home improvement loan

Also found in: Acronyms.

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.

References in periodicals archive ?
Department of Housing and Urban Development's (HUD) Title I home improvement loans at subsidized interest rates at four Philadelphia branches of Summit Bank, a subsidiary of Summit Bancorp (NYSE: SUB).
It was certainly convenient," said a Philadelphia customer who participated in a test of the Home Improvement Loan Account program.
We researched our options and applied for a home improvement loan from LightStream.
In an effort to speed up the launch of personal home improvement loan to the market and customers, ICBC Beijing Branch cooperates with over 10 companies including Homelink Real Estate, SA Home Loan Services.
The highest aggregate realized loss for the home improvement loans is 4.
In October 1991, even before closing on their house, a LISB loan officer had told them they could get a home improvement loan to cover the cost of repairs.
In addition, with the average home improvement loan at $3,400, we expect to increase the volume of loans in our portfolio by an additional 250 loans per month resulting in an addition of $10-$12 million to our yearly portfolio.
The two state member banks located in the neighborhoods had no mortgage loan purchase applications, four applications for refinancing, of which one was approved and three denied, and twenty-five home improvement loan applications (nine approved, fourteen denied, and two withdrawn).
The patterns for denial and withdrawal of home improvement loan applications are broadly similar to those for home purchase loan applications.
4 million home improvement loan asset-backed certificates, series 1997-C, classes AH-1 through AH-6 (senior certificates) are rated 'AAA' by Fitch.
The Act, however, did not define a Home Improvement Loan or a Manufactured Housing Loan so an assignee could not tell whether its purchase of a Home Loan that in any way involved home improvements or a manufactured home would subject the assignee to increased liability.
The streamlining and elimination of unnecessary regulatory underbrush will enable more low- to moderate-income homeowners to get a home improvement loan, especially first-time home buyers who often buy fixer-uppers and don't have the cash or equity left afterwards to qualify for a conventional loan to repair or upgrade their home.