If you are considering any type of work on your home from kitting out your garage and turning into a gym to a completely new kitchen then a home improvement loan is probably the only way this will become possible. If you want a first rate home improvement job carried out with a guarantee then you will need to use professional tradesmen who should also speed the work up a great deal.
Fortunately home improvement loans are seen as a good investment by lenders who can arrange a secured loan on the property or one that does not rely on any equity at all. Fortunately loans that do not require the home itself as equity are even available to brand new homeowners. The maximum period for finance without any form of equity can be up to fifteen years.
The primary stipulation when applying for a loan without equity is the combined income of both owners but the amount of the loan must not be higher than the amount allowed by the county law where the home is situated. The eligibility of the borrower, the property type and the improvements planned are all considered because this type of loan may only have minimal documentation and is relatively easy to process.
Remember a secured home improvement loan is using spare equity in your property but this course of action is not for everyone. This is not the same as your original mortgage; instead, it is an additional loan that is often easier to obtain and process compared to a regular mortgage; usually providing lower interest rates than other types of finance.
This is not an open ended finance agreement and a valuation of your property will be required for a secured loan to be arranged. This calculation is worked out using how much your home is worth, how much is owed, and of course if there are other loans or debts, as these will be included in the calculation.
After this has taken place, the lenders will put a package forward which may not necessarily be for the full amount the homeowner wanted. While most loans are based on a set percentage of the property's value, some lenders will agree to fund up to one hundred and twenty five percent of the valuation.
Any loan secured on a property has a risk attached and that is especially true when the loan is large as payments can become difficult to make at which point the creditors can move in and take your home away. Home improvement loans can be a wonderful way to tidy up an aging home but remember that they need to be paid off and if you are likely to struggle, reduce the amount you want to borrow.
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September 26 2008 | Home Improvement | No Comments »
We all know intuitively that planning is probably a good idea for any project, including woodworking. Yet we ofte neglect it, preferring to wing it. That's not such a good idea, and the article that follows privides a number of things to keep in mind in approaching that next woodworking project.
Plans: What A Great Idea For Woodworking!
Planning is always a good idea when it comes to home projects, especially if the project has the goal of completing a bookshelf, cabinet, small desk or other furniture item. Woodworking plans are essential for constructing a bathroom cabinet, a headboard for the bed or a shelf to organize all the books scattered about the home. If a homeowner or amateur craftsman has woodworking plans in mind, then those plans should probably be in print as well.
However, the first question to ask might be: What's in a good plan? Many people have found that commercially available woodworking plans can eliminate the guesswork in a project and provide a solid set of guidelines for completing the wood item successfully. Such a plan should include a list of all the lumber needed by type and quantity, but should also provide a time estimate for completion of the project. The better plans will make suggestions as well, such as steering the beginner toward simpler projects, such as a birdhouse, while other plans will state that they are for someone with more experience.
A complete plan should not only be a pattern for the project, but should also include a list of the hardware and accessories needed. It is essential to know, before starting, the type and number of hinges, drawer pulls etc. required for the project. Good plans give a written description of the materials that will work best and may even suggest where to buy these items.
Some of the best woodworking plans and project plans will include a tool list, to help the craftsman complete the job with the least amount of stress and manual labor. The best plans will not assume the individual owns all the necessary tools and will be very thorough when listing the tools and equipment needed. Good plans usually include such details as the type of saw blade needed to make the proper cuts, etc.
Perhaps the key benefit of using good plans is the availability of measurements, clearly printed in black and white. For example, a particular type of bed frame plan should indicate clearly how wide individual headboard drawers, cabinets or sliding doors should be so that the overall measurements are exact. Generally, the person writing the plan, whether it is purchased or available free, has completed the project two or more times. This means that any small "bugs" and details have been worked out.
How Hard Is It To Read Plans?
This is a good question, one that is often brought up by those with less experience in woodworking. Photographs and line drawings help overcome language barriers, allowing plans to be used in various countries. The best plans illustrate the project step by step. Some of these plans don't even need extensive written instructions, if the illustrations are complete and clear. In recent years, written directions have been provided in several of the most-used languages. The greatest benefit of good woodworking plans and patterns is this: A beginner doesn't need to study and become an expert to make the plans work. Woodworking plans, followed carefully, can be surprisingly easy to use.
Good plans will also have a nice photo of the finished item, in addition to ideas for finishing with stain or paint. Some even suggest placement in a particular room or home location. It is quite likely that someone has created a great furniture item previously and has created a plan that will work for anyone else.
About the Author:
Peter Wilson published principally for http://www.insidewoodworking.com , a website on wood scroll patterns . You might come across his
contributions on scroll saw projects over at http://www.insidewoodworking.com .
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September 23 2008 | Woodworking | No Comments »