how to finance an addition

If you need a loan for a home addition, first contact contractors to find out how much the addition is going to cost. Review your financial situation and then contact lenders. Options may include a home equity loan or line of credit, mortgage refinancing, a personal loan or a federally-backed loan.

One primary consideration when planning a home addition or remodeling project is how to finance it. The good news is that your home may have untapped equity you can use to secure financing. In the greater chicago area (as well as around the country), lenders offer four primary funding vehicles for financing a home addition: Unsecured loans

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Improve Your Credit. To get the best loan, meaning the lowest interest rate, you need to have a good credit score. If you do not, work to improve your credit history and score before you apply for a loan. Make on-time payments and pay off any consumer debt you have.

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Add-On Interest: A method of calculating interest whereby the interest payable is determined at the beginning of a loan and added onto the principal. The sum of the interest and principal is the.

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Improving your home is an investment of time, money and energy (both physical and emotional) – so make sure you feel comfortable with whatever option you pursue to finance a home addition. There are often several good ways to use the value of your home to get financing – whether by refinancing a mortgage or getting a home equity loan or line of credit.

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