In general, interest rates on home improvement loans start with 2%. Speaking of the Bank of America, their interest rate on this loan type is 2.990% as of 29.11.2017. This is a special introductory variable rate that later will change to 4.430%.
The good thing about this bank is special rate discounts. For instance, if you compare interest rates for home improvement loans, the bank can attract you with 0.25% interest rate discount for setting up automatic monthly payment deductions from checking or savings account before account opening.
These are official home improvement loans interest rates. There are online lenders that also offer home improvement loans. On average, APRs make up 2.8% and can be as high as 15% and more. The APR depends on the creditworthiness of the borrower. It’s possible to find affordable rates for home improvement and experience no stress with repayment process.
You can also repair your home with the help of credit cards. Some of them have 0% APR for 18 months. 0% credit cards are a fantastic decision if you manage to meet the requirements.
Both official institutions and private lenders offer help with home repairing and updating. A good news is that you can compare different offers and choose. Therefore, conduct little research and look for the most reasonable offer.