A home improvement loan is a lump sum of money that you repay in fixed monthly installments over one to 12 years. Unlike home equity loans or home equity lines of credit, the loans are not secured by your home, and approval is based mainly on your creditworthiness. Here are some common projects and how much you could pay for each, based on the most recent cost estimates available. Once you’ve chosen a lender, gather the documents you’ll need to apply. This can include things like W-2s, pay stubs, proof of address and financial information.
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