Best Home Improvement Loans in 2019

Best Home Improvement Loans in 2019
Amy Fontinelle
on March 24, 2020
Read in 1 min

Many people don’t have the cash on hand to deal with home renovations or repairs.

Others prefer to keep that money in the bank for an emergency, like unemployment.

A personal loan can provide the funds you need to fix your home’s problems or just make it a more pleasant place to live in.

Can you get a loan for home improvements?

Home equity loans and lines of credit may have competitive interest rates because they’re secured by your home.

Home equity loans may require you to borrow a lump sum. If you know exactly how much you need to borrow and you need it all at once—for a kitchen renovation, perhaps—that’s perfect.

And a home equity loan’s fixed interest rate can give you a predictable repayment schedule where you owe the same amount each month.

If you aren’t sure how much you need to borrow or when you’ll need it, a HELOC can save you money by allowing you to borrow smaller sums as needed.

HELOCs have variable interest rates, however, so your payment can fluctuate and may increase over time:

  • U.S. Bank,
  • Bank of America,
  • Flagstar,
  • Citi Mortgage,
  • SunTrust,
  • Chase,
  • PenFed Credit Union,
  • PNC,

and many other lenders offer home equity loans and lines of credit.

If you want to go the credit card route, a card with a 0% introductory APR may be ideal. It doesn’t have to be a card from a home improvement store.

Just make sure you don’t borrow more than you can repay before the introductory period ends, or you’ll be hit with a ton of interest.

Personal loans, which are unsecured and can be used for any purpose, are another option.

Unlike credit cards, they may have a set repayment schedule—say, three to five years—which gives you a timeline for getting out of debt and can keep your total interest cost down.

What is the interest rate for a home improvement loan?

As of mid-November 2019, the national average home equity loan rate was 5.92% fixed and the HELOC rate was 6.21% variable, according to Bankrate.

The average credit card rate was 17.58% variable, according to Bankrate, while the average personal loan rate for a borrower with excellent credit was around 10% to 12%, according to personal finance website Value Penguin.

Whatever type of home improvement loan you want, make sure to consider your options.

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Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

Amy Fontinelle Finance Journalist

Amy Fontinelle is a writer, editor, and personal finance expert.

Her articles have appeared at Investopedia, Bankrate,, The Simple Dollar,, Yahoo,,, Bankaholic,, Saving Advice and other sites.

Amy’s clients include personal finance websites, financial institutions, public policy organizations, academic journals, and professional economists.

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