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Deciding On A Home Repair Loan
If you are looking for a home repair loan, you are about to embark on a serious financial task. This is especially true if you have no credit or bad credit. We would love the opportunity to help you secure a quote from a lender, and you can do that using the form above. Please also enjoy the following information about securing a home repair loan.
You Must Know Your Credit Rating
Is your credit good, bad or do you not even know? Whatever the case, you should take the time to get an up to date credit rating. Lenders will be looking at your credit so you need to know just what they are looking at.
The importance of knowing your credit position are twofold. First, it may allow you to make some small and quick changes that could immediately boost your score, saving you money. Second, it allows you to know what kind of credit you should be qualifying for. If you have good credit, for example, you should quickly pass on high interest loans.
Get Multiple Quotes
It pays to get multiple quotes on something as big as a home repair loan, especially if you have bad credit. With bad credit profiles, lenders can be all over the board as far as rates go. So, it pays to get a quote from one of our lenders and then some outside lenders as well. This will make sure you get the best deal possible.
If you are concerned about the hit to your credit score from multiple inquiries, you can rest easy. Multiple credit pulls in a short period of time usually indicate to credit bureaus that you are simply searching for the best rate. That means that they will likely only count as one pull.
Beware Of Hidden Fees
When you are comparing loan quotes, be sure to look into the hidden loan fees. These can be anything from high origination fees to contract fees to early pay off penalties. They can add up to hundreds and even thousands of dollars when all is said and done. Be sure to read your entire loan contract and ask for clarification in writing on anything you are not sure of.
Consider Your Project Carefully
Before making your repair purchase, consider the investment in your home carefully. If you are needing the money to replace a hot water heater, for example, consider installing a tankless water heater instead. The added cost is negligible but the energy savings and added value to your home are very real.
Likewise, if you are making a home improvement, do one that adds the most value. Improvements to areas like kitchens and bathrooms tend to contribute the most to home value.
Summing It All Up
If you are in need of a home repair loan, poor credit does not necessarily need to be an end to your dream. You still may be able to qualify for a loan, but you need to do some groundwork. Make sure that you are getting the best deal possible, have a plan for your money and make sure that you can afford to pay the loan back. If you have done all of these things, proceed and get the money that you need.
