Six Things You Can Do To Fund Your Renovation

home renovation windows

Home renovations are never cheap. They are also time and energy-consuming endeavor which makes it a pretty stressful work. However, the rewarding experience of finally getting your home renovated and improved is well worth that effort. Unfortunately, not too many people can afford such things but lucky for you, I am here to help you. Here are six loan types that can help you fund your renovation project.

We understand that not everyone has enough money to give in to their desire of renovation their home but if there’s a will, there’s a way. We’re here to help you get the house of your dreams. There are plenty of options for you to score that money you need for your renovation project.


Home Equity Loan

This is one of the most common ways for people to borrow money for their renovation project. It is a kind of loan where you basically make your house the collateral. The current value of your home is considered prior to the makeover to make sure everything is fair. You can’t borrow 100% of the value of your home but you can borrow a substantial amount if the value of your house is fine. Most renovations don’t require significant value compared to the value of your whole house. One problem you may face is the cost of your renovation may actually be greater than the value of your home, but this is rarely the case.


Homeowner Mortgage

If you are planning on a major makeover for your home, this is another great option. By doing it mortgage-style, you can spread out the payments over a long period of time. This is helpful if you are on a tight budget.

Bank Loan

This is just like your usual bank loan where you apply for a loan then wait for it to be processed. If you have a good credit score, you can borrow more with lower interest rate. If your credit score is considered bad, you may need to provide some collateral like your car, or the house itself. If you are confident in your ability to pay the loan, this may seem like a good option for you.

Construction Loan

This is somewhat similar to home equity loan with some minor difference. First, the lender will take the value of your home after the renovation project is finished. This has the potential to allow you to borrow more but the usual setup for these kinds of loan is you will not given the loan upfront but spread out over a period of time.

Credit Cards

This is a great option if the renovation you are planning isn’t major. If you are only doing small renovation projects here and there, a credit card can fund your projects. The interest is higher compared to other types of loans but this type of loan is almost instant and won’t require processing. If your renovation project is only minor, this is the way to go.

Personal Loan

Personal loans are usually capped at around 30 grand. Personally, I would not advise borrowing this full amount because the interest rates are higher than other forms of loans. Personal loans are great for small renovations like window replacement, asphalt paving, roof installation and other minor renovation projects. For bigger projects like home redesign, a home equity loan seems more fitting and advantageous.

Three Different Ways to Get Home Loan With Bad Credit

Don’t worry if you have a bad credit, there are still plenty of ways you can borrow money for your home loan. There are many financial institutions out there that can help loan you money. They have looser standards when it comes to their requirements and they are ready to give loans to customers with less than stellar credit scores. Of course, your credit score will still be in play. However, they won’t put much weight into it especially when compared to other bigger institutions.

Many potential homeowners search for these kinds of companies to ensure that their loans would get approved. Most of them have bad credit score but not necessarily in bad financial situation. Obtaining a good credit score is somewhat tricky and there are plenty of ways you can mess it up. For many people with bad credit, they basically have two choices, either they file for a home loan using their bad credit and hope for the best, or search for a company willing to give loans for people with bad credit. A portion of customers would opt for the latter as the value of land appreciates over the years. Some people will wait for their credit score to get better before applying for a home loan but it carries some sort of uncertainty. There is a chance that their credit score won’t improve that much.

Here are some of your options if you are looking to get a home loan when your credit score is bad.

Home loans from credit unions

You can find many credit unions across America. Credit unions are like banks but they are backed with the member’s money. Think of them as a lending institution but you have to be a part of the union in order to take a loan. Most credit unions offer less interest than banks because that is their only function, lending money that is. This means that they won’t need much overhead and can operate cheaper.

Since their background checks are limited, they wouldn’t necessarily need your credit score. They won’t look into your credit history comprehensively. Credit unions get their information from third party data vendors.

Smaller banks

You can find many smaller banks that offer lower interest rates than national banks. The advantage of getting a loan from smaller banks is their operation is compact and well-rounded. Since they are operating on a much smaller region, they can easily process your home loan request much faster than a national bank.

Some would say that availing a home loan from smaller banks is riskier but that actually isn’t true. Many smaller banks are continuously being ranked as leading lenders to their areas.

Home loans from peer-to-peer organizations

This is probably the newest and most innovative lending system out there. This type of lending is internet-based, hence the P2P term. What this means is the money you lend will come from different people all over the world. They would pull their money into one single fund and lend that money to you. This is much like how a bank operates but without the actual bank. It is mostly automated which makes the process much faster. You basically just need an account and you’re good to go.

What makes this system great is you can borrow money almost instantly provided that you give out your details. They would also do some background checks like an actual bank but they won’t put much weight on your credit score. There are many metrics that they can use to see if you are able to pay your dues. Additionally, they are strict with the payments and they have many ways to get the money off their borrowers, just like actual banks.

Home Loan Pre-Approval – What Your Need to Know

easy home loan

Home loan pre-approval can be great for you when it comes to buying a property. It will show your real estate agents that you are serious about buying a property. Once they know about your serious intent, they will move quicker in getting your finances sorted out. They will also prioritize you ahead of other buyers because they know that your loan is already pre-approved.

It’s not always guarantee how much you can borrow. The amount of the loan you can get depends on many factors. A pre-approval home loan does give an indication of how much you can afford and this is helpful when shopping for a property. Like any other forms of shopping, it helps tremendously when you know how much you can spend on something. A home loan is one of the biggest investment you’re going to make, it only makes sense to understand what you’re getting into.

How to get pre-approval home loan

There is a process involved in getting pre-approval home loan. Your mortgage broker can guide you throughout the whole process. As long as you have all the complete documents, you can easily obtain pre-approval home loan. There is no cost involved when getting this type of home loan. The only things needed are documents and papers detailing your finances. This is to help them determine your borrowing capacity and how much you can afford.

When to apply

The best time to apply for your home loan pre-approval is when you are ready to own a property. Buying a property is not something that should be done hastily. Only apply when you are extremely sure of your decision to buy a property. The process will usually take 90 days or more. Some home loan companies will have quicker process. It depends on many factors and is affected by your credit score and rating.

What documents do you need?

You will be asked to provide the usual things needed for home loans. The lender will need to verify your personal details and your financial status by looking into documents such as your pay slips, bank statements, credit score, and other IDs. Be honest about any changes in your financial status if there are any during the approval stage. Only give out reliable and accurate documents to avoid any troubles down the line.

It’s not a guarantee that your pre-approval home loan will get approved. Just make sure to provide all the necessary documents and hope for the best. If your financial status is okay, that will surely help your case. For people with outstanding financial score, getting a pro-approved home loan will be a breeze. Getting a pre-approved home loan will ensure that the while process becomes quicker and more efficient so avail of this home loan when you can.

Mortgage Lending as Residence Funding For Future Homeowners

Majority of homeowners won’t probably own a home if they did not get a mortgage. Most people would find it impossible to finance a home on their own without getting a mortgage. Residence funding involves getting a loan to finance your house purchase. Not surprisingly, only the top 1% can buy a home out right without needing any financial mortgage. For the average person, getting a home loan is almost a requirement when getting a home.

Most families would find an agent to avail a mortgage that fits their current financial status. They can negotiate it to a point until both parties are happy with the deal. Usually, the best move is to find a manager of a mortgage lending company and work out a deal to get the right mortgage that isn’t too cheap or expensive. The key is to get the right balance. The reason why you shouldn’t settle for the cheapest options is because they can be a risky investment. The cheapest options are usually reserved for people with the most stable finances. If you aren’t sure of what your financial stature will be years in the future, you should get the right deal for you. The manager will give you many options and advice you which one to get.

dream house for buyers

For residence funding, there are many options to choose from. Whether you are looking for your first house, or upgrading a property, you can surely work something out. As long as you know what you wanted, you can always negotiate with an agent. Most mortgages are based on a repayment structure which means that you need to pay a portion of the capital plus interest each month. The mortgage term depends on what you negotiated for. The usual is 25+ years but you can get it down to fewer years if you are willing to pay a higher monthly fee.

There are many lenders that only provide interest only mortgage. What this means is the buyer would only pay the interest on a monthly basis. The total loan amount should then be paid in full at the end of each term. This is a rare kind of mortgage because it is more difficult to budget for it. Most homeowners opt for the easiest and more divisive payment structure to help their budgeting.

Mortgage as Residence Funding

Availing a mortgage will make owning a home possible. A house is probably the biggest investment a person will make. As such, it will be their biggest debt. Payments are done over long periods of time which means that you will be paying less over a period of hundreds of months. However, because of the length of the repayment period, you can’t also be certain about your financial stature years in the future. You can’t really tell your financial status in the future. Because of that, it is better to structure your loan into many manageable payment over a long period of time.

For more information about home loan, you can visit – or go to our home page for more information.

Why Is Getting Cheap Home Loan Easier Now?

get home loan

The cheapest home loan or mortgage will cost you the least amount of money when you add all the fees included in the transaction. The fees included are interest rates, surcharge, contract fees, and more. If you want to compare different home loans, you need to consider all the charges and fees that you are going to end up paying. There are many home loans that may appear to be cheap but can actually cost you more money down the line.

Getting a Loan

Getting a home loan today is much easier compared to ten years ago. Even with the recent home industry collapse, there are still many companies willing to lend money to potential homeowners. Because of the abundance of choices of home loan companies, you can easily shop for one and get the best rate that is offered. The competition between home loan companies allowed consumers to have a more competitive market which drove interest rates down considerably. However, even with the lower interest rate, you still need to be wary of the deals you get into. You never know what hidden fees are included in the contract – and yes, there are many companies hiding fees on the contract. You should definitely be aware of their existence.

You can choose from several hundred home loan companies in your area. Shopping around home loan can save you lots of money. Because of the popularity of the internet, it has now become the top choice for home loan companies to promote their business. Using the internet to shop around home loans is much easier because it is interactive and you can compare the rates to other companies quite easily. With the click of a button, you can also request for quotes by submitting several information about yourself.

Because of technology, you don’t need to visit every bank in town to get several rates for your home loan. Today, using the internet, it has become so easy to get home loan. What’s more is you can compare rates between companies and get the one you think is best for you. Obviously, you should not only base your loan on the price of the home loan. You should also look into reliability, dependability, history, business expertise, and many more. You should put together good criteria before deciding which company you want to give your business to.

You can also use many tools on the internet that gathers different home loan rates and compare them in a list. Using a specialized tool, you can easily compare rates and see the best ones. Once you shortened your list, you can then research the company and choose the one with the best feedback and reviews from its customers.

Overall, even if there are many home loan companies to choose from, you should not choose the first one that you visit. Proper research is still needed to ensure that you get the best deal available. After all, it is your future and you should be careful what you do with it. A decision as big as getting a home loan for your family will leave a lasting mark on your financial situation in the years to come.

The Most Obvious and Simplest Way to Get Cheap Loans

What-is-a-FHA-LoanDue to the fast pace of our world today, our needs are constantly being upgraded and it is affecting our way of life. Today, all things are socialized and the need for effective communication is as important as ever. Basically, the standard of living has increased and we have many things to show for it. The need for luxury living, attractive clothes, latest cars, and many other things are proofs that as a race, we are becoming social-centric.

Despite all of that, acquiring a home is still hard as ever (source). Many would even argue that purchasing a home today is harder than it is many decades ago. Lately, even the middle class are struggling to finance their homes. This is unlike decades ago where even the lower middle class can afford a home without so much difficulty. With how the housing market is looking today, no significant change is to be expected and this is troubling for low to middle income families.

Many families are searching for the solution to this problem. They want a home for their family but because of the price and the difficulty of getting a home loan, this dream is fast becoming an impossibility. For many families, the only solution to this problem is to get a higher paying job or get another job – both of which are extremely difficult to do. Fortunately, there is another solution that many potential home buyers overlook.

The solution is quite easy. The answer you are looking for is so obvious that you’ll be mad at yourself for not thinking of it way sooner. You just need to get a loan from another source that isn’t a corporation. There are a lot of companies out there, all well-organized and licensed, that are giving our home loans at reasonable prices. Their interest rates and terms are significantly lower than what most banks would offer. Basically, you can borrow the same amount of money without paying a significant amount of interest.

For people with low income, their dream of owning a home can be a reality thanks to cheap home loans. These kind of loans have low interest rates with very few terms and conditions. The repayment term can even be negotiated depending on the capability of the borrower.

For more information about different kinds of cheap loans, head over to Akron Home Loan. Call on the number and talk to one of our customer service representatives and get your very own home loan. With our help, the dream of owning a house is not a reality.

How To Own A Home Before You’re 30, According To Real Estate Experts

Wanna make that studio apartment into a full-on house?

Many ambitious renters in their 20s are aiming to become real-deal homeowners by the time they hit 30 years old. And you don’t have to be an overachiever in order to join them. 

Turns out many of us CAN own a home or apartment by the time we’re 30, if we learn how to save and spend properly. We asked some real estate experts how to get in on the game, ASAP. Here are their pro tips. 

1. Start saving now. 

It may sound obvious, but solid financial planning can make sure you’re ready to purchase a home in the future. Jeremy Wacksman, the chief marketing officer at Zillow, recommends setting up automatic transfers to a savings account that’s dedicated to your future down payment. While it’s tempting to rely on loans, it’s best if you fund the down payment yourself. “The more money you can put down, the better,” Wacksman says. That way, “you’ll be able to obtain a better interest rate, avoid paying mortgage insurance and have a lower monthly mortgage payment.”

Tom Merton via Getty Images

2. Watch your credit. 

“Poor credit is easily the most common reason why you might be denied a mortgage,” Wacksman says. So pay your bills on time and keep balances below 30 percent of your credit limit, along with these other key tips

Good credit is especially important if you do decide to go the loan route, says Roberta Axelrod, a sales director with Time Equities. “Many first-time purchasers are going to be taking out loans,” she says. “So make sure your credit is excellent.”

3. Consider buying in a new construction.

Deborah Zolan leads sales at 51 Jay Street, a residential warehouse conversion project in Brooklyn, New York. She says that prospective home buyers could find great deals if they’re comfortable buying in a new construction. “With a new development, prices start out at a certain point. If you are involved in the first 15 or 30 percent of the purchases, more likely than not, you’ll get a great deal,” she says. With 51 Jay Street in particular, the property has raised its prices eight times over the past year and a half of filling the building. Getting in early might also give new homebuyers the opportunity to get deals on closing costs.

CaiaImage via Getty Images

4. Be a real estate trendsetter. 

If you’re flexible in terms of where you live, Zolan says, then homebuyers should look to neighborhoods that are up-and-coming or going through transformations. “This requires doing a lot of due diligence, research and working with a broker who is knowledgable about up-and-coming neighborhoods,” she adds. Prospective homebuyers research should include finding out other new developments planned for the area, both residential and commercial. A Zillow study released earlier this year found that two years after a Trader Joe’s store has opened in a given area, the median home within a mile of that store has increased in value 10 percent more than other homes in the same area. That’s because Trader Joe’s is likely doing a ton of research on finding up-and-coming neighborhoods as it picks places to open new stores.

5. Rent strategically. 

Zolan has personal experience with this one. Previously, she was renting in a building in the Dumbo neighborhood of Brooklyn when the developer was reverting the property to condominiums. So she was able to purchase her apartment for what she described as an insider rate, because the developer had to cell a certain number of units quickly. Renting in buildings that could become conversion properties could give potential homebuyers that extra help.

6. Ask family for help.

In Zolan’s experience, many first time homebuyers in their late 20s and early 30s have had financial help from family members. “Whether they’re single or married, I’m definitely seeing parents helping out,” she says. 

Axelrod agrees. Accept whatever help you need to get in the game early, she says, so you can start reaping the rewards of home ownership — like some real-estate payments — as soon as possible. “Don’t be too proud to ask your parents,” Axelrod says. “The sooner you stop spending money on rent… the sooner you’re going to get the benefits of home ownership.”

And that is a sweet deal.

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Should You Refinance Your Home Loan?

Many of home owner particularly now in the recent economic meltdown have been fazed with the brink of bankruptcy and property foreclosure. To get rid of these problems, many are seeking lower interest rates through refinance home loan. It is a proven effective way to lower your monthly home mortgage payment. That being said, remember that what works for others might not work for you. Also bear in mind that in some cases, refinancing mortgage can also weaken you financial stability. So it is very important to get to know how refinancing your home loan may work for you in the long run.

Before making a decision to refinance, there are many things to take in consideration. First of all, you must choose to refinance only for good and valid reasons. You must remember that this takes a lot of time to finish. So if you are just refinancing to gain additional funds for some unimportant reasons, you may want to reconsider or you might just end up with more debts.

Simply planning the mortgage will not do. In some cases, you need a home mortgage broker to assess you trough out the process. Take into consideration all the aspects of the loan; interest rates, terms in years and annual annuity cost. You must choose what you think is the best solution based on your current financial status.

You need to know that seeking assistance in a financial brokerage is not the only solution. You can seek assistance from your lender instead. If your lender knows your background and financial records, they would already know what to offer you. This will then reduce the time it takes to process your refinance home loan application to be approved.

Expert home mortgage broker all agreed to this claim that a typical refinance home loan is offered to lower your interest for at least 2-3%. Conversely, you can change the terms of the loan to make it more advantageous for you and your lender.

You have to be very thorough in checking the terms of the contract and the mortgage. Be sure that the contract has a specific mortgage rate that is lesser than the un-refinanced one. See if it has a part that includes penalties when you decide to get out of the loan earlier than the agreed time.

Refinancing home loans have always been a great option for many consumers in the past. But you must remember that while it worked with others, it might not work for you. But if you do decide to get refinance home loan, keep in mind the things mentioned in this article. Remember that refinancing should get you more financially stable, not the other way around.

Top 4 Reasons Why Refinancing Your Loan Will Benefit Your Financial Situation


homeloan2Refinancing has its advantages if done right. If you do it correctly, it won’t actually cost anything but your time and effort. You can watch this video here to understand some of the terms.

Refinancing is done to take advantage of lower interest rates and to shorten the terms of their loans. Once the properties have been refinanced, you can pay them off much faster. Since many people have been asking me, I will write the reasons why you may want to refinance.  One of my main reasons for refinancing is to save money in interest and take years off of my mortgage debt repayment. Unfortunately, not all people are familiar with the process of refinancing. You will actually need to do some working yourself to get the process started.  I’ve written below the top 4 reasons why you should reconsider refinancing your home loan.

Shorten the term of your loan

If you have a long term loan, you can shave off years on your loan if you can afford it. Sure, you may pay a bit more but it can be worth it since you’ll have paid the amount years early. Also, once you refinance, you can take advantage of lower interest rate and you can end up just paying slightly more.

Refinance to lower interest rate

If you can afford it and fit it without problem on your budget, refinancing your home is a no-brainer. You will have a much lower interest rate and will finish the loan much earlier than normal.

Cash out home equity

It is a tempting move to refinance your home to cash out on your home equity. It can be a great financial decision when done correctly. For instance, you can use the cash out money to buy or invest on some property or business.

Refinance from adjustable rate to fixed rate loan

Interest rates are low now so it makes sense to get a fixed rate loan. This is to safeguard yourself in the future in case interest rates become high again. Locking into a low fixed rate can protect you in the later years where it might get higher.

Even if you are confident on your refinancing plan, sometimes it is not enough to pull the trigger. You will need professional help (Akron Home Loan and Refinance Company) if you really want to learn the benefits you are going to get from refinancing. Once you’ve taken into account all costs and fees into consideration, if you can afford it for years to come, go for it. If you have doubts on its effect on your financial situation, don’t do it. Once again, doing your research will actually save you money in the long run.