If you have good or great credit, getting some sort of loan to pay for it, should be pretty simple and easy. The most common type of loan used for building a fence is a home equity loan or home equity line of credit. This type of loan is based on the amount you owe on your home compared to the approximate value of your house.
Getting A Loan - Visit Our Loan Education website for information about collateral loans, business loans, consolidation, auto, home, and secured loans.
As we mentioned above, the first step is to find out what your FICO score (usually called your credit score) is. Because there are three agencies that rate credit (Experian, Equifax, and TransUnion), it is sometimes helpful to know what your score with each agency is. The easiest website that does not trick you into signing up for a service NOR do they require any payment information and ACTUALLY gives you a FREE NO STRINGS ATTACHED CREDIT REPORT FROM EACH OF THE THREE AGENCIES IS: www.FreeAnnualCreditReport.com
WHAT IS CONSIDERED A GOOD SCORE?
Below is the range of scores and the general consensus as to quality of them:
A Very Good or Excellent score is usually anything over 700. Obviously fewer people fall into this category than the rest. You most likely will find a loan and find the best rates available.
An Average or Good score is usually in the range of 620-699. This is the range that the majority of people fall into. You can probably find a loan at a reasonable interest rate.
A Lower or Low score would be in the 580-619 range. If your score is in this range, you will have a much harder time finding a loan or finding a loan at a reasonable interest rate. You are considered higher risk than most people.
Lastly if you have BAD credit, which is considered to be anything below 580, unfortunately, you are considered the highest risk and you will have the hardest time finding anyone willing to loan you money. If you fall into this category, you are NOT COMPLETELY HOPELESS! Get a copy of your credit report from the website we listed above and see what the negative items are that are causing you to have BAD credit. My wife had HORRIBLE credit when we met and she managed to go from a 560 to over 700 in about a year with a little research and consolidating her bills.
If you have BAD credit........ do a lot of reading on ways to improve your mistakes WITHOUT paying someone to "HELP YOU". While some places may actually do good deeds for people it is not the best solution to your problem. You should read more from INFORMATIVE websites that don't cost anything.
OK, I HAVE MY FICO SCORE!!! NOW I AM READY FOR A LOAN, BUT I REALIZED I DON'T KNOW WHAT KIND OF LOAN I NEED OR WANT?
A Home Equity loan or Home Equity Line of credit is usually the smartest way to go about getting a loan for nearly ANY SINGLE home improvement project or repair completed. It is a great way to maximize the value of your home by using the money to improve those things that just need some TLC, but the weekly paychecks just don't have enough money left over to cover. So
There is a difference between a home equity loan (HEL) and a Home Equity Line of Credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate versus a home equity loan which is a one time lump-sum loan, typically with a fixed interest rate. If you are selling a home and need to pay for improvements on it, for example adding a patio, landscaping, deck, outdoor fireplace, or fence, a home equity loan is usually the preferred method.
A HOME EQUITY LINE OF CREDIT OR LOAN IS ALSO A GREAT WAY TO DO THOSE PUNCH LISTS OF THINGS THAT NEED TO BE COMPLETED FOR YOU SELL YOUR HOME. IF YOU NEED TO SELL YOUR HOME, your ALLEN TATE REALTOR® and Raleigh real estate agent, Jamie Harrison, is here to give you even more information via her website.
