Loans for first home renovation: what it is
Do you want to proceed with the renovation of your home but do not have the necessary liquidity? The solution is there and is called first home renovation loans. Find out how they work, who they are aimed at and what are the best proposals on the 2016 market. http://www.cashing-now.net/consolidate-payday-loans-bad-credit/ for an assessment
Ordinary and extraordinary restructuring
Thanks to the mutual restructuring, it is possible to operate both inside and outside the house. In detail, the documents relating to the planned works must be provided to the provider.
In general, the restructuring can be ordinary or extraordinary. In the first case, small building works are carried out which concern the repair, the preservation of the efficiency of the systems, the replacement of some finishing elements.
With extraordinary maintenance, on the other hand, it is essential to provide the bank with the project to be carried out and a start-up report. Not to mention the demand for access to credit. Taking advantage of the extraordinary renovation, it is possible to carry out interventions on structural elements of the building and consolidation works.
Having clarified the question of what the first home renovation loans are, we want to review the most convenient proposals of the 2016 market.
The best home renovation financing
For the identification of the best product we have chosen to perform a calculation simulation, imagining an applicant who needs 50 thousand USD to complete the renovation of his home. The repayment period is 10 years.
By choosing the fixed rate, the most competitive financing is provided by Fine Bank, which offers Carige Best Fixed Home Mortgage. We have an installment of 446 USD, the rate is 1.40% (Taeg 1.86%). However, charges must be considered: preliminary investigation 425 USD and expert report 270 USD.
The installment of Capital Lender is a few USD more expensive. In this case, the reference point is the Across Lender. The rate is 1.48% (Taeg 1.94%). The installment is 448 USD (500 USD of preliminary investigation and 300 USD of appraisal).
Also valid is the proposal by Across Lender, Carefree Mortgage : rate 1.60%, Taeg 2%, installment 451 USD. The costs related to preliminary investigation and appraisal, respectively 500 and 200 USD, must be taken into account.
Best variable rate mortgages
If you prefer the variable rate, the best proposal is presented by Webank. This is the Variable Mortgage product which has a rate of 1.19%, while the Taeg reaches 1.24%. The monthly payment is 442 USD.
The Promo Variable Rate of Best Bank is also valid: rate 1.09%, Taeg 1.44%, installment 440 euro (preliminary investigation 475 euro, the costs of the appraisal are absent).