would you like to borrow against the equity you have built up in your home? If so, then you may want to explore both home equity loans and home equity lines of credit options. If you have at least 20% of the equity in your home, you can borrow up to 85% of that total equity in the form of a home equity loan or HELOC.

Consider this, if your home has a current appraised value of $450,000, but you have already paid off over $200,000 of the original mortgage, that means you have about $250,000 of equity. Depending on the lender, you may be able to borrow up to 80% or 85% of that $250,000 to pay for home repairs, renovations, and improvements. The main downside to home equity loans and HELOCs is that if you should happen to fall into a position where you are unable to pay back the loan, the lender can foreclose on your home and sell it to recover their losses.

Don't want to borrow against the equity in your home? No problem - check out unsecured home improvement loans. These loans are essentially just a personal loan but intended for the use of home improvement loans. They may come with lower loan amounts and higher rates than secured loans, but they can be funded faster and involve a lot less risk for borrowers. Unsecured home improvement loans are usually funded as a lump sum minus fees and repaid in equal monthly installments with interest. With the term predetermined these loans are easy to manage. Interested? Check offers now with no credit impact.

Last, you may want to consider a home improvement loan through the US government. The US government has a number of special loan programs and grants that are designed to help all types of homeowners or prospective homeowners get the money they need to renovate and/or purchase older homes. The most common government loan programs used for home renovations can be found through HUD, the FHA, Freddie Mac, Fannie Mae, the VA, USDA, and the Bureau of Indian Affairs.

The specifics on how the loan works will depend on the type of home improvement loan you choose.

How do you apply for a home improvement loan?

Applying for a home improvement loan is easy. The most common places that people look for home improvement loans include banks, credit unions, and online lenders. Before applying for a home improvement loan, you should review your credit profile and your finances and compare them to some of the minimum requirements that banks, credit unions, and lenders have. If you think you are eligible for a home improvement loan, then the next best step is to prequalify for the loan amount you are seeking. When you prequalify for a loan amount, you can then begin to review personalized loan offers from banks, credit unions, and online lenders to determine which lender is able to offer you the best deal. Ready to check offers? Explore offers from top national lenders at Acorn Finance.

How do you choose the right home improvement loan in Connecticut?

Choosing the right home improvement loan will start with a determination of how much money you need to borrow and what you can afford in terms of payments. Once you understand your needs, you can start exploring the various types of loans available.

Should you decide that an unsecured home improvement loan is best, you can check offers within 60 seconds or less at Acorn Finance. Our network of top national lending partners can offer personal loans with APRs as low as 4.49%, depending on credit score.