Home Remodeling Loans & Paying for your Home Renovation

Video Transcript

"After you have your plan, the next thing you need to do is think about financing. There are basically three ways to finance your home renovation. You can either pay out of pocket, which can take many years, even a lifetime. Or you can get a home improvement loan. Or you can get a home equity loan. If you pay out of pocket, some of the considerations are that you have to live in your house while you are renovating it. It can take a long time depending on what your income is. If you get a home improvement loan, those are pretty easy to get and that’s just a traditional loan that you get from the bank and it’s connected to your mortgage. If you get a home equity loan, that is a loan that is very easy to get because it is secured by the bank, and any part of the home that you have already paid for, you can borrow up to eighty percent of that. It’s very easy. "