mortagesandforeclosures

by JT Millner

The housing bubble has burst and because of the downturn in housing values across the nation there are a lot of people who are now living in homes that have not built up any added value over the past several years. This has put a strain on people who were hoping to use the increased monetary value of their homes to perform some much needed home improvements.

In a normal active economy if you bought a home for $150,000 five years ago it might actually be worth $185,000 today. You would then be able to borrow money against that added value from a lending institution and use that money to upgrade your home. That's the sign of a rising housing market: you could buy a home for a certain value one year and in the next year the value of the home would actually increase by a few percentage points.

Unfortunately many housing prices have actually dropped in the past year or so, which means a lot of people are now paying for homes that are now worth less than what they originally paid. When you owe more cash on a house than what it is valued at then you are said to be "underwater" with your mortgage. This means they don't have that added home value which is known as "equity."

Luckily you can still afford home improvements even without having equity in your home. There are a number of different home improvement loan and financing options available if you know where to get them. One of the easiest ways to get a low interest home repair loan is to use an online lending institution. The application process is free and easy and you can get approved in just a few days.

Another great way to keep the high price of a home improvement project down is to do at least some of the labor yourself. There are lots of easy DIY home improvement things most people can do around their homes with just a little bit of know-how and a willingness to work. For most home improvement projects the highest expense often comes from the amount of manual labor involved, so by doing some of that work yourself, you can really shrink the total cost of the overall project.

If you have a important home repair that needs to be done, don't let your home's dropping value prevent you from getting the cash you need to make the improvements. Most small home repairs can become major headaches if they are allowed to go unaddressed for too long. And, as you can guess, big home repairs always end up costing more than the little ones.

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