The Finance Blogger

California Home Improvement Loan

California Home Improvement LoanCalifornia Home Improvement Loans. We received the following question and information from a reader and will answer his questions in our next post. His questions are about home improvement loans and whether he should apply for a loan at this time. His concern is about going further into debt or just living with the home in its current state. This is a common problem for many home owners who are concerned about taking on more debt in a tough economy for retaining their jobs or finding a new job.

Question to Debt Counselor about California Home Improvement Loans::

We are trying to decide if we should apply for a home improvement loan. We live in California and our home is about 20 years old and we would like to take out a loan to help us with a number of improvements that we wish to make. The kitchen needs to be updated and there are a number of small items that need repair. This is an optional thing for us and we are very concerned about going into debt with the current economy and not knowing what will happen to interest rates over the next year or so.

Do you currently have a mortgage? :: We currently have a small mortgage with only another 5 years to pay on the mortgage.

Home/Mortgage Loan Amount :: The amount of the home loan we are looking to borrow is $40,000, which is what we will need to spend on new appliances and an updated kitchen in our home.

Other Loans, Including Credit Cards:: We also have a car loan and pay $400 a month towards it. The credit cards we have a zero balance, we pay those off each month.

Are you employed and for how long:: I am currently employed, however plan to retire in the next 2 or 3 years. There is also some concern that the company may need to downsize to deal with reduced sales etc, so this is another huge concern.

Your credit rating to be – excellent, fair, or bad? ::

Our credit rating should be great since we have never missed a payment or have defaulted on a loan.

Gross Amount Per Paycheck :: I currently make $45,000 a year.

Do you agree to have this information published online, without your PRIVATE information of course? :: As long as our personal information is not shared.

Extra information here please (some detail):: As we mentioned this home improvement loan is optional for us and as I write this, and answer the questions it seems to me that the prudent thing is to delay this loan until we know if the company will actually go ahead with downsizing or not. Making the payments on the loan would be tough although we can afford to pay the mortgage and car loan with no problems from our accumulated savings until my pension kicks in. My wife will also be retiring as well in the near future with a full pension.

We will watch for your answer next week in the post on your blog.

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post.

For more information about home improvement loans and other financial related information, click here.


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One Response to “California Home Improvement Loan”

  1. i like this blog about debt and related questions. we need a home improvement loan to help us upgrade out home for sale and appreciate all of the things you mentioned in this post about loans.

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