BY: lendmax Comments: 0

If you’re reading this, it’s because you or someone you know needs a renovation
loan. And, to compound the problem, bad credit. Well, do not despair. It’s not a
hopeless situation. You’ve come to the right place. In fact, contrary to what you may
think or have heard, you can get it faster than you think. Still interested? Read on!

What is a renovation loan?
First things first, let’s seek to understand why you’re here—a renovation loan. A
renovation loan is a type of loan that is used to finance the cost of repairing or
renovating a home. Renovation loans can be used to finance both the interior and
exterior repairs of a home. Common repairs that are covered by renovation loans
include painting, repairs to the roof or foundation, and updating the plumbing or
electrical systems.

Typically, renovation loans are offered as either home equity loans or home
improvement loans. Home equity loans are based on the equity that you (the
borrower) have in your home. On the other hand, home improvement loans are
unsecured personal loans that can be used for any purpose. 
Getting a renovation loan with poor credit
If you have poor credit, you may still be able to get a renovation loan from a lender.
However, not all lenders can meet you at the point of your needs. As a matter of
fact, some lenders are more flexible than others. These lenders can provide you with
a common-sense solution to your lending problems.

To get a renovation loan with poor credit, there are a few things you can do to
improve your chances:

  1. Get a co-signer: If you have someone with good credit who is willing to co-
    sign your loan, this will improve your chances of getting approved. A cosigner
    can act as an insurer.
  2. Show proof of income: Lenders want to see that you have the ability to repay
    the loan. Showing them proof of your income will improve your chances of
    getting approved.
  3. Have a large down payment: A larger down payment shows that you’re
    serious about repaying the loan, and it also lowers the risk for the lender.
  4. Find a government-backed renovation loan: There are a few government-
    backed renovation loans available, such as the CMHC Improvement
    These loans may be easier to qualify for even if you have bad
    It is possible to get a renovation loan with poor credit. But it may be easier if your
    credit was in better shape. You may have to shop around a bit more to find a lender
    who is willing to work with you, and you may have to accept less favourable terms,
    such as a higher interest rate. But don’t fret — there are still options available to you
    even if your credit isn’t perfect.

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