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What is the best and easiest way to apply for a home improvement loan?

My husband, his dad, and I, all live in a house that was built in the 20's. Problem is, my husband doesn't want to move to a different house because God only knows why. So, instead of moving, we have talked about fixing this old house up. It's made out of logs and sheet rock. We have no carpeting, and all the beams and whatnot underneath the house need to be fixed. Is there any way I could get a loan to fix all the broken junk in this place? Serious answers only, please. Oh yeah. We have no morgatge payments either. But, the thing is, his grandpa passed away in 2002 and there was no will left. Someone said something about putting the deed up to get a loan from the government? Oh yeah. We have no mortgage payments either. But, the thing is, his grandpa passed away in 2002 and there was no will left. Someone said something about putting the deed up to get a loan from the government?

Public Comments

  1. Best to just get it insured to the hilt and hope for a natural disaster. Dont get no easier than that.
  2. The least costly loan will be to obtain a equity line of credit on the house. Assuming you have a reasonable equity in the house, a bank will extend a line of credit in an amount that relates to the value of your equity (how much you own vs how much you owe on a mortgage). With this line of credit (LOC)you simple write checks for any work you desire. The amount of monthly payments you make to the bank will depend upon how much of the LOC you have used. Normally a LOC does not require you spend on only improvements - you could buy a car using your LOC for a lower interest rate than you could get on a straight car loan. Except for a margin loan in a stock brokerage account - a equity LOC is the cheapest money you can get. LOC's should be available from any local bank. Get a LOC NOT an improvement loan. The LOC rate is cheaper, you do not have spending restrictions with the LOC and you do not have to make any payments until you write a check against your LOC. Shop around, you should be able to get a LOC without any closing cost with an interest rate that is very close to the Prime rate.
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