title:Deciding Upon a Home Improvement Lender author:John Mussi source_url:http://www.articlecity.com/articles/business_and_finance/article_4997.shtml date_saved:2007-07-25 12:30:07 category:business_and_finance article:

When deciding to do some major home improvements, cost is always a major factor. You likely won’t be able to afford all of the costs out-of-pocket, and will therefore need to get a home improvement loan? unfortunately, this can be a major decision of it’s own.
Deciding how much to request the loan for, finding the right interest rate, and locating the lender that’s going to give you the best deal can all take their toll on you and have you second-guessing your every decision.
Below you’ll find some information on how to go about estimating your need and choosing the home improvement lender that will best meet your needs so as to help save you both time and money.
Estimating the Cost of Improvements
The first thing that you need to do is estimate exactly how much you’re going to need to borrow in order to complete the improvements that you desire. The best way to go about this is to request quotes from several construction companies or contractors in your area? this will give you an idea as to exactly what materials will be needed and what options you have for the total cost of the project.
Even if you plan on doing some or all of the work yourself, this is still a useful method of estimation? request a list of the materials that each contractor would need and compare them so as to give yourself an idea of what you’ll likely need. You can then take your list to home improvement warehouses or lumber yards to compare prices and get estimates for the total cost.
Searching for Loan Quotes
Once you’ve determined about how much money you’re going to have to spend on the home improvements that you have planned, take the time to shop around and compare the interest rates from various banks and other lenders. Request quotes from several different lenders, making sure that you keep finance companies and online lenders in mind as well.
After all, you might find that certain lenders offer lower rates than others? and without exploring all of your options you might end up overlooking one of the best loan rates that you could find.
Comparing to Find the Best Loan
Once you have a variety of loan quotes from lenders in hand, it’s time to begin looking at the rates and comparing them to see which lender actually offers the best deal for your home improvement loan. Take into careful consideration factors such as interest rates, repayment terms, collateral requirements, and the length of time that you have available to finish making your payments.
After looking at all of your options and evaluating the pros and cons of each quote offer, make your final decision on the loan offer that’s best to meet your needs.
Closing the Deal
When contacting the bank or other lender to proceed with your loan, it’s important to keep the other aspects of the project in mind as well? keep with you the contact information for any contractor or construction company that you plan to use, as well as your estimate of the materials that you’re going to need.
Some lenders require that they be in on the process of paying any third parties involved in home improvement projects, but even if they don’t it’s important that you’ll be able to readily contact any suppliers or workers that you’ll need so that you can let them know that the project is on.

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