Posted on: 23rd Jun, 2009 11:31 am
Is a home improvement loan a direct loan
It depends on who you go with, if you are going with home depot or some other lender like Lendmark, it is still secured against the property but the cash is yours to use to make your improvements. home depot or lowes would give you a credit limit to use in their store, lendmark would give you cash, a mortgage lender would give you cash pending plans and specs and you would have to prove to them the improvements, that is called a 203k