Getting Approved For Home Improvement Loans

After awhile the home can seem drab and out of date. When this happens, many homeowners decide it’s time to do some remodeling and home improvement. Most rely on home improvement loans to add value and comfort to the dwelling. If you qualify, the process of getting a loan can be easy. The following information is designed to show you how to get approved and explain how this process works.

Understanding Loans

Remodeling the home requires money, and unless you have some put back for that purpose you will have to rely on a bank or other lending institution for financing. Typically, these institutions require a defined purpose for the funds and will lend money for a specific period of time. This is generally for a shorter time than the average mortgage. It is not uncommon for homeowners to invest in monthly payments for five to ten years in order to make improvements to their homes.

Equity in the home often serves as collateral for such loans and an individuals personal financial standing determines terms and interest rate.

Understanding the Project

The initial step in getting a loan to improve the home is to know the scope of the project one wants to accomplish. You are much better off if you can make a precise estimate of the cost. It is not a good idea to go into this without a specific amount of money in mind. This is the reason a reputable contractor’s estimate is so valuable.

It is possible to receive a loan to upgrade the home to add a room or wing, improve the landscape or any other project that will add value to the premises.

Equity

It is the equity that builds up over years of making mortgage payments that makes getting the financing needed to improve one’s property relatively easy. To determine your home’s equity, subtract the balance on your mortgage from its current value. During the early years, when your loan is new, the bulk of your payment goes to the interest. Over time that changes and you gain more equity each month. As home values rise in the area in which you live the equity rises, as well. The security required for remodeling loans is this equity. Be sure you have enough equity for the project before securing financing.

Financial Reliability

Although there may be enough home equity, responsible homeowners would never consider adding another burden to their financial life without ensuring they have the ability to repay. A second loan payment can be devastating to someone who is already struggling to pay a mortgage. Additionally, lenders look at qualifications before lending money. Even though credit history is not always looked at when using equity as security, a strong credit score is beneficial when making an application.

Bad Credit

Bad credit does not always preclude securing a loan when other valuables can be added as security. A cosigner or offering personal property can help. Specialty lenders are another option, but remember this generally means paying higher interest rates.

Credit Line

A home equity line of credit is another option that offers flexibility to a home remodeling loan. The open ended nature of this financing strategy allows you to use only what you need and start the repayment process immediately. It also lets you make major improvements to the home in incremental steps.

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5 Reasons Slatted Blinds are Better than Curtains

5-reasons-slatted-blinds-are-better-than-curtainsIt’s not uncommon to see modern houses and apartments fitted with window blinds instead of regular old curtains, but why has this trend gained momentum? Many people clearly think slatted blinds are superior to curtains or they wouldn’t be using them, so let’s take a look at five of the big reasons blinds are better.

1. Control Over Light Levels

Curtains basically have two ‘settings’, open and closed. You can have them open just a little to let a small amount of light in, but it’s really not an ideal solution and it will leave the room with very uneven light levels. A blind, by contrast, can be adjusted to let in any amount of light desired. Whether you need to let the sun in to see some delicate work or you want to keep the light down so you can see the television screen, blinds can do that. They can also do everything in between, so if you want a gentle light for an afternoon of reading, it’s a simple matter of a quick adjustment.

2. Lots of Variety

Slatted blinds come in all sorts of makes for all sizes of window. They are manufactured in a wide variety of materials from PVC to wood to metal, and a range of styles as well. Although curtains do come in numerous materials and patterns, they pale in comparison to the customization choices that blinds offer. Consequently blinds can be used in any room, whilst the nature of curtains means they are often quickly damaged in rooms like the kitchen or bathroom where there can be a lot of steam, heat, and splashed water.

3. Easy to Clean

Curtains are very often prone to picking up dirt, dust and fur, and they are heavy things that are difficult to clean. By contrast, slatted blinds are extremely easy to keep clean. They do not retain much dirt to begin with, and what dust they do accumulate can be easily wiped away without even having to take the blinds down from the window. They are also much lighter than typical curtains, so if you do need to take them down it is a much less daunting task.

4. They are Safer

Curtains aren’t all that dangerous in most cases, but there is one exception that is a serious consideration: fire. Curtains are often fire hazards even with the best standards, and the treatments used to reduce their flammability can carry their own risks, such as the presence of potentially toxic materials. Blinds, on the other hand, are generally made of materials that are not flammable in the first place and as they tend not to stretch from floor to ceiling, even those ones which can catch fire pose a lesser risk.

5. Blinds are Visually Compact

There is a lower limit to the size a given curtain can be once it’s hung up. You can tie it to one side but it will still be hanging there taking up space at the sides of the window, and in a smaller room this can have a dramatic shrinking effect. Blinds have the opposite effect. They are compact, even sleek objects that remain unobtrusive no matter how much light they are blocking or letting through, helping a room to feel larger and more open.

There are always places where curtains will feel more appropriate than blinds, but for many rooms in many houses, blinds are the best option on offer for a variety of reasons such as the five outlined above.

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