Home Improvement Loans in Oklahoma

Yes, Oklahoma homeowners have a variety of ways to finance home improvements or repairs. If you need funds quickly or only need to borrow a relatively small amount, an unsecured home improvement loan is likely your best option. Available through several banks, credit unions, and online lenders, you’ll be able to shop and compare offers. The maximum loan amount is $100,000, and not all lenders even offer unsecured home improvement loans up to this amount. You should check with lenders to see what their maximum loan amount is before applying.

If you need to borrow more than $100,000 you should look into secured loans such a home equity loan or HELOC. Secured loans often offer lower rates and longer terms, but they are backed by your home. To qualify you will need equity in your home. Compared to home improvement loans, the application and funding process is much more complex and time consuming.

Government loans are also available through FHA, USDA, VA, or Fannie Mae and Freddie Mac programs.

In most cases, the loan will have a fixed interest rate and predetermined payment schedule. In order to receive funds for the loan you will need to go through a complete underwriting process and receive an approval. Keep in mind that being prequalified and preapproved are very different. Just because you’re pre qualified does not mean you are guaranteed a loan.

There are many benefits to home improvement loans in the state of Oklahoma. One of the most important benefits of a home improvement loan in Oklahoma is the fact that you can have quick access to a lump sum of cash to make repairs or improvements.

Here are some of the other benefits that homeowners in Oklahoma can enjoy with a home improvement loan.

• Competitive interest rates: If you have good or excellent credit, you can enjoy some of the best interest rates available on the lending market. Interest rates on home equity loans and personal home improvement loans are almost always lower than using credit cards and other types of loans.
• Build credit: Making on-time payments on a home improvement loan is an easy and effective way to build up your credit score and demonstrate that you are responsible with debt.
• Many lenders to choose from: Between brick-and-mortar banks, credit unions, and online lenders, there is a lot of competition on the lending market for a homeowner to enjoy. Because of this increased competition, interest rates can remain low and lenders may offer special incentives to attract your business.

Although there are many benefits to home improvement loans in Oklahoma, there are also some disadvantages that should be considered as well. Here are some of those disadvantages.

• Additional monthly payment: Taking out a home improvement loan means that you will be adding an additional monthly payment to your current mortgage, credit card bills, and other monthly expenses you already have to pay.
• Consequences for default: If for any reason you are unable to keep up with the payments and you eventually default on your loan, there are severe consequences. With a home equity loan, you could be in jeopardy of losing your home if you default. With a personal home improvement loan, you could do some serious damage to your credit profile.
• Interest and fees: Borrowing money, costs money. However, ensuring your savings are intact is important so it may make sense to borrow money even if you have the cash. As you shop and compare loan offers, check total loan costs, not just monthly payments.

The steps for acquiring an Oklahoma home improvement loan are simple. First, you should check your credit report to see if everything is accurate and to get a feel for where you stand. If you notice anything inaccurate or if you notice some ways you could quickly boost your score, you may want to take the time to resolve these issues before applying. After that, the steps are pretty straightforward.

1. Get prequalified
2. Compare offers
3. Choose the offer that works best for you
4. Finalize the offer by getting approved
5. Wait for the funds to hit your account
6. Pay back the loan plus interest through monthly installments

People in Oklahoma use home improvement loans for a variety of reasons. One common reason people may acquire a home improvement loan is to update their appliances to all new energy-efficient appliances. Doing so can have some tax implications and help reduce your overall energy costs. Aside from that, many people choose to use a home improvement loan to put on a new roof, finish a basement, or construct a new 3rd stall garage. If you have good credit and a strong income, there is almost a limitless number of home improvement projects you could consider to help boost the value of your home.

With a home-secured loan like a home equity loan or home equity line of credit, you can borrow somewhere between 80% and 90% of the value of the equity you have in your home. If you are looking at a personal improvement loan, you can borrow up to $100,000 to be paid back over a period of up to 12 years.

Home improvement loans can easily be worth it, especially in emergency situations. Oftentimes home repairs or improvements are sprung upon us leaving us little time to financially prepare. Before taking out a home improvement loan you should consider your personal finances and situation.