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How Long Will I Pay for My Home Improvement Loan?

Home improvement loans are used for the purpose of home repairs and remodeling. Improving your home’s structure and aesthetics is a great idea since doing so can increase its value. If you are planning to get a home improvement loan, your next probable question will be how long it will take you to pay off the loan. The terms of repayment depend on what course you opted to take in obtaining money for home improvement.

Credit card

If you took advantage of your credit card’s cash advance feature or charged the expenses to your credit card then it will be automatically be deducted from your card’s available balance. Charging anything to a credit card is similar to taking out a loan – so you can pay off the debt in full or by installment. Remember that credit cards have very high revolving interest rates so be sure to settle more than the minimum required payment to avoid excessive monthly interest rates and fees.

Secured loan

Most people opt to take out a home improvement loan through a secured loan if they need a large amount of money. This simply means that the debt is secured against an asset such as your home or vehicle. The terms of secured loans are typically longer than unsecured loans, around 5 years or more.

Unsecured loans

Unsecured loans do not require any collateral, but you won’t be able to get as much money compared to a secured loan. Opt for an unsecured loan if you only need several hundred dollars to a few thousand. Repayment of unsecured loans usually takes about 6 months to a few years.

Houses are expensive. If you want to own one, getting approved for a home loan is going to be the first and most important step towards finally getting a home you can call your own. The loan is what you’ll use to pay for the property which you’ll then have to steadily pay back over the years.

Understanding mortgages

Home loans generally run for 25 years, although the term could be longer or shorter. Taken out in order to buy land or property, it is secured on the property that you are buying. This is why if you ever reach a point where you are no longer unable to pay back the loan, expect that you run the risk of losing the property as a result.

Borrow what you can afford

Before taking out a mortgage, always consider how much you can afford to pay. A lot of people make the mistake of borrowing more than what they can really comfortably pay back which could lead to problems later on. Most experts advise that borrowers should never get a loan that is more than three times their yearly income. They also need to factor in the possibility of their financial and personal circumstances changing while still paying the loan back. This might affect its overall affordability.

Your credit score matters

To get approved for a major loan like a mortgage, you need to have a good credit score. Lenders will need to know that you can be trusted to make the payments every month if they were to approve your application. It helps to have established a good credit history which showcases you paying your bills and other financial obligations on time so lenders will trust you more.

Pay a larger deposit

Save up as much as you can before taking out a mortgage. The bigger your deposit is, the less you’ll need to borrow. This can help reduce the loan costs and could help you get good loan terms. 

Frequently Asked Questions

Must I Have A Guarantor?

Usually, lenders would require a guarantor for borrowers with poor or no credit history. A guarantor will serve as an added security if in case the borrower defaults on the loan. Since unsecured loans don’t have collateral, it is an added risk for lenders. However, if your credit is in good shape, lenders will often approve you without having a guarantor.

Is there complicated requirements I must provide?

No. The application process is simple and straightforward. All you need to provide is your personal information, proof of income, and employment verification. You also need to provide your checking account information where the money will be sent to. Other than that, you don’t have to provide any complicated documents or requirements to get approved.

How Fast Can I Have The Funds?

The entire process can be completed in as fast as 15 minutes. Getting the results of your application will only take a few minutes. So you don’t have to wait hours or even days to get approved. You can have the funds immediately and we’ll send you a notification once everything is good to go.

What If I Miss My Payment?

We understand that such things could happen. While some lenders may be lenient for one or two months, however, missing your payment could result in serious consequences. It could affect your credit badly and the lender may incur additional charges or fees as penalties for late payments.

Payment Method

You will receive the payment through direct transfers immediately to your checking account. Once approved, the money will reflect on your account within seconds. You will receive a notification once your application results are in.

Got questions? Let us know.