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07/02/202407/02/2024Home Repair Contractors

A Beginner’s Guide to Home Renovation Loans

Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.

“Home renovation loan” is a catch-all term referring to a loan that pays for upgrades or repairs to a home.
Personal loans are a popular type of home renovation loan, but you can also use a mortgage to cover renovations.
These loans can help you buy a fixer upper or rehab your current home. But it’s important to understand the pros and cons.

If you’ve ever thought about

10/10/2023Home Repair Contractors

Mortgages and loans to pay for home renovations

Key takeaways

There are multiple loan options for people who want to borrow money to improve or renovate their home.
Loans that use your home as collateral, including home equity loans and HELOCs, can have tax advantages.
Loans that don’t rely on home equity are also an option, but typically have higher interest rates.
Some loans even allow you to finance a home purchase and renovation simultaneously.

Whether you’re looking to renovate your kitchen, install a home office or finish your basement, any major home improvement is going to require some major money.

You don’t have to wait until you