Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Getting a home improvement loan could be one of the best things you do for your home. Home improvement loans offer you the ability to get a lot of different things done. If you are considering whether or not to get a home improvement loan, consider these advantages - and then go ahead and get one.
1. Tax Deductible
A home improvement loan that you acquire through home equity is tax deductible. You can take the interest that you pay to the bank and deduct the entire amount off of your taxes. This will save you money when you file your taxes or you might get a bigger refund back because of it.
2. Add Value
One thing that a home improvement loan can do is add value to your house. If you make the right additions and upgrades, your house could be worth substantially more than it was. This means that you can get more out of your house when it is time to sell.
3. Increase Satisfaction
If you are planning on staying in your house for a while, a home improvement project can improve your morale. Instead of being stuck in a house that you don't like, you can actually enjoy your time in the home before you sell it.
- What Lenders Don't Reveal About Home Equity Loans
- FHA Loans for a First-Time Home Buyer
- 3 Warning Signs of Loan Modification Scams
- 3 Common Short Sale Mistakes
- Second Mortgages: Advantages and Disadvantages
- Home Equity Loans for People with Bad Credit
- What To Do When Mortgages Default
- Appraisal Basics
- Low Down Payment Loan Qualification