Your home is an investment, and home improvement loans can offer the funding you need to strengthen that investment with renovations, updates and repairs. However, there are risks involved, and not all home improvement loans are the same.
This guide covers the types of home improvement loans available, the costs of a home improvement loan, how to qualify and how to choose the best lender. It is designed to help you decide if accessing your home’s equity or taking out a personal loan for home improvement is a good choice, and offer insight into how you can find the best loan for your needs.
What Are the Best Home Improvement Loans of 2020?
U.S. News conducted an in-depth review of the leading U.S. mortgage, home equity and home improvement lenders. Lenders were evaluated based on product availability, customer service ratings (using J.D. Power’s 2018 U.S. Primary Mortgage Origination Satisfaction Study), qualification requirements and loan terms. There is no home improvement loan that is perfect for everyone, so the top performers were recommended based on the strengths in these key areas.
These recommendations are meant to support your research by showing you the company most likely to meet your needs. They are a good starting point for most people, but you should thoroughly research each company.
Recommendations are divided into two categories: home equity loans and personal loans. These recommendations don’t apply to home equity lines of credit, cash-out refinancing or reverse mortgages, which many of these lenders also offer.
The Best Home Improvement Home Equity Loans