Archive for October, 2017
Current home improvement loan rates are between 5.99% and 35.99% APR, depending on the type of home, but rates can be as low as 3.9% APR for new home loans.
Home Improvement Loans
Home improvement loans help consumers with the costs of improvements like new appliances, yard work, furniture, or landscaping. Home improvement loans typically have an adjustable rate that fluctuates according to changes in interest rates, but can range between 5% to 35%, click to find out more about them.
After downsizing their kitchen and kitchen remodel, Linda and Charlie Knopp moved into a cabin with a small yard. To cover the costs of purchasing an area rug, a home improvement loan is a good option for them. A adjustable rate home improvement loan will work out to a fixed monthly payment of $117.80.
Refinancing Home Loans
With a Home Equity Conversion Mortgage, consumers can refinance an existing home loan into a new loan with a lower interest rate. Refinancing a home loan allows borrowers to earn a lower rate on a new loan, and to pay less overall on the mortgage. This type of loan allows borrowers to use the entire home in the purchase or sale, lowering monthly costs.
A Home Equity Conversion Mortgage lets you refinance an existing home loan at current interest rates, to a new loan with a lower rate and a longer term. This is known as the fixed-rate refinance, and allows homeowners to enjoy both lower interest rates and a longer term. The fixed-rate refinance loan typically offers an APR of between 12.1% and 22.1%.
Home Loans with Double Cash
With a Double Cash Home Loan, a buyer can choose between a fixed-rate home loan with a variable interest rate and a variable-rate home loan with a fixed interest rate. The fixed rate loan offers a fixed monthly payment. The double cash home loan provides a maximum of three years of payments, with double the income over three years.
For tenants and homeowners who are able to rollover multiple home equity loans, the Double Cash Home Loan offers an income of the larger amount repaid and a shorter term of repayment.