Improving your home can be beneficial personally and financially. Whether it’s boosting your curb appeal or fixing something that’s broken, spending money on your home can be a great investment. Unfortunately, improving your home often comes with a major price tag. Not everyone has a savings or emergency fund to cover home repairs. Furthermore, many home improvement projects are unexpected, providing little time to come up with the necessary funds. A home improvement loan can help you cover costs and make your repairs or updates sooner. Use your personal loan to make repairs, increase resale value, and boost satisfaction.
Small Loans for Home Improvements and Repairs
What Types of Loans Can Be Used for Small Home Improvement Projects?
There are several ways to finance your small home improvements. Here is a closer look at some financing options.
Home Equity Loans
If you have equity in your home, you could use your home as collateral and borrow up to 75 to 90 percent of the available equity. Equity is calculated by taking the difference between the appraised value of your home and your current mortgage balance. A home equity loan provides a lump sum of cash, while a home equity line of credit is a revolving source of funds that you can access as you choose. A home equity loan or line of credit is a secured loan because it is backed by collateral.
Secured loans can have lower interest rates than unsecured personal loans because they are backed by possessions that can be turned over if the borrower cannot make repayment. There are closing costs associated with home equity loans. Closing costs can include an application fee, notary fee, home appraisal, title search, attorney’s fees, and other fees. Home equity loans are not ideal for emergency repairs, because it can take 30 days or longer for underwriting documentation.
Credit Cards
If you have a small home repair to finance like a leaky roof or window replacement, an existing credit card can be a good option. When you use an existing credit card, you avoid a hard inquiry that impacts your credit score. There’s also no wait time to finance the repair. If the amount is under $1,000 and you can repay it by the end of the month or by your next statement, a credit card can be the most convenient option. Credit cards are not ideal for major home improvement projects, because the interest can be very high. Your credit limit may also be lower than what you need to finance your home improvement project.
Personal Loans
You can request a small personal loan up to $1,500 through Mountain Summit Financial to cover emergency home repairs or updates. You can receive funds as soon as tomorrow to finance your home repairs. You will receive an approval decision in minutes. There is no pre-payment penalty and no hidden fees. The interest can be high on small personal loans, so it’s important to compare rates and loan terms.
Are Home Improvement Loans a Good Idea?
If you don’t have a lot of equity in your home, have poor to bad credit, or don’t have enough credit, a small personal loan can help cover home improvement costs. Small home improvement loans can be used to finance:
- Painting
- Window repairs/replacement
- Water heater repairs
- Leaking roof
- Replacing a toilet
- Resurfacing a bathtub/shower
- Refinish hardwood floors
- Carpet cleaning/shampooing
- Fixing patchy lawn
- Gardening
- Garbage disposal repairs/installation
- Replacing a sink
- Dishwasher repairs
- Refrigerator repairs
- Oven repairs
- And more
How to Get a Small Personal Loan for Home Repairs
You can request a small personal loan up to $1,500 from Mountain Summit Financial. We provide an online short-term loan service to consumers who need cash now. Our secure and hassle-free online loan process makes us an industry-trusted online lender. Request your funds now.
Mountain Summit Financial Is Here for You
If you’re ready to get the funding you need, start your short term loan request now.
Mountain Summit Financial Is Here for You
If you’re ready to get the funding you need, start your short term loan request now.
