Home Improvement Loans in Florida
Compare monthly payment options from several lenders in under 2 minutes.
How much would you like to finance?
Loans for Home Repair & Home Renovations in Florida
Yes, getting a home improvement loan in Florida is nothing short of easy. There are a few different types of home improvement loans available to homeowners in Florida that they may want to consider. There are secured loan options like a home equity loan, home equity line of credit, or a cash-out refinance, and then there are unsecured options like personal loans and personal lines of credit. Either way, obtaining a home improvement loan is a common course of action that many Floridians partake in when looking to increase the value of their homes
Compare rates from top lenders
Learn More About Home Improvement Loans in Florida
Yes, getting a home improvement loan in Florida is worth it for most homeowners. However, you should weigh the pros and cons as they relate to your personal situation. In addition, make sure you shop around and find the lowest cost loan that meets your needs.
Read more - FAQ
+How do home improvement loans work in Florida?
Every type of loan that is sought and approved in the state of Florida may have different minor details when it comes to their inner workings. However, the basic principle of a term home improvement loan, no matter the type, is that a predetermined sum of money is lent to a borrower upfront so that they can start to pay contractors and purchase materials for their home improvement project. Once the money hits the account, the loan principal plus a predetermined interest rate are paid back over a predetermined amount of time.
With a secured loan you will need to provide equity and your loan will be based around the collateral. For example, with a home equity loan or home equity line of credit, a homeowner typically is allowed to borrow somewhere between 80% and 90% of the total appraised value of their home as long as they meet the credit score and minimum equity requirements of the lender.
It's important to note that if you're seeking a secured loan option that uses your home as collateral to secure the loan amount, then the monthly payments should be made on time and in full otherwise, you could risk the lender foreclosing on your property to cover the debt.
If you seek a personal loan to cover the costs of a home improvement project, then there are no minimum equity requirements to meet, and instead, money is lent on the merits of an individual's creditworthiness. Although you will not be in jeopardy of losing your home if you are in danger of default, defaulting on a personal loan can still come with significant consequences that could follow you for years to come.
Anytime you borrow a sum of money, whether it is an unsecured personal loan or a secured loan like a home equity loan, you should make sure you are always borrowing within your means to prevent any future financial hardships.
Benefits of Home Improvement Loans in Florida:
There are many benefits to obtaining a home improvement loan in Florida. The main benefit is that you can pay for any home improvements or renovations that you would like to make upfront while simply paying back the sum plus interest through simple and easy-to-afford monthly payments. Doing this allows you to keep your savings intact.
Here are some of the other benefits that should be considered as well.
- Competitive and often lower interest rates: Paying for a home improvement project with a home equity loan or personal loan almost always comes with a lower interest rate than using credit cards. It may be tempting to simply pay for a contract and purchase materials with a credit card, however, to save money on interest, a home improvement loan is almost always a better option.
- Easy monthly payments: Before signing on to a loan, you will know exactly how much you will need to pay each month and for how long. The APR, monthly payment amount and loan repayment period are fixed and never change unless otherwise stated (i.e. variable APR home equity loans).
- Fast approval: Certain loan types, like personal loans, for example, can have extremely quick approval times as long as you have the credit and income required. Some personal home improvement loans can be applied for and approved one day, and funded the next, depending on the lender.
Many homeowners will find that there are several good reasons to seek a home improvement loan to pay for home renovations or repairs.
Downsides of Home Improvement Loans in Florida
As with anything in life, there are plenty of upsides, but you have to consider the downsides as well before making any final commitments, especially if you are borrowing money. Here are some of the main downsides to obtaining a home improvement loan in Florida.
- Pay more interest: Even if you pay less interest than a credit card by using a home improvement loan, you still are going to pay more interest than if you pay cash. Paying cash comes with the added benefit of only paying the amount owed for the home improvement project and nothing else. Although interest can be seen as a minor inconvenience for receiving the funds you need quickly, it can be quite costly, especially if the loan is spread out over a long period of time.
- Potential loss of an asset or damaged credit: If you obtain a secured loan option like a home equity loan or a home equity line of credit and you are unable to pay the loan, the bank or lender has the right to sell your home and use the proceeds to pay the remaining loan amount. If you obtain a personal loan and you are unable to pay and you eventually default, this negative credit event can remain on your credit report for up to 7 years.
Even considering the downsides of using a home improvement loan to fund a home renovation or repair, often it is a superior choice for many homeowners in the state of Florida.
What are the qualifications for Florida home improvement loans?
Different lenders will have different qualification requirements depending on the loan type. For a home equity loan or HELOC, you should have a minimum of 15% to 20% equity built up in your home, and a debt-to-income ratio below 43% that includes the new debt. Additionally, you should have a minimum credit score of 620 to even be considered for a home-secured loan option, however, some lenders may even want to see an even higher minimum credit score somewhere between 660 and 700.
When it comes to personal loans, most lenders will want to see a minimum credit score of 620 or higher and a debt-to-income ratio below 43% including the new loan. Keep in mind, minimum loan requirements vary from lender to lender.
What can you use a home improvement loan for?
If you use a personal loan to pay for a home improvement project, then once you are approved, you are free to use the funds however you would like. For example, let us say you take out a loan to remodel your bathroom but then you realize you would rather build a deck with the funds. That is ok, you are free to use the money however you want, as long as there are no spending restrictions. Other loan types like FHA or VA loans may have specific restrictions about how the funds are used. That's why it's important to check with your lender to make sure you are following the proper guidelines for the loan.
How much should you borrow with a home improvement loan in Florida?
When trying to determine how much you should borrow for a home improvement loan, it's a good idea to have some quotes done by contractors ahead of time so that you have a ballpark idea of how much you will want to borrow. Also, it's a good idea to borrow a little more if you can to cover any incidental expenses that were not in the original budget.
How do you find the right Florida home improvement loan?
The best way to find the right Florida home improvement loan is to go online and prequalify. When you prequalify, lenders can start to send you loan offers that you can compare side-by-side to determine which loan comes with the APR, loan term, and conditions that work best for you. While you can check offers with your local bank or credit union, you can expedite the loan process at Acorn Finance. With a network of top rated lenders that serve the state of Florida, you can check offers in 60 seconds or less with no credit impact. Our lending partners can offer home improvement loans up to $100,000 with terms up to 12 years, depending on credit score.
See More Home Improvement Loans by State:
- Home Improvement Loans in Texas
- Home Improvement Loans in Florida
- Home Improvement Loans in Michigan
- Home Improvement Loans in California
- Home Improvement Loans in Georgia
- Home Improvement Loan in Wisconsin
- Home Improvement Loans in Utah
- Home Improvement Loans in Massachusetts
- Home Improvement Loans in Indiana
- Home Improvement Loans in Oklahoma
- Home Improvement Loans in Nevada
- Home Improvement Loans in Louisiana
- Home Improvement Loans in Maine
$10000 Loan Calculator
Find the loan you're looking for
What can I do with a $10,000 personal loan?
Still have questions?
What is the easiest way to get a home improvement loan in Florida?
While getting a home improvement loan and making improvements may not be easy, there are ways to simplify the process. Here are 3 steps you can take:
#1. Estimate project costs
A home improvement project can sound simple until you get into the trenches. Additionally, there may be some costs you are not considering. If you plan to borrow money, it’s helpful to get a professional on your team to help you estimate costs, potential setbacks, and anything else you should know. Afterall, you won’t want to borrow money and run out before completing the project. Estimating project costs can expedite your search for a trusted contractor while helping you evaluate how much you need to borrow. If you plan to DIY an improvement, invest the time into doing all necessary research to estimate costs on your own or with the help of a trusted source.
#2. Understand loan options
Home improvement loans are either unsecured or secured. They can also be a line of credit (which can be either unsecured or secured). From borrowing against the equity in your home to relying on your creditworthiness to qualify, different types of loans have different requirements. Explore the types of loan options and narrow down the kind you feel will work best. Project costs can influence your options as well as what option works best. For extensive projects, you may need to use a secured loan in order to access enough money.
#3. Get prequalified
Getting prequalified allows Florida homeowners to shop for real offers. While lenders may advertise rates, not everyone will qualify. Getting prequalified often requires just a little bit of personal information and a soft credit check (which should not impact your credit score). At Acorn Finance, you can get check rates in seconds with no credit score impact. Our network of lending partners can offer home improvement loans (without collateral) up to $100,000, depending on credit score.
How does your credit score affect your home improvement loan options?
Credit scores can come into play when it’s time to get pre-qualified. First and foremost, they can impact whether you qualify or not for the loan. If you do qualify, they can influence the interest rate, repayment period, loan amount, lenders you can choose from, and so forth. Secured and unsecured loans can have a credit score requirement. However, unsecured loans do not require collateral and, therefore, are extended solely on your creditworthiness. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above. In addition to credit score, debt-to-income ratio, utilization, age of credit history, and other factors can be requirements that some lenders consider.
Why are online home improvement loans the best option?
Online home improvement loans can offer consumers a plethora of benefits, including:
- Convenience: Expand your search on the online marketplace for home improvement loans from the comfort of your home or office, or just about anywhere you have phone service or internet access.
- Fast funding: Online lenders are known for streamlined processes. Afterall, they don’t have a human touch to keep customers engaged. Therefore, they must be easy to deal with via their online process.
- More options: Online loans can expand your options. Rather than being limited to local lenders, banks, and credit unions, you can access offers nationwide.
- Less strict requirements: Online lenders often have reduced overhead. As a result, they may be able to take on more risk and or pass the overhead savings onto customers. Additionally, they face a tremendous amount of competition.
How do you compare home improvement loans for Florida residents?
How you compare loans and where you can access a loan can depend on the type of loan you want to obtain. Comparing unsecured loans is usually simpler than comparing secured loans. With just a little bit of personal information, you can check home improvement loan offers with no credit score impact at Acorn Finance. Additionally, you can check offers from local banks and credit unions.
When are home improvement loans in Florida worth it?
The place you call home should be a safe space that you love living in. Home improvement loans can help improve your quality of life at home while increasing home value. Whether you plan to finish a basement to generate additional income or make your dream kitchen a reality, home improvement loans can be used. Determining if a home improvement loan in Florida is worth it is a personal evaluation based on your situation, ability to repay, and needs.
Why choose Acorn Finance for comparing home improvement loans in Florida?
Do you value your time and love saving money? We do, too. Check rates in seconds at Acorn Finance with no credit score impact.
Our lending partners can offer home improvement loans up to $100,000, depending on credit score. The internet opens many doors that can help borrowers compare loan offers, but you should be mindful of the risks, too. Before sharing information, ensure you are working with a legitimate lender or source.
At Acorn, you can confidently submit your information and choose a lending partner. Take advantage of our safe and secure platform to simplify the home improvement loan process. We know how stressful home improvement projects are, and the need for financing should not further complicate them.
One home, endless possibilities
