Home Improvement Financing
Home improvement financing or house repair
If you are getting a home improvement
financing loan or a house repair loan, make sure the home
improvement financing loan is fair. Don't pay expensive
loan fees! Some home improvement financing lenders charge very
high fees and costs, high interest rates, and some have a large
"balloon" payment due at the end of the loan. The amount of the
monthly payment is important, but the loan costs and terms are
just as important!
Shop around for home improvement
Before settling for a home improvement
financing program, you should shop around. Talk to a few
different lenders that do home improvement financing.
Compare home improvement financing loan fees and costs
before you choose your lender.
Good faith estimate for home improvement
Lenders must give you a "Good Faith
Estimate" (with details of the loan fees and costs) within 3
days of applying for a loan.
Home improvement financing loans from local
banks or lenders
Contact a local bank or lender often they
offer loans with much lower interest rates and fees than if you
use the lender suggested by your contractor, or if you contact
a BIG nationwide lender with a BIG advertising budget.
Low cost government financing for your home
Many contractors will tell you that they
offer "low-cost" or "government" financing, when this is NOT
TRUE. If the lender takes a mortgage on your home, you may have
the right to cancel the loan if you send a cancellation notice
to the lender within 3 days.
Am I eligible for free house repairs?
Some cities or counties have programs for
free house repairs. Kansas City Missouri, for example, has
this free home improvement program. If you
a resident of Kansas City, Missouri, call the Kansas City
Weatherization Program at 816-513-3025, or Minor Home Repair
Program at 816-784-4021 to see if you may be eligible for free
house repairs. Also, the Kansas City Neighborhood Alliance
has a minor home repair program - for more information call