The United States has been thrust into an economic meltdown last year as home equity loans were sold like pancakes though banks were not sure of the financial standing of their clientele and these entire home and mortgage loans were unsecured.Today, the economy of the United States is slowly getting back on track though many numbers and indicators are still not so good.
One of the most popular loans made my clientele is the Home Improvement Loan especially during the time when many states in the US were devastated by hurricanes.
What is a Home Improvement Loan? Here is simple definition from the FFIEC:
”A home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which the dwelling is located, and (b) any non-dwelling-secured loan (i) that is to be used, at least in part, for one or more of those purposes and (ii) that is classified as a home improvement loan by the institution. “
Many banks are offering Home Improvement Loans like Chase, CitiFinancial among others while the Federal Housing Administration or FHA has its own program also for Home Improvement Loans. FHA Home improvement loan says on its website:
“affordable home improvement loans by allowing loans up to $25,000 without any equity in the home. In otherwords, the loan can exceed the value of the home.”
The most important thing before getting a home loan though is to make sure to examine first your financial standing and capabilities before getting one in order not to get in more financial debts and trouble in the future.
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