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Transform your useless basement space into a functional and appealing room using basement remodel financing. Remodeling your basement can add value to your home while improving your day-to-day life. It’s important to shop carefully and select the best source of basement remodel financing. Luckily, we’ve simplified your research in this blog by comparing the pros and cons of some of the top financing options. Acorn Finance is a leading provider for basement financing. On approved loans, you can borrow up to $100,000 and take as long as 12 years to pay it back. Keep reading to explore the various basement financing options available for good and bad credit.
Can you get a loan to finish a basement?
Yes, loans and financing options are available to help make your basement remodel more affordable. One of the most responsible financial decisions you can make is to do your due diligence to find the best lender. When you evaluate financing options there are a few things you should consider including:
#1. Is the interest rate fixed or variable?
Variable interest rates may start out lower but can fluctuate over the duration of the loan. This can make your payment unpredictable and cause other complications. Fixed interest rate loans will have a fixed monthly payment and the rate will not change.
#2. Will the lender loan you enough money?
You should make sure you select a lender that will loan you enough money to complete the basement remodel you desire. In most cases, a personal loan can provide sufficient funds for your basement remodel.
#3. How long are the repayment terms?
Longer repayment terms may offer a more affordable monthly payment. However, keep in mind that longer repayment terms can also increase the overall cost of your loan.
How much does a typical basement remodel cost?
On average a basement remodel typically costs around $40,000. You can also look at the average cost per square foot which can range between $30 - $75. Since this is a nice chunk of change it’s important to decide if you really need the space. If you need the space and don’t have enough cash to fund the remodel you should consider financing. Basement remodel financing allows you to make affordable monthly payments. Bring the basement you envision to life sooner than your imagined using basement remodel financing.
How to Finance Finishing a Basement
There are many online and local lenders that can provide a personal loan for basement financing. When shopping for a personal loan you should compare rates and terms to score the best deal. One of the best places to secure a personal loan is AcornFinance.com. Acorn Finance is a reliable and top-rated company that provides personal loans for basement remodel financing. Take advantage of affordable payment options and free services while saving tons of time.
Three steps to get started with Acorn Finance:
Let’s take a look at the pros and cons of a personal loan.
HELOC (Home Equity Line of Credit)
Home equity lines of credit (HELOC) are lump sum loans that extract value from your home but add to your debt. If you have equity in your home you may be able to use a HELOC loan for basement remodel financing.
Let’s take a look at the pros and cons of a HELOC loan:
Credit CardsCredit cards can provide financing for a basement remodel. However, you may be better off using another option. Credit cards may cost you more in interest than other comparable options. In addition, it can be may be difficult to qualify for a high enough credit card limit.
Let’s take a look at the pros and cons of using a credit card...
In conclusion, the basement of your dreams can be a reality using financing. Paying cash for a basement remodel may be the cheapest option on paper. However, for most of us this is not an option at the present time. Basement remodels can be expensive meaning this will be a decent size loan. If we haven’t said it enough, do your homework! AcornFinance.com can be a great place to shop for basement remodel financing. They partner with reputable lenders to provide competitive basement remodel financing. You can apply online using their simple three step process to receive multiple offers for financing. This allows you to save time and compare offers easily. Ready to take the next step? Apple online today!