How to get home remodel loans

Home remodel loans

Most of us have a home remodel dream almost constantly in our head. Maybe it’s to add that extra
bathroom so your kids quit fighting over shower time, or maybe it’s to finish that front porch
addition so you can spend more time outdoors with your dog. Whatever your home remodel dream,
a personal loan can make it a reality.

When it comes to home remodel projects, there’s no need to wait until you have the cash on hand. A
personal loan is a great way to cover the costs of your project without dipping into your savings or
racking up credit card debt. Home remodel loans are one of the best ways to finance home
remodels and there are a variety of loans available, so it’s important to do your research and find
one that fits your needs.

What is a home remodel loan?

Home remodel loans are a popular way to finance renovations and repairs, especially for those who
don’t have the savings on hand to pay for the work outright. Typically, they are installment loans
with fixed repayment terms, although there are several types of loans available. Reprise Financial
offers personal loans with fixed rates and no prepayment penalties that can be used for a variety of
needs, including home remodeling.

How do home remodel loans work?

Some home remodel loans are secured by the equity in your home, while others are unsecured.
Secured loans typically have lower interest rates than unsecured loans, but they also involve more
risk; if you default on a home equity loan, the lender may be able to foreclose on your home. Home
remodel loans also differ in terms of repayment period; some loans must be repaid within a few
years, while others may have repayment schedules that span several decades with set draw and
repayment periods. Reprise offers customized loan options to meet your needs and payment
preferences.

Can you get a personal loan for home
remodels?

Generally, personal loans can be used for any purpose and there is no restriction on how the loaned
funds must be used. So, if you need to borrow money for home remodels, a personal loan may be a
good option. Personal loans often have fixed interest rates, which can make budgeting for your
project easier.

What can a home remodel loan be
used for?

There are several ways you can use a home remodel personal loan.

A personal loan for home remodeling will likely have a lower interest rate than other financing
options, such as credit cards. Personal loans for home remodeling can offer attractive interest rates
and repayment terms, making them a convenient and affordable option for many homeowners. In
addition, personal loans can be used for various home remodeling projects, from painting and
remodeling to significant repairs and renovations.

• Simple online application process
• Fixed monthly payments
• Loan amounts up to $25,000¹
• Use one personal loan for multiple projects or remodels

How much can you borrow with a home remodel
loan?

The amount you can borrow with a home remodel loan will depend on several factors, including your credit, debt-to-income ratio, and what different lenders offer. Reprise offers loan amounts ranging from $2,500 to
$25,000.¹ So whether you’re looking to make some minor cosmetic changes or significant repairs, a
home remodel loan can provide the funds you need.

What credit score do I need to qualify for home
remodel financing?

Your credit score is one of many factors that lenders will consider when you apply for a home
remodel loan. Generally, the higher your credit score, the more likely you are to be approved for a
loan and get a lower interest rate. However, there is not one credit score that will qualify you for a
home remodel loan. Online lenders like Reprise will look at the total picture of a person’s application
to find a product that works best for each applicant.

What interest rate can I expect to pay with home
remodel financing?

The interest rate you can expect to pay on home remodel financing depends on several factors,
including your credit, loan type, and the lender you work with. Reprise Financial interest rates range
from 9.99% to 36%.

How do I apply for a home remodel loan?

First, you’ll need to decide how much money you need to borrow. This will depend on the cost of the
materials and labor for your project. If you’re working with a contractor, you should request an
estimate to review potential costs and confirm any up-front deposits.

Once you have a good idea of the project’s total cost, you will want to understand the possible
interest rate, repayment terms, and other conditions lenders offer with a home remodel loan.

After researching your options, you can begin the loan application process. You’ll likely need to
provide personal information to verify, at a minimum, your credit, identity, and income. As part of
the process, the lender may also complete a hard credit inquiry, which may impact your credit
score. Once your application is complete, the lender will review your information and determine if
you qualify for the requested amount. If everything looks good, you should be able to get your loan
and start making remodels to your home in no time!

Are home remodel loans a good idea?

Yes! Some common uses for a home remodel loan include adding a new room, renovating an
existing space or making energy-efficient upgrades. Homeowners may also use a home remodel
loan to pay for landscaping, painting, or other cosmetic changes. Sometimes, a home remodel loan
can even be used to finance the purchase of new furniture or appliances. No matter how it is used, a
home remodel loan can be a great way to make your house into the home of your dreams.

With Reprise Financial, you can check for offers quickly without impacting your credit score. With
loan amounts up to $25,000,¹ Reprise offers flexible repayment options that can be customized to fit
your budget to help you access the funds you need to make home remodels. Reprise Loans can be
funded /as soon as the next business day after loan approval.

¹The $25,000 loan amount is inclusive of the amount financed and any applicable fees. Not all
applicants will qualify for the maximum $25,000 loan amount.