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As you can see from the cost of these renovations, they're not things you should do unless you intend to stay in that house for a fairly long amount of time. If you do decide to make some of these changes, you could finance them with a home equity line of credit or a home equity loan. Both of these come with pluses and minuses. Their biggest minus is, of course, the fact that they are basically second mortgages. Many financial experts believe that the best way to finance home improvements is with a home equity line of credit. These are variable-rate loans where you would be pre-approved for a certain spending limit and would then borrow money as you need it via special checks or a credit card.
Your monthly payments would be based on the amount of money you borrowed and the current interest rate. Homeowner equity lines of credit are like fixed-rate loans in that they have a set term. When you reach the end of that term, you must then repay the outstanding loan amount in full.
In comparison, a home equity loan is a fixed rate loan that you repay over a set amount of time at an agreed-upon interest rate. The interest rate and payment remain the same over the life of the loan. So if you were to get a home equity loan for $10,000 you would owe the entire $10,000 even if it turned out that you didn't need all of it. On the other hand if you were to take out a home equity line of credit for $10,000 but ended up using only $8000 of it, that's what you would owe.
The best place to get a loan
Whether you decide that a home equity line of credit or home equity loan would be your best option, a credit union would probably be a good place to get it. They generally offer loans at 1% less (or better) than if you were to get a bank loan. While credit union membership used to be limited to the employees of a certain company or members of an association like a union, many community credit unions are now open to everyone. You could find if there's one in your area you could join by going to the website www.movecu.com/.