Project

6 Ways to Finance Your Home Improvement Project

If you’ve been staring at the four walls of your home since March, you might feel an itch to finally finish your basement or update your bathroom tiles. As long as you’re at home, you might as well enjoy what you’re looking at, right?

According to a survey by online lender LightStream, 73% of homeowners are planning a home improvement project this year. Nearly two-thirds of homeowners planning renovations will use savings, the survey says. Those who don’t have savings or choose not to spend it will need to weigh their options for financing their renovation projects.

The best way to pay for your project depends on factors like your home equity, credit and goals for the project. Here are six types of home improvement loans and how each works.

1. Cash-out refinance

The economic effects of COVID-19 have driven mortgage rates down sharply, making cash-out refinance a popular recommendation

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Your Home Improvement Project Can Wait — It’s Not ‘Essential’

I hate to be the bearer of bad news here, but that home improvement project you are planning to tackle since you finally have a lot of time on your hands?

If it requires a trip to a home improvement warehouse store, it needs to wait.

I totally understand how frustrating that is. Like you, when I first heard how long we would be confined to our home, I planned on taking advantage of my husband’s reduced hours to knock out some of the projects we’d put on the back burner.

I wasn’t planning a shopping spree or anything, but I figured when we ran out for groceries, I could send my husband into a home improvement store to grab just what we needed for one project at a time. We could still limit ourselves to one trip per week as recommended. We’d stay in our own home the rest

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