There is a catch, however. Unlike other lenders like SoFi or Marcus, LightStream does not offer pre-qualification. This can be problematic if you want to see what your interest rate will be, but don’t want the hard pull to show up on your credit history. That aside, if you have an established credit history, it’s hard to pass up the competitive and flexible terms LightStream offers.
A home equity/Line of credit, a closed end 2nd mortgage, an after-value loan or a host of other equity products are the options available for home improvement loans. What are the improvements to be made, the period it will take to complete and the amount of equity available are the important considerations to be made before going for a home improvement loan.
The best time to apply for a home improvement loan is when you have a large renovation project you want to tackle. That could be adding another bathroom to your home, roofing your house or installing a pool, or any other major home-related project. This type of loan is a good option if you don’t have a lot of equity in your home to draw from but need or want to make home improvements.
If you're looking to sell your home in the near future, you may want to consider re-doing the landscaping, repaving the driveway or repairing cement patios to boost your curb appeal. Whether you do the work yourself or hire a landscaper, a home equity loan can help you cover the costs. After all, investing in the labor, cement, pavers, plants, irrigation, topsoil, mulch and removal of your old landscaping can add up fast.
Your credit score: It’s smart to know what are your chances of qualifying before you apply for a loan. Get a free copy of your credit report from each of the major credit-reporting bureaus: Equifax, TransUnion and Experian. You are entitled to one free report a year from each bureau. The most favorable rates go to borrowers with the best credit scores. Every lender you apply with will check your credit score and credit history.
B and C loans. What if you have less than A credit or don't fit the usual employment or income mold? B and C loans are a fallback. While many banks offer them, so do credit unions, brokerage houses, and finance companies. You'll also find lenders that push B and C loans for debt consolidation with enticing introductory rates. Beware, though: Total interest and fees tend to be high because of the lenders' added risk. And since B and C loans lack consistent requirements and terms, comparing them is difficult.
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We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet's official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.
Sooner or later, you’ll decide it’s time to make some renovations to your home. Whether you put in the elbow grease and do it yourself or hire a contractor to cover the dirty work, any remodeling venture can be pricey. Finding the best way to finance a home improvement project can be tricky, and the ideal choice varies according to your financial situation.
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PrimeLending renovation and remodeling loans will let you do almost anything with your home. Some of the loans are designed specifically for smaller projects like ordinary repairs and cosmetic changes. They are very versatile with no minimum loan requirements for the repairs or upgrades you want to make, but are limited to non-structural repairs with maximum loan amounts around $30,000. Your project can include things like:
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