When you need to make improvements on a house, there’s more than one way to pay for it. Whether you own the house already or you’re buying a fixer-upper, and whether you’re building an addition or you’re merely renovating a bathroom, you have plenty of options for financing the work if you’re not paying for it out of savings.
NerdWallet researched dozens of prominent mortgage lenders to identify which are among the leaders in five categories of lending for home improvement projects. Happy hammering!
Best HELOC lenders
A home equity line of credit, or HELOC, acts somewhat like a credit card, using your home as collateral. HELOCs have variable rates, and you tap your equity only when you need it.
- Convert all or part of the HELOC into a fixed-rate option.
- Maximum loan-to-value 89.9%.