Many homeowners put off remodeling their kitchen because they don’t have the cash in hand. They aren’t excited about going to the bank and hoping they will qualify for the loan.  Many have less than perfect credit. 

Today homeowners have many different options when it comes to paying for a kitchen remodel. You might be surprised to find you can actually borrow more money than you think without breaking the bank.

There are a few things we recommend you do before going to a lender or bank. This will make the process less challenging and help you find the right lending program.

Things to Do

• Find out what your remodel will cost - It is much easier to go and ask for money when you know the amount. You don’t want to come up short. It is generally recommended you add 10% for any surprises or last minute additions.

• Find out roughly how much you can get - It is easier to plan your project around a budget than after you are excited about all the extras you have added to your kitchen design and then determine you can’t get them all. (There are many loan calculators that can be found on the internet.)

• Find out your credit rating - There may be things on there you are not aware of and can be fixed before you go to the lender. It will keep your interest rate lower and you can usually get by with a smaller loan. You can get a free copy of your credit report once a year by going to www.freecreditreport.com

Once you figure these things out it is time to research the different loans and find the right lender. A recent article discusses how you can get the best deal and goes more into depth on the different types of loans. There are hundreds of different types of loans.  Most homeowners end up taking out a personal or home equity loan.  Home equity loans are the most popular because the interest is tax deductible for many.  

Understanding how these different loans work and the benefits of different types of loans will help you get adequate funding and can save you money.

Here at Brakur Custom Cabinetry we can help you figure out what your kitchen remodel will cost.  Click below if you would like to speak to one of our kitchen design experts.