Am I better off with a mortgage or a home improvement loan?

Remember that making a mortgage costs money.

Thousands of dollars in closing costs. Google closing costs calculator.

With a simple improvement loan, you might pay a bit of higher interest - but you will avoid all those fees.

Also it is hard to find mortgage companies that have less than 15 year loans.

You don't really want to spend 15 years paying 30 grand do you?

Do not get conned into arm loans - banks are still pushing these since they know interest rates are going to go through the roof.

Don't forget to check your credit reports before applying for any loan.

Go to annual credit report .com

Make sure every line is in perfect shape.

Do not close old credit card accounts - this will hurt you.

And pay off any credit cards in full before applying for your loan for a boost to your rating.

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It depends on the rate of interest. Ask at your bank about their mortgage rates (and interest rates for other types of loan), if there is an application fee, or monthly fee, and if you can make extra payments or pay off early without penalty. If you can get a loan like this fixed for several years while interest rates are low, that is about the best you can do. Interest rates will rise again, perhaps very considerably, and when this happens, make every effort to pay even more down before you get caught up in the increases.

You could also ask your bank if they do off-set mortgages. Read http://www.offsetmortgagecentre.co.uk/offset-mortg... for explanation. This gives you the advantage of still having the use of your money if the need occurs.

Once you have got information from your bank, ask your local credit union about their rates, too, and then make an informed decision.

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