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Q&A: what is the best way to finance home improvements?

Question by cara: what is the best way to finance home improvements?
I’m just wondering if we should do a home improvement loan, refinance our mortgage, do a home equity loan, etc.
We are looking at doing siding, some windows, soffits and fascia, etc.

Best answer:

Answer by Swede
If they are major improvements, refinance at a lower interest rate taking enough to cover remodeling expenses. If minor, consider a second mortgage or signature loan.

Add your own answer in the comments!

One comment

  1. If the home improvement is one that will up the value of the home considerably (redo kitchen, finish basement) use a home equity loan, just make sure you don’t over exert yourself financially.
    For minor home improvements (paint, moulding) save up to do the repairs or do them in small steps.
    The best way to finance home improvement is to not finance them but to pay for them up front. This isn’t always an option so go over yours carefully and if you use your house as collateral be sure to justify the extra costs (construction costs and insurance costs).

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