Personal Loan or Home Improvement Loan? That’s the question.
We love decorating our houses.
And there are phases in our lives when maybe we’ve spent too much time watching Food Food or TLC and thus have built castles in the air of visions of turning our kitchen into a chef’s paradise. Or perhaps our master bath is just one shower away from a disaster. For we really do love Italian tiles on our bathrooms.
And if so, then cheers, you’re not alone. Recently, the Joint Center of Housing Studies for Harvard University has investigated and reported that the home improvement industry should continue post record-level spending in 2016. For many people, this means borrowing money to pay for the well planned home improvements and home decorating schemes .
Now, one is ought to face a tough and difficult and perhaps a hypothetical question.
So, which home improvement loan is right for you?
Many homeowners and homemakers look to tap the equity in their homes. But home equity loans or home equity lines of credit may not be possible or very practical for some borrowers. In that case, one should consider using a personal loan.
While it is known that one can use a personal loan for a variety of reasons, there are a few reasons why a personal loan can have advantages over home equity loans when it comes to a renovation loan, to be specific.
The application process for a personal loan is usually quite simple and quite straightforward. … Read More