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Wondering what income you'll need to buy a median-priced home? See our latest metropolitan area home affordability analysis

Wondering what income you'll need to buy a median-priced home? See our latest metropolitan area home affordability analysis

Finding a Home Improvement Loan

Q: I'm looking for a fixed rate 10-15 year home improvement loan of $45,000. My credit score is 730. What rates are out there?

A: Not all mortgage lenders still write true "home improvement" loans, where money for repairs and upgrades is provided based upon the value of the home after the work is completed. More likely, and if you have equity, you'll be steered toward a Home Equity Loan, or a Home Equity Line of credit which allows you to "break off" portions into fixed-rate, fixed-term chunks. For traditional fixed-rate Home Equity Loans, average interest rates are running just above 7% at the moment.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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APR 26, 2021
A:

APR is perhaps the most misunderstood part of mortgage finance. "Rate", or more properly "contract interest rate" is the actual rate of interest you are being charged...

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The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

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A 4 percent 30-year fixed-rate mortgage will see equal parts principal and interest at about payment number 154.

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