With a home equity loan, you borrow against the value of your home less the amount of the existing mortgage (in other words, the equity).. Another plus: The interest you pay on a home equity loan used for home improvements is tax deductible (up to $1 million; the limit is $100,000 for non-home–improvement projects).
They also base the loan on the value of a home after improvements, rather than before. Because your house is worth more, your equity and the amount you can borrow are both greater. And you can hire a contractor or do the work yourself. The downside is that loan limits vary by county and tend to be relatively low.
Homeowners can apply for home improvement loans for remodeling, updating or making repairs. See how you can take advantage of this line of credit to .
Considering a home improvement but need a loan? We'll help you figure out. We'll use the answers you give us to show you which home improvement financing solution works best.. And that could free up cash for your dream renovation.