NEW YORK, NY, May 05, 2011 (Press-News.org) Spring has sprung, and as usual, the warm weather has home owners looking to begin improvements around the house.
According to Ben Woolsey, Director of Marketing and Consumer Research for CreditCards.com, it's important to match the size and scope of the project to the right sources of financing, in order to get the most bang for your buck.
"Some lenders will give a better rate for short-term loans - perfect for smaller projects," says Woolsey. "For larger or long-term ventures, you may be better off with a fixed-rate or different terms."
Other considerations include how much equity you have in your house. This is going to determine if you can borrow against your house at a reasonable price.
Below are some alternatives for financing a remodeling or renovation projects, with pros and cons from the experts at CreditCards.com:
• Cash: Cash is the low-cost, low-stress alternative with no debt, no payments and no fees, contracts or interest rates. However, the question you have to ask yourself is whether or not there's a better use for this money right now.
• Credit cards: You don't have to worry about closing costs, origination fees, home appraisals or any number of hang-ups and fees associated with home loans. But be careful of the pitfalls you can face by reaching for the plastic. If you miss a few payments, penalty rates are running about 30%. You also can't write off the interest. And those APRs are about twice the going rate you see on any type of home loan. Also, watch out when increasing your debt load, as it could lower your credit score or jeopardize your existing credit limits. Because of this, cards are usually better suited for smaller projects or those done little by little.
• Store credit cards: Big box home improvement retailers like Lowe's and Home Depot offer promotional financing with no-interest periods of 6-18 months through their private label store cards. Home improvement items such as construction and remodeling material, appliances and appliances, along with participating contractors' fees, can be financed over time with these accounts. Long term interest rates can be higher than traditional credit cards, however. As with general-use credit cards, beware that the credit lines may not be sufficient to cover a major remodeling project and also make sense for smaller projects or those done over time.
• FHA Home Improvement Loans: Qualifying homeowners can borrow up to $25,000 for home improvement at affordable rates without having to have home equity in a program guaranteed by the Federal Housing Authority (FHA). Loans are provided by local lenders that participate in the program.
• Home equity loans and lines of credit: Also known as a "second mortgage," fixed-term loans usually have a fixed rate. A fixed-rate home equity loan typically has terms that run from 10 to 15 years, with rates that average about a point above a regular mortgage. Home equity lines of credit (HELOCS) are typically variable rate and only charge interest once the line is accessed Like their fixed-rate cousins, you arrange to borrow a set amount up front but instead of getting all the loan proceeds at once you only take it as you need it.
If you're considering an adjustable rate HELOC, make sure that you can handle any payment increases that may come your way should the prime rate be increased by the Federal Reserve (and since it has been at historic lows it only has one way to go, and that's up).
• Personal loans from a bank or credit union: Also known as consumer or lifestyle loans, the proceeds of these unsecured loans can be used for anything, including home improvements. Rates can be a little lower or higher than those on credit cards.
To arrange an interview with Woolsey, please contact Christie Hgh at 212.871.3020, ext. 114, chigh@jgordonassociates.com.
About Ben Woolsey/CreditCards.com:
Ben Woolsey is Director of Marketing and Consumer Research for CreditCards.com and offers a perspective gained from a 20-year financial services career. Woolsey has been involved in the design of rewards programs and marketing both consumer and business credit cards for several of the nation's largest issuers.
About CreditCards.com:
CreditCards.com, recently named a "Best Site for Managing Your Credit" by MSN Money, is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free Web site, consumers can compare hundreds of credit card offers from America's leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2009, more than 12 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
This Spring, Make Sure Your Home Improvements Match Your Financial Status
Tips from CreditCards.com on how to make sure your home improvements match your financial status this Spring.
2011-05-05
ELSE PRESS RELEASES FROM THIS DATE:
3rd Annual Coming of Age Movie Awards Recipients Named
2011-05-05
TheSkyKid.Com is pleased to announce the winners of the 3rd Annual Coming of Age Movie Awards, which honor actors and movies in the coming of age genre. The awards were announced today, May 3, 2011. The awards recognize excellence in eight categories for films released during 2010.
The categories are: Best Actor, Best Newcomer, Best Performance in a TV Film, Best Cinematography, Coming of Age Value, Special Soundtrack, Best Short Film and Best International Film.
The teen actor Noah Ringer won the award for Best Actor for his performance in M. Night Shyamalan s film ...
Home Stager Economy Report Released by Staging Diva
2011-05-05
Debra Gould, also known as The Staging Diva , originally released her special report called "Can I grow a home staging business in a depressed economy?" in 2009. Thousands of stagers have downloaded their own free copy since then to learn how the home staging industry has been affected by the downturn in the real estate market.
This report has inspired many home stagers despite difficult market conditions, so Gould has updated it each year to keep it current. The third edition has just been released and contains information and real estate statistics specific ...
Customizing Sage MAS 500 - Did You Know You Could Do That?
2011-05-05
BKD Technologies is pleased to present an informative webinar to help Sage MAS 500 users become more familiar with Sage MAS 500's Customizer module.
Join BKD Technologies on May 24, 2011, at 2 p.m. Central time for "Sage MAS 500 Customizer - Did You Know MAS 500 Could Do That?" to discuss the features and benefits of using Sage Software's Customizer. Customizer is a cost-efficient way to customize the MAS 500 solution without the high price and long lead times of having to rewrite code. A question-and-answer session will follow the presentation.
BKD Senior ...
Perlage Systems, Inc. to Release Cocktail Carbonating System
2011-05-05
On July 20th, Perlage Systems, Inc. will launch the Perlini Cocktail Carbonating System, at New Orleans' Tales of the Cocktail. Perlini is the first and only carbonation product designed by and for professional bartenders, specifically for use in commercial environments, and specifically tailored to the needs of bars and restaurants.
"The craft of making cocktails has been around for over two centuries, so it's rare when something comes along that is entirely new," says Jamie Boudreau, noted mixologist. "Perlini is that rare, truly revolutionary product. ...
Snap Fitness Continues to 'Pump Up' Presence in Canada, Receives 2011 Franchisees' Choice Designation
2011-05-05
Snap Fitness, the world's fastest growing franchise featuring compact, 24/7 fitness centers, has been recognized with a 2011 Franchisees' Choice designation, presented by the Canadian Franchise Association (CFA).
The exclusive award was presented on April 4, 2011 at a gala during the inaugural CFA National Convention in Niagara Falls, Ontario.
The Franchisees' Choice designees are CFA member franchise systems that voluntarily took part in an independently-administered survey. Their franchisees were asked to rate the franchisor in key areas of the franchise business ...
2011 GRA/TAG Business Launch Competition Announces Finalist
2011-05-05
The Georgia Research Alliance (GRA) and Technology Association of Georgia (TAG) are today announcing the finalists for the GRA/TAG Business Launch 2011. The judges for the semifinal round have selected four companies to compete for $50,000 in cash and over $400,000 in services. "Every year we are astounded by the number of innovative and game changing businesses that enter our GRA/TAG Business Launch Competition," said Tino Mantella, president and CEO of TAG. "This year is no exception and our judges have faced very difficult decisions during each round of ...
Knowledge Direct LMS Receives Excellence Award
2011-05-05
Digitec Interactive, a leader in innovative learning technology solutions, has won a coveted Brandon Hall Excellence in Learning Technology Award for their flagship learning management solution, Knowledge Direct. Knowledge Direct - a SaaS (software as a service) learning management system for continuing education, professional development and certifications, received high praise in the category of Best Advance in Learning Management Technology for External Training where the platform received the silver award.
The Knowledge Direct suite of software for corporate, association ...
ORS Racks Direct Launches Exclusive TracRac Truck Rack Fit Guide
2011-05-05
Online car and truck rack retailer ORS Racks Direct has announced the web launch of their custom truck rack fit guide for TracRac truck racks, utility truck racks and van racks ( http://fitguides.orsracksdirect.com/tracrac/ ).This full featured yet easy to use tool allows users to determine which TracRac truck rack, components and accessories fit their truck or van's year, make and model, add to their online shopping cart and purchase directly from ORS Racks Direct.
TracRac (owned by Thule Inc.) truck bed racks, utility truck racks and van racks are a lightweight, strong ...
Bryant & Stratton College Online Launches Military Spouse Resource Website www.SalutetoSpouses.com
2011-05-05
Just in time for Military Spouse Appreciation Day, which is Friday, May 6, Bryant & Stratton College Online announced today the expansion of their website http://www.SalutetoSpouses.com, an education portal and source of online information for military spouses. By featuring personal stories, resources, advice, tips and opportunities for community discussion, SalutetoSpouses.com will serve as a stable resource for education and career advancement information for military spouses.
Bryant & Stratton College Online has a tradition of successfully serving the educational ...
CTO Telecom Summit Partners with Telecom Council of Silicon Valley
2011-05-05
The CTO Telecom Summit team announced today that it has formed a strategic partnership with the Telecom Council of Silicon Valley, a business tool that connects companies and individuals involved in the region's communications technology industry with one another to speed up the business development and innovation processes - helping push the industry forward.
Telecom Council members include the top ten global carriers, including China Mobile, AT&T, and Verizon Wireless as well as vendors such as Huawei, Qualcomm and Intel; venture capitalists such as Norwest Venture ...
LAST 30 PRESS RELEASES:
Twelve questions to ask your doctor for better brain health in the new year
Microelectronics Science Research Centers to lead charge on next-generation designs and prototypes
Study identifies genetic cause for yellow nail syndrome
New drug to prevent migraine may start working right away
Good news for people with MS: COVID-19 infection not tied to worsening symptoms
Department of Energy announces $179 million for Microelectronics Science Research Centers
Human-related activities continue to threaten global climate and productivity
Public shows greater acceptance of RSV vaccine as vaccine hesitancy appears to have plateaued
Unraveling the power and influence of language
Gene editing tool reduces Alzheimer’s plaque precursor in mice
TNF inhibitors prevent complications in kids with Crohn's disease, recommended as first-line therapies
Twisted Edison: Bright, elliptically polarized incandescent light
Structural cell protein also directly regulates gene transcription
Breaking boundaries: Researchers isolate quantum coherence in classical light systems
Brain map clarifies neuronal connectivity behind motor function
Researchers find compromised indoor air in homes following Marshall Fire
Months after Colorado's Marshall Fire, residents of surviving homes reported health symptoms, poor air quality
Identification of chemical constituents and blood-absorbed components of Shenqi Fuzheng extract based on UPLC-triple-TOF/MS technology
'Glass fences' hinder Japanese female faculty in international research, study finds
Vector winds forecast by numerical weather prediction models still in need of optimization
New research identifies key cellular mechanism driving Alzheimer’s disease
Trends in buprenorphine dispensing among adolescents and young adults in the US
Emergency department physicians vary widely in their likelihood of hospitalizing a patient, even within the same facility
Firearm and motor vehicle pediatric deaths— intersections of age, sex, race, and ethnicity
Association of state cannabis legalization with cannabis use disorder and cannabis poisoning
Gestational hypertension, preeclampsia, and eclampsia and future neurological disorders
Adoption of “hospital-at-home” programs remains concentrated among larger, urban, not-for-profit and academic hospitals
Unlocking the mysteries of the human gut
High-quality nanodiamonds for bioimaging and quantum sensing applications
New clinical practice guideline on the process for diagnosing Alzheimer’s disease or a related form of cognitive impairment or dementia
[Press-News.org] This Spring, Make Sure Your Home Improvements Match Your Financial StatusTips from CreditCards.com on how to make sure your home improvements match your financial status this Spring.