Using Home Equity For Home Improvements

Have you been eager to do home improvements, but simply haven't been able to put together the cash? With Countrywide Bank’s Full Spectrum Lending Division, you could soon be adding on, painting, upgrading or renovating your home – in a big way!

Some of our flexible home loan options are perfectly suited as home improvement loans, and can help you increase the value of your home, while making it an even better place to live!

Home Equity Loans Vs. Home Equity Lines Of Credit

One of the main differences between a home equity loan and a line of credit, also referred to as a HELOC, is that the home equity loan gives you a lump sum of cash, while the HELOC serves as a revolving line of credit – you can access it multiple times during the draw period, pay it off in monthly payments and use it again and again for home improvements. It's especially helpful if you plan to do your remodeling project in stages. Another key difference is that the home equity loan typically features a fixed rate and payments for the life of the loan, while HELOCs feature adjustable rates and flexible repayment schedules.

Why Get A Home Improvement Loan?

Home improvements make sense for vastly different reasons. Your family might have grown, and you need to add a bedroom and bathroom. Or, your kids may have moved out, and you finally have time to renovate your home's kitchen and den! As it stands, you may not have the cash on hand – but you may have more than you need locked up in your home's available equity! It could make sense to apply for a home improvement loan to help you fix things up or build an additional room.

In addition to the fact that our home improvement loans may offer lower monthly payments and lower interest rates than many other consumer lines of credit, there also can be significant tax advantages to using home equity-based loans. In many cases, the interest can be tax deductible (consult your tax advisor for more information).

Our loan solutions include a variety of options including interest rates, loan terms as well as payment structures. There is even the choice between fixed and variable rate home improvement loans, so simply call 1-800-909-8217 to discuss our home equity loan options with an experienced Home Loan Consultant.

Even if you've been told that you have bad credit, Countrywide's Full Spectrum Lending Division may have the home improvement loan for you. Thanks to our unique approach to serving customers, Countrywide is America’s #1 home loan lender.^*”. So, don't let another lender's lack of flexibility or inability to offer a full spectrum of loan options rob you of hope. Our Loan Consultants are eager to help you get ahead with the right loan to help improve your financial situation. Call today at 1-800-909-8217.