Home Improvement Grants

As the name implies, home improvement loans are special loans that banks and other lenders extend to homeowners for the purposes of making improvements on a home. Improvements that are allowed can fall into any number of categories, including indoor and outdoor improvements.

In general, banks who extend these types of loans to customers would like the home improvements to be something that will increase – or at least maintain – the value of the home so as to preserve the home equity.

Borrowers can generally take out this type of loan from their current mortgage lender, or they can shop around to other lenders. The homeowner has no particular obligation to go with their existing mortgage lender when it comes to borrowing money in the form of this type of loan.

Of course, if you are looking to borrow money to make improvements to your house, you will want to shop around to try to qualify for the lowest-possible rate; shaving just 1-2% off of your loan interest rate could save you thousands of dollars in interest payments.

If you are looking for the best home improvement loan rate, here are the answers to 5 frequently-asked-questions (FAQs) about home improvement loans:

1. Do home improvement loans require that I put up collateral?

A: Many home improvement lenders require that you put up collateral, usually in the form of home equity. They may extend to you, for example, a 75% LTV (loan-to-value) loan. This simply means that the total amount borrowed plus existing mortgage balance together must equal less than 75% of the home’s appraised value.

However, some lenders do offer this type of loan without requiring that the borrower put up any collateral. It is important to shop around until you find a lender that is willing to agree to your desired loan terms.

2. Is there a minimum or maximum loan amount?

A: Most lenders will usually require a minimum loan amount of, for example, ,000. And, there will be a maximum loan allowed, as well. For those lenders who require collateral in the form of home equity, the maximum can be easily calculated based upon the type of loan (e.g., 70% LTV, 75% LTV, etc.).

3. How do interest rates compare to credit card interest rates?

A: In almost all cases, interest rates for this type of loan are going to be lower than if you borrowed the same amount against a credit card.

4. How do I access the money?

A: You may be paid the money you borrowed in a single, lump sum. In other cases, you may be able to set up the loan payments to where you simply withdraw the amount you need, much as you would when using a credit card or writing checks.

5. Are these short-term or long-term loans?

A: In general, the best home improvement loans are relatively short-term loans. This is especially true if you decide to borrow the money on a borrow-as-you-go basis. However, if you choose to get a lump-sum type of loan, your repayment terms may be longer term, such as 5 or 10 years.

Consider these answers to 5 FAQs about home improvement loans in order to help you secure the best rates.

When installing door trim, some carpenters begin with the legs(vertical pieces); Others prefer to hang the top trim first. Installing the top first has the advantage of offering precise control over the most finicky part of the installation, the miters. Once the top trim is up, install the legs one at a time, positioning each so that the miter is perfect. If you install the legs first, you’ll have to fit the top trim on both miters simultaneously. Unless both miters are perfect and the legs perfectly parallel, you are bound to get gaps you can’t close in your work.

Lay out out the reveal., The door trim is never flush with the edge of the jamb; typically it sits back from the edge by about 1/8th inch. The space, or reveal, leaves enough room for the hinge barrel and provides a margin of error if the jamb dips.

The frame on the prehung door is likely to have a layout line on it that marks the edge of the reveal. If you work on an unmarked door frame, set a combination square to 1/8 inch, and guide it and a pencil along the frame. Mark the reveal on both sides and above the door.

Measure and miter the top trim. First cut a 45-degree miter on one end of the top trim piece; hold it in place to mark the inside point of the second miter cut. Lay out the cut with a combination square, and cut it with a miter box.

Nail the top trim in place. To help position the trim, miter two scrap pieces of molding, and clamp them in place along the sides of the door frame. Cut and place the top trim and adjust as necessary to get a tight miter. Nail the top trim into the jamb. Leave at least 1/8 inch of the nails exposed in case you need to adjust the piece later. Use #6 finishing nails for the jabs and #8 finishing nails through the trim and into the studs.

Miter the legs. Mitering a piece to fit can be tricky. Make it easy on yourself by mitering the legs before you square them off. Then place the legs against the frame so they are upside down. This leaves the miter on the floor and the fulll length of the trim extending toward the ceiling. Mark where the tiop trim touches the leg and cut the leg quare at the mark.

Nail the legs to the door frame. Start at the top, holding the leg so the miter closes tightly, and drive a #6 finishing nail through it and into the jamb. Work down the leg, flexing it if necessary so that it aligns with the line that marks the framing behind the wall. Repeat on the opposite leg, and then set all the nails. To keep the corners tight, predrill and drive a #6 finishing nail at an angle up through the edge of the leg, through the miter, and into the header molding.