More and more people are willing to invest in their homes in order to increase their quality of life and their home rates. Many of them do not have enough money to realize their dream and they will take some other alternatives such as finding beneficial loan. Eventhough you only want to upgrade some simple things in your house or build a new small addition like making special bedroom for your kids, you still need a well planned funding to put it in the right track. If you have no money in your saving account for your home improvement project, you do not need to postpone your project. You can just find the best home improvement loan service for this situation.
Finding Suitable Home Improvement Loans
Before searching various services of home improvement loans, it is better for you to remember and evaluate if the improvements you are going to make will be beneficial for you and your family members, especially if the house is not your first house where you do not stay in long term.
If you are sure with your home improvement project, try to search a lot of information about some ways to finance the project before you decide which one to pick. For example, many people borrow against their home equity and it might be the cheapest way as long as they have enough equity and they are sure that they will not put the home at risk by not being able to fulfill the payments. However, in some cases, personal home improvement loan can also make sense for you.
Since 2008, many people who own houses have been in still tough situation where they owe more on their property such as home than it is worth. However, they really need to improve their home and make some upgrades to make them in a positive equity territory. To get out from this trouble, you can try a credit loan from LightStream by Suntrust which offers unsecured choises that don’t need your house equity as collateral.
LightStream, Suntrust Home Improvement Loan
It’s difficult to find lower APRs than the one which is offered by LightStream. It is actually a division from SunTrust Bank. It is aimed to aid home improvement and its APRs can range from 4.29 % to 13.79 % which is served by AutoPay. That range is so low for your unsecured loans and it’s very different from traditional home equity loan. Lightstream can also give a loan up to $100,000, which is very high for unsecured loan limit. Suntrust Home Improvement Loan is the most likely useful for your home improvement goal.
The main disadvantage is that you have to fulfill high standards to be a qualified customer for Suntrust Home Improvement Loan. The criteria you should meet are substantial income, excellent credit, and a responsible saving history. Moreover, you will not probably be able to use the money for other purposes which are not related with home improvement. However, the majority of lenders will allow this unsecured personal loan for any purposes, not only home improvement.