I will be purchasing a new home that needs a little work. The sale of my apartment will just cover the purchase price on the new property. If I will need some funds available to spruce up the new place (around $30,000), would I be better off taking out a small mortgage or getting a home improvement loan ? I have good credit.

Thank you.

Remember that making a mortgage costs money.
Thousands of dollars in closing costs. Google closing costs calculator.
With a simple improvement loan, you might pay a bit of higher interest – but you will avoid all those fees.
Also it is hard to find mortgage companies that have less than 15 year loans.
You don’t really want to spend 15 years paying 30 grand do you?
Do not get conned into arm loans – banks are still pushing these since they know interest rates are going to go through the roof.

Don’t forget to check your credit reports before applying for any loan.
Go to annual credit report .com
Make sure every line is in perfect shape.
Do not close old credit card accounts – this will hurt you.
And pay off any credit cards in full before applying for your loan for a boost to your rating.
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