Home Improvement Loans rates

Hi-homeowner

Your down payment is less than 3%, making it difficult to get a loan and a good rate. You could see more loan options if you can put 5-10% down and better rates if you can afford a 20% down payment. For help in increasing your down payment, you can visit the Down Payment Resource Center.

  • Down Payment

You could see more loan options if you put 10% or more down and lower rates if you can afford at 20% down payment. For help in increasing your down payment, you can visit the Down Payment Resource Center.

  • Loan-to-value

The loan amount requested is almost the full value of the property, which makes it difficult to get a loan. There may be more loan options if you can decrease the size of your loan amount so your loan-to-value ratio is 90-95%.

  • Loan Amount

Loan amounts less than $50, 000 typically receive fewer quotes.

Your loan amount is slightly higher than the conforming loan limit of $417, 000. If you can afford a bigger down payment and decrease your loan amount to $417, 000, you could get a substantially better rate.

  • Credit Score

Your credit score is on the low side and may be hampering you from getting more quotes or better rates. Find out how you can improve your credit score.

  • Debt-to-income

Your debt-to-income ratio (DTI) is high so it may be more difficult to finance a loan. An ideal DTI is 36% or lower. Learn more.


Best Loan Rate Options??

2006-10-24 06:12:54 by EITexas

I am in the process of becoming a franchisee (basing out of Central Tx) and my next step is to pay the initial franchise fee. The majority of my investment monies will be coming from a real estate sale in California; the remaining 70 or so percent coming from an SBA Loan.
My question is, as far as the franchise fee, which is $25k, what would be my best option in terms of obtaining a loan for this and ensuring I get the best rate. I am aware of Home Equity Loans and Personal Loans as well as Lines of Credit and Credit Cards.
If anyone is so gracious enough as to explain the pros and cons of each or if you have any other ideas of how to get the best rate with a different type of loan, I'm all ears!
**note, I am fully aware that my rate will also be based on my credit...

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