Patios, decks, terraces, porches, and swimming pools are tops on the list in anticipation of warmer temperatures and the outdoors.

 

Before you start calling contractors, explore the many options for financing your home improvement project.

 

Home Equity Loan:  If you have one definite project in mind, perhaps a one-time, closed-end home improvement or home equity loan is the answer. You get one amount, and you know exactly when the loan will be paid off.

 

Home Equity Line of Credit: If you would like to keep your options more open and improve as you go along, perhaps an open-ended line of credit is the better solution. With this option, you access your funds when you want them and in the amount you want (up to the limit established in your account). As you pay back the loan, the funds are once again made available to you if you need them. There is no need to re-apply.

 

By using the equity in your home to secure the loan, the interest you pay is, in most cases, tax deductible. Check with your tax advisor on the deductibility of interest on home equity loans.

 

Don't let unfulfilled home improvement dreams dampen your summer recreation and cut short the great times you can spend with your family and friends. Make those dreams a reality with a home equity loan.