What Borrowers Should Know About Home Improvement Loan Rates

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Key takeaways

Home improvement loan interest rates vary by loan type, credit score, and lender.
Compare loan types and rates to find the most affordable option for your project and budget.
Home equity loans and HELOCs typically offer lower interest rates, whereas personal loans often come with higher costs.

Home improvement projects can add value to your home, but they can also come with a hefty price tag. Most people have to take out a loan to cover the costs.

Home improvement loans can help you finance everything from a kitchen remodel to a new roof. But before you sign on the dotted line, it’s important to understand how interest rates work.

Interest is what you pay for the privilege of borrowing. It affects not only your monthly payment but also the total cost of your project over time. Considering your interest rate can help you save money and avoid costly surprises.

What are home improvement loans?

A home improvement loan is any financing that helps you cover the cost of home renovations or repairs. You can use the loans for almost any project, from remodeling a kitchen to replacing a roof or adding solar panels.

Common types of home improvement loans include personal loans, home equity products, and FHA Title 1 loans.

Personal loans are generally unsecured with fixed interest rates and repayment terms. They are predictable and easy to budget for, but you need good credit to qualify for a decent rate.

Home equity products, on the other hand, use your home as collateral. Since your property secures them, you may receive a lower interest rate, but you risk losing your home if you default.

The right loan depends on factors like your credit score, the amount you need to borrow, and how quickly you want to pay it back.

Types of home improvement loans and their uses

Home improvement loans aren’t one-size-fits-all. The right choice depends on your budget, the size of your project, and your financial goals. Below is a breakdown of the most common options, their typical interest rates, and when each might make the most sense.

Home equity loans

A home equity loan lets you borrow a lump sum based on the equity you’ve built in your home. You can usually take out up to 80–85% of its current market value.

These loans have fixed interest rates, often ranging between 6% and 9% depending on your credit profile and market conditions. The average home equity loan interest rate is currently 8.28%, according to Bankrate.

You repay the money in equal installments over a period of 5 to 15 years. Some lenders let you extend repayment up to 20 or 30 years.

The predictable payments and low interest rates make them ideal for large, one-time projects like kitchen remodels or roof replacements. The interest may also be tax-deductible, depending on how you use the loan.

The risk with these loans is that your home serves as collateral. If you default, you could face foreclosure.

Home equity lines of credit (HELOC)

A is similar to a credit card. You get a revolving line of credit you can draw from as needed. The initial draw period lasts 5 to 10 years, followed by a 20-year repayment period.

HELOC interest rates are typically variable. They can start as low as 6% to 9% but are subject to change with market conditions. Bankrate found that the average HELOC interest rate is currently 8.05%.

During the draw period, you typically only need to pay down interest. Once the repayment period begins, you pay down both interest and principal.

HELOCs are flexible, making them ideal for ongoing projects or phased renovations where costs are spread over time. The catch is that rate fluctuations can make monthly payments unpredictable.

Considering tapping into your equity?

Personal loans for home improvement

Personal loans are unsecured, meaning you don’t have to use your home as collateral. The lack of collateral is beneficial to you as a borrower, but riskier for the lender. As a result, rates are usually higher than secured loans. Expect to pay an APR of 6% to 36%, depending on your credit score and income.

These loans fund quickly, sometimes within one or two business days, making them ideal for urgent repairs or mid-sized projects. Since they have fixed rates and terms (typically two to seven years), they’re easy to budget for.

Lenders often cap personal loans at $50,000, though without a high credit score or decent income, you may not qualify for this amount.

FHA Title 1 loans

FHA Title I loans allow homeowners to finance permanent property improvements, repairs, or home renovations. You can use the money for anything that makes your home more livable and functional. That includes appliances, expanding accessibility for disabled people, or energy-efficient upgrades.

You can borrow up to $25,000 for a single-family home or a maximum of $60,000 on a multi-family structure. Loans under $7,500 are usually unsecured, while larger amounts use your home as collateral.

Title 1 loans have fixed interest rates. The rate you receive depends on the common market value in the area and is often negotiable. You repay the money in installments over a fixed period.

Cash-out refinance

A cash-out refinance replaces your current mortgage with a new, larger one. You use the funds to pay off your old mortgage and keep the difference in cash. Current mortgage refinance rates generally range from 6.27% on a 30-year fixed mortgage to 5.49% on a 15-year fixed-rate mortgage.

If you can get a lower rate than your current mortgage, a cash-out refinance may be a cost-effective choice. They are best for major renovations that add significant value to your home.

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Keep in mind that you’re restarting your mortgage term, which could mean paying more interest over time if you extend your payoff date.

Factors influencing your interest rate

The interest rate on your loan can significantly impact the overall cost of borrowing. Understanding the factors lenders consider helps you prepare and secure a better deal.

Credit score

Your credit score is one of the most critical factors in determining your interest rate. Lenders use it to assess your creditworthiness, in other words, how likely you are to repay the loan. Generally, the higher your credit score, the lower your interest rate. A low rate can save you hundreds or even thousands of dollars over the life of the loan.

You can still qualify for , but you’ll likely pay more in interest. Building credit before applying can help you qualify for better terms.

Lender

Not all lenders offer the same rates, even for borrowers with similar profiles. Credit union home improvement loan rates are often lower than those of banks. Shopping around and getting prequalified with multiple lenders can help you compare rates and find the most competitive option.

Some lenders may also offer rate discounts if you set up automatic payments. You may also receive a discount if you have an existing relationship with them.

Loan type

The type of loan you choose also affects your rate. Secured loans, such as home equity loans, HELOCs, and cash-out refinances, typically offer lower interest rates.

Unsecured personal loans often carry slightly higher rates since they pose more risk to the lender.

Loan term

is the length of time you have to repay the money. Lenders set different rates for various loan terms.

Loans with shorter terms typically have lower interest rates but higher monthly payments. Loans with longer terms spread payments out and lower your monthly cost, but charge more interest over time.

Choosing the right term is about finding a balance between affordability and minimizing total interest paid.

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How to find the best home improvement loan rates

Securing a competitive interest rate can make your home improvement project more affordable. Here’s how to improve your chances of getting the best rate possible.

Review your credit

Before applying, check your credit score and look over your report. Lenders use this information to determine your risk as a borrower. You want to ensure the information they see is correct.

If you notice mistakes, such as accounts that don’t belong to you or incorrect balances, dispute them with the credit bureau. Spotting and addressing errors beforehand can raise your score and improve your eligibility.

Get multiple quotes

Rates can vary from one lender to another, even for borrowers with similar credit profiles. Request quotes from several lenders, including banks, credit unions, and online lenders, to compare offers. The credit bureaus consider multiple inquiries for the same type of loan made within 14 days as one hard inquiry. This rule allows you to rate shop without damaging your credit.

You may not have to submit a formal application to get a quote. Many lenders allow you to check eligibility without affecting your score with a soft credit inquiry, which won’t affect your score. This lets you see estimated rates, terms, and monthly payments side by side before committing.

Understand the total costs

The interest rate is just one part of the equation. Loans also come with fees that you should not ignore. Potential fees include:

Origination fee: A loan processing fee that is usually 1% to 12% of the loan amount. Most lenders deduct the cost up front.

Closing costs: Lenders may charge closing costs for home equity loans or cash-out refinancing.

Prepayment penalties: Some lenders impose this fee if you pay your loan off early. It helps them recoup some of the interest you would have paid.

Reviewing fees is essential, but when you’re comparing loans, focus on the APR. The annual percentage rate (APR) is the yearly cost of borrowing. It includes both the interest rate and fees, reflecting the true cost of the loan. Compare APRs to get a clearer picture of which loan is the most affordable.

Consider a fixed-rate loan

While some loans, such as HELOCs, offer variable rates. Their rates may start low and initially look like a good deal. The catch is that they may rise over time, making your payments less predictable.

If you prefer stability, a fixed-rate loan might be the better choice. It locks in your interest rate for the life of the loan. Your monthly payments stay consistent no matter what happens in the financial market.

Frequently asked questions

1. Should you use a personal loan for home improvements?

A personal loan can be a good option for home improvements, especially if you don’t have much equity or prefer not to use it as collateral. Personal loans are usually unsecured, offer fixed rates, and fund quickly. Interest rates may be higher than secured loans, so compare offers before deciding.

2. Is it a good idea to take out a home improvement loan?

A home improvement loan can be a smart move if the upgrades increase your home’s value, improve its livability, or address essential repairs. It allows you to spread out the cost of a project over time. Just be sure the monthly payment fits your budget and that you’re not overborrowing for cosmetic improvements.

3. What’s the best type of loan to get for home improvements?

The best type of home improvement loan depends on your situation. Home equity loans and HELOCs often offer the lowest rates if you have enough equity and don’t mind using your home as collateral. Personal loans work well for smaller or urgent projects. A cash-out refinance may be ideal if mortgage rates are lower than your current rate.

4. What is the interest rate on a home improvement loan?

Interest rates vary widely depending on the type of loan, your credit score, and the lender. Personal loans have rates from around 6% to 36%. The average interest rate on home equity loans and HELOCs is closer to 8%. Always compare rates and terms across multiple lenders to find the most competitive option.

5. What is the current interest rate for home improvement loans?

Home improvement loan rates generally range from about 7% to 11% for personal loans, but can go up to 36%. The average home equity loan interest rate is 8.28% and for HELOCs, the average is 8.05%. Rates change frequently and depend on the lender.

Bottom line

Finding a low interest rate isn’t just about saving a few dollars; it can dramatically reduce the total cost of borrowing. Even a slight difference in rates can mean hundreds or thousands of dollars saved over the life of the loan. That’s why it’s worth taking the time to compare lenders and loans to find the best deal before signing.

Equally important is having a repayment plan. A home improvement loan can increase the value of your property, but it can do more harm if you can’t afford the payments. Only borrow what you can afford to repay.

By considering the interest rate and different types of loans, you can find the right one for your budget.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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What Borrowers Should Know About Home Improvement Loan Rates

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