home improvement loan

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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
These are the first tools SoFi is offering related to its home improvement loans.
Around 7,000 housing and home improvement loans are targeted by 2018.
MUTUAL insurance company Royal London is urging the Government to delay changes to support for mortgage interest (SMI), paid to home owners in receipt of certain income-related benefits and covers the interest payments on mortgages and some home improvement loans.
The company said, "Marcus home improvement loans have no fees ever.
Over the next three years, the Mexican institution expects its home improvement loans to reach approximately 8,000 more families.
"This will add to the PS5 million I announced in the autumn to support Home Improvement Loans meaning that despite the significant financial constraints placed on our budgets we will have invested an additional PS10.8 million in Housing from reserves."
However, the proposal eliminates reporting certain home improvement loans. Financial institutions with a large amount of reported transactions would be required to submit HMDA data on a quarterly basis rather than an annual basis.
The share of home improvement loans grew by 19.5% and 4%,
"IFC will help microfinance organizations to launch a housing microfinance product that serves the demand for home improvement loans."
Great examples of secured loans include car loans, mortgages, and home improvement loans. Unsecured loans are not backed by collateral, which means the lender has little or nothing to repossess if you default on the loan.
The MicroBuild India Fund will invest in reputable, local microfinance institutions which, in turn, will allow them to offer affordable home improvement loans to low-income families.