Anybody know anything about Home Improvement Loans?

[Maestro]

I don't have enough equity built up in my home to qualify for that type of loan but I could get this type. Typically, for long can I assume this type of loan? 5 years? 10 years? Isn't the interest deductible? If anybody has had any experience with these, please share your thoughts. Thanks.

[Robb]

1. Here's what I know

The interest for a home improvement loan is deductible if the loan is for improvements on your main residence. The money has to be used for permanent improvements to the property -- which includes big repairs or remodeling (but not, for example, swimming pools). :)

I believe this type of loan has as many different kinds of terms and rates as any other; I've had good luck with eloan.com in terms of playing around looking for the best rates, but there are tons of places out there. I seem to recall there was a maximum size for that kind of loan. :shrug:

(On edit): I glanced at eloan, they may not do pure home improvement loans, I couldn't tell quickly. If they do, however, and you happen to belong to Mileage Plus (United Airlines' frequent flier program), there's an unadvertized bonus mile program if you begin through this link. :)