Which bank offers the best rate and terms for home repair loans?

Whether you’re remodeling your home or just making repairs, getting a loan can be a worthwhile investment in the long run. But, before making any decisions, make sure you research the best bank offers out there.

Currently, the best offer for a home equity loan comes from ING direct. The $30,000 loan terms work for anyone in the credit range of 650-850 and the interest remains at 7.75% for the term of the loan. While many of the other options offered a lowered interest rate, they also required a higher credit score. For most buyers, a flexibility in credit score helps. This loan also offers no annual fee, no bank fee, and no fee for early closure. Many of the other banks included an annual fee as well as a minimum draw amount on the loan. Some of the bank offers began with a very low interest rate and increased it by a percent or more after the introductory period.

Regardless of your situation, it is recommended that you research the best loans available in your area before making a decision. And always read everything in fine print so that you’re not caught off guard by an APR or other element after you’ve started the loan process.