Finance Your Remodeling Project using Conventional Home Improvement Loans
To assist our customers with payment and to help you complete your new construction or renovation project, we are proud to offer financing options to qualified buyers through Remodeloandirect.com, a division of South Central Bank, N.A. .
1. Good Credit
2. No Appraisal
3. No equity requirement on most loans
Qualified buyers, individuals with credit scores above 670 or a 690 average for a joint application, can access secured or unsecured loans from $3,500 to $50,000 (even more is available for well qualified homeowners).
- Once approved, the money is made immediately available for construction and the first payment is owed 30 days after issuance of the loan.
- The interest rates for these conventional loans ranges from 7.9% to 9.9% and are determined by the bank’s underwriting department.
- Two pay check stubs for each applicant will need to accompany your application.
- Proof of ownership will also be required before final approval.
Benefits/Features of using RemodeLoanDirect to finance your project:
- Fixed monthly loan payments
- Tax deductible (interest may be tax deductible if loan is secured by a mortgage on your home — check with your accountant). Loans up to $7,500 are usually unsecured.
- No prepayment penalties & no annual loan fees
- Direct loans available from $3,500 to $50,000
- First payment not due until 30 days after funding of your loan
- Fixed APR (Annual Percentage Rate) normally 7.9% to 9.9% depending upon loan size and your credit report
(This post was last revised August 4, 2015)