Home Loan Resources

Home Improvement Loans With No Equity

Homeowners who are interested in getting home improvement loans with no equity might be glad to know that it is not as hard as they might think. Even if you do not have any extra value in your home, you can still qualify for home improvement loans with no equity to do necessary maintenance or improvements.

The value of many homes has been dropping, causing people to lose equity. "What is equity?" you may ask. Equity is the difference between the property value and any outstanding debt against the home. So for instance, if your home is worth $100,000 and you have paid $10,000, you have $10,000 in equity. Home improvement loans with no equity are the perfect solution in this situation. The problem many people are facing is that home values are not on the rise. We are in a recession and many homeowners are losing equity, even those who have paid off a large chunk of their mortgage. Home improvement loans with no equity can help increase the value of your home so that you can actually start gaining equity.

Many people are "upside down" on their mortgage which means they owe more than what the house is currently valued at. These people are the perfect candidates for home improvement loans with no equity. What better way to raise the value of your home than to make necessary repairs, or various improvements? Perhaps you just moved into your house and would like to start right away. Home improvement loans with no equity can help you start making additions to your brand new house today.

Many homeowners find that after a few years, your home will need some type of repair. Whether major or minor, home improvement loans with no equity can be the solution to this problem. Home maintenance is a necessity and many people are turning to home improvement loans with no equity. A popular way to increase the value of your home is to make home improvements. Swimming pools, decks, central AC and such would all add value to your home and make it a more comfortable place to live. Home improvement loans with no equity can make these dreams a reality.

Home improvement loans with no equity are simple interest, fixed rated loans. They allow you to borrow 125% of the home's current market value. If your home is worth $100,000, home improvement loans with no equity would allow you to borrow up to $25,000. Just like with traditional loans, home improvement loans with no equity are borrowed against your home, except that you need no equity.

Interest rates for home improvement loans with no equity can be a couple points higher than traditional loans but that does not make them a bad idea. There are no annual fees for home improvement loans without equity and that is a great advantage.

Home improvement loans with no equity can help anyone, in any situation, improve upon his home today!

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