Boca Mortgage Blog

Why You Need A Home Loan

June 24th, 2014 3:35 PM by Leonard Silvestri


                

 One of the best things about owning a home is the ability to make changes to it, and the power to personalize the house to make it truly your own. Nothing can be more frustrating than having to stop in the middle of a home improvement, but it happens when the money runs out. A home improvement loan can help in many ways, and the article below shows how to obtain one.

Home loans using home equity as collateral are the most common and offer the biggest loan amounts, according to Greg McBride, senior financial analyst for Bankrate.com. However, “Lenders are looking for homeowners to retain a 15% equity stake after the loan,” McBride said, so you’ll need a fairly large amount of equity in your home just to qualify.

Posted in:General
Posted by Leonard Silvestri on June 24th, 2014 3:35 PM

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