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home improvement loan

   Also found in: Acronyms 0.01 sec.
Home Improvement Loan
A loan used to remodel or repair a private residence. Home improvement loans are usually short-term. They may or may not be secured by the homes whose work they finance, but those that are secured generally carry lower interest rates.

home improvement loan

A loan to make improvements on one's principal or secondary residence;may be a home equity line of credit or a traditional loan in a fixed amount.Both are secured by a second mortgage on the property.



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The advantage of a secured home improvement loan is that it provides the borrower an easy repayment scheme ranging from 10 to 30 years.
Getting approved for a home improvement loan is rather easy.
Getting a home improvement loan could take just a matter of days or it could take a couple of months depending on what kind of home improvement loan you are seeking.
 
 
 
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