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
Taking out a low interest home improvement loan is a great way to obtain the funds you need to fix up or renovate your home. However, there are some things you need to be aware of before you sign on the dotted line.
If you take out a home improvement loan, the money you borrow for the renovation or repairs may not always be well spent. The changes you make may end up not increasing your home’s value as much as you had expected. Another possible issue is if your loan rate is variable, the rate may rise during the course of loan. The increase in your new monthly payment may cause you to have difficulty repaying the loan.
It is a common misconception that all home improvements are tax deductible. This is not always the case. There is a difference between what is considered a home repair and a home improvement. For example, when you fix a broken window, generally that will not qualify for a tax deduction. The improvement and repair tax qualifications are a bit nebulous, so you should consult with your tax specialist, to determine what qualifies for a deduction.
- 3 Warning Signs of Loan Modification Scams
- 3 Common Short Sale Mistakes
- FHA Eligibility with Bankruptcy and Foreclosure
- Should You Refinance? Make Sure the Timing is Right
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Second Mortgages: Advantages and Disadvantages
- Appraisal Basics
- What To Do When Mortgages Default
- Short Selling a Rental Property