If you're ready to do some demolition and renovation, begin the process to apply for a home equity loan by answering a few questions. With a home equity loan, you have the ability to choose your repayment term and no annual fees. Plus, our home improvement loan rates are low, fixed interest rates, designed to make monthly payments more manageable. Contact a Citizens Bank Home Loan Originator for more information on home equity loans and rates today.
Energy-efficient mortgages (EEMs). Suppose your home's R-value is the envy of your block. An EEM from Fannie Mae or elsewhere could boost your debt-to-income ratio by up to 2 percent. Utility bills are lower in energy-efficient homes, so the homeowner can afford a bigger loan. EEMs have been used for new construction; lenders are now pushing them for existing homes. An EEM requires a determination that your house meets Fannie Mae's stringent energy-efficiency standards.
Thinking about building a new pool, putting solar panels on the roof, or remodeling the kitchen or bath? When you have good credit, our national online lending division, LightStream, offers unsecured, fixed-rate loans from $5,000 to $100,000. You'll have the cash in your account to pay the contractor when you're ready—as soon as the same day you apply2. Enhance your home and your home's value.
Before applying, be sure to check your credit history for inaccuracies, and if you find any, dispute them. You’ll want to make sure your credit is in tip top shape so you can get the best rate from lenders. If your credit score is subprime, consider a bad credit loan instead. It’s also important to get a few estimates prior to applying for a loan so you have an idea of how much money you need to get the job done.
For financing the loan the home is used as equity. Usually, value of a home increases on the completion of the home improvements. This can actually be profitable. With proper repayment of the home improvement loan it is profitable. Real estate values are always on the rise. Before the home improvement loan is acquired it is absolutely necessary not to tamper the existing house in any way. A long-term plan is advisable.
Chase customers who secure a new Chase home equity line of credit can save 0.25% off the standard variable home equity line of credit rate with qualifying personal deposit accounts including Chase personal checking and savings accounts, CDs, certain Chase Retirement CDs, or certain Chase Retirement Money Market Accounts. Qualifying personal investments include investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies. Balances in Chase Money Purchase Pension and Profit Sharing Plans don't qualify.
After the kitchen, you may want to think about remodeling your existing bathroom. If your house is older, you may be sporting pink, blue or avocado tile or outdated fixtures. Even if your home is newer, styles can change. Invest in neutral-colored tile and give the room some personality with a fresh coat of paint, wall hangings and a new shower curtain. Update lighting fixtures and install a low-flow toilet to save on the water bill. You may even want to add a new vanity and matching mirror.