What kind of loan do I need for a kitchen remodel?
Category:
real estate
real estate buying and selling
You can finance your kitchen remodel with a home equity loan or a home equity line of credit (HELOC). Both of these options use your home as collateral. That means if you fail to make the payments, you risk losing your home. But securing your loan with collateral also means lower interest rates and easier approval.
Accordingly, what is the best way to finance a kitchen remodel?
Unsecured Home Improvement Loans
- Low To No Interest Credit Cards. If you have good credit, you probably get low interest credit card offers in the mail all the time.
- Personal Loans.
- Cash Out Refinance.
- Home Equity Loans.
- Home Equity Line Of Credit 'Heloc'
- Borrow Against Your 401K.
In this regard, how does it cost to remodel a kitchen?
On average, a kitchen remodel costs $25,086 or $150 per square foot. Most homeowners spend between $13,170 and $37,003 or $75 to $250 per square foot. The total expense varies depending on the size of the space, the quality of materials, and whether you change the layout of the room.
Personal lines of credit. An unsecured line of credit that does not require collateral could be a good fit for home improvements when you have no equity. You can use your line of credit as needed, giving you flexibility to pay for upgrades. A line of credit is a little different from a loan with a lump sum of money.