Consumers Digest - with this financial disaster going on now, will I be able to get a home improvement loan?

with this financial disaster going on now, will I be able to get a home improvement loan?

I am in so. cal. Will the bank loan money now? zi have good credit. Will the loan be based on an appraisel?

Public Comments

Home Improvement is probly not the best thing to consider right now, unless absolutely necessary. You should consider doing your own home improvement, without hiring anyone.
You can still get credit, but you will need to have good credit, and a fair amount of equity in your home. You will probably have to leave 20% equity in your home. The amount available to you will be partially based on an appraisal. Good luck to you, lets get this economy re-started!
good is a useless adjective , you need to be specific . Is your FICO 740 or better ? What does your lender say ? ( since we don't count really ) >
It's always a good idea to upgrade your home if you are planning on staying there for a number of years. Most people will invest in their primary residence heavily if they are NOT going to move within, say 10-15 years. If you are not sure how long you will be living in that home, don't put a ton of money in it. As a Credit Union officer, I always steer people to Credit Unions over banks. We usually have lower rates on loans and higher rates on savings. We use the same credit ranking services that commercial banks use so the better your scores are, the better rate you'll get. There are many CU's in So. Cal.!
Maybe. You will have to establish to the bank's satisfaction that you have both adequate equity in the property and a large enough income stream to be able to pay all of your debts, including the new loan.
~~They definitely will do an appraisal. Regulations are back in a big way. If your house has the equity, and you qualify for the loan, then you will get it.~~