Home equity loans may have lower interest rates; however they require significant paperwork, an appraisal and tend to have a long approval process. If you are a new homeowner you likely don’t have enough equity built up in your home either. Credit cards tend to have higher interest rates, but they are quick and easy to utilize. The issue here is that card payments spread over longer periods of time can dramatically increase your total cost after interest.
Interest rates for home improvement loans will usually fall in the middle – and the process is fast, simple to apply for and offers you several long-term repayment options with no penalty for you paying your balance off early!