Questions and Answers

Home Improvement

Q: Why do most people get home improvement loans?
A: Home improvement loans allow people to stay in the neighborhoods they love, yet still dramatically change the quality of their lifestyles by upgrading their homes. A home improvement also can increase the value of your home.

Q: Do I have to hire a contractor to do my home improvements?
A: You can do the improvement yourself, or hire a contractor. Which ever way you decide, be sure to follow local and state guidelines for permits, when applicable.

Q: Who gets the money from the loan - me or my contractor?
A: The checks can be made payable directly to you, or to you and your contractor.

Q: How does a home-improvement loan affect my current mortgage?
A: A home improvement loan is a fully amortized, fixed-rate, home loan, usually placed in second position on the property title, which would have no affect on the terms of your existing home loan.