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.
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 ?
* The contractor claims to be endorsed by the Federal Housing Administration for the Title I home improvement loan program.
The Merseyside couple took the home improvement loan out in 1989 but interest rates of 34.9% meant it ballooned to more than 50 times that amount.
The Merseyside couple took out a home improvement loan at an annual interest rate of34.9 per cent in 1989 and ended up facing repossession of their home in Gosforth Road, Southport.
They had taken out a pounds 5,740 home improvement loan at an annual interest rate of 34.9% in 1989 and ended up facing repossession.
A couple who took out a pounds 5,750 home improvement loan faced losing their house yesterday after their debt spiralled to more than pounds 384,000.
Liz, 50, who works as a senior economic researcher with regional development agency One NorthEast, and Graham, 42, a self-employed consultant, took out a home improvement loan so they could re-do their kitchen and create an extra bedroom and bathroom.
He applied for the home loan and was surprised to learn that his credit report revealed an extra $87,000 of debt including a car loan, educational loan, and home improvement loan, other things.
But if you do decide to borrow the cash, you are probably better off adding it to your mortgage rather than taking out a home improvement loan.
Dublin: Bank of Ireland has reported a 25% increase in consumers applying for a home improvement loan in the first quarter of 2016 versus the same period last year.
Q I HAVE applied to several lenders, including my bank and current mortgage lender, for a pounds 20,000 home improvement loan. I have had all my requests rejected because I have been self-employed for nine months and cannot yet provide proof of my earnings.
To get into difficulties over mortgage repayments from temporarily unemployment is one thing, but to compound the problem by choice in taking out a nonessential home improvement loan is quite another.
The case of a couple who face losing their home after a pounds 5,750 home improvement loan spiralled into a debt of more than pounds 384,000 is set to conclude today.