Why Home Improvement Has Surged And How It’s Changing America : NPR
Many personal loan lenders let you borrow as much as $35,000 for home improvements — sometimes more — which you can then repay over time. The rates for a personal loan can vary widely, so be sure to compare options to get the lowest-cost loan for your project. A cash-out refinance isn’t the only way to get funds for home renovations, but it’s likely to be easiest on your budget.
There are no restrictions on how you use the proceeds from a cash-out refinance. You can only claim a mortgage interest tax deduction for the part you put toward home improvements, however. When you do a cash-out refinance, you get a new, larger mortgage that pays off your original mortgage, and you can use the remaining funds for your home improvement project. For bigger projects, you might want …
