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    1. Choosing a home improvement loan lender for the wrong reason (i.e., the lowest rate, your existing lender.)

    People choose home improvement loan lenders for all the wrong reasons. Getting a low rate is important, but it's not the only consideration when you want to take out a home improvement loan. Lenders may offer the lowest rate but charge extra fees (loan fees, origination fees, copy fees) so that in the end you'll pay more for the home improvement loan even though your rate may be lower. The only way to protect yourself is to wait for the Good-Faith Estimate (GFE) which should list all the closing costs. Compare the GFEs from a number of home improvement loan lenders.

    But comparing GFEs is not the only story when you want to take out a home improvement loan. If time is important, you want to choose a mortgage company that is capable of acting quickly. Ask each company to give you their average closing time for loans sim

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    ng reasons. Getting a low rate is important, but it's not the only consideration when you want to take out a home improvement loan. Lenders may offer the lowest rate but charge extra fees (loan fees, origination fees, copy fees) so that in the end you'll pay more for the home improvement loan even though your rate may be lower. The only way to protect yourself is to wait for the Good-Faith Estimate (GFE) which should list all the closing costs. Compare the GFEs from a number of home improvement loan lenders.

    But comparing GFEs is not the only story when you want to take out a home improvement loan. If time is important, you want to choose a mortgage company that is capable of acting quickly. Ask each company to give you their average closing time for loans si

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    fees, origination fees, copy fees) so that in the end you'll pay more for the home improvement loan even though your rate may be lower. The only way to protect yourself is to wait for the Good-Faith Estimate (GFE) which should list all the closing costs. Compare the GFEs from a number of home improvement loan lenders.

    But comparing GFEs is not the only story when you want to take out a home improvement loan. If time is important, you want to choose a mortgage company that is capable of acting quickly. Ask each company to give you their average closing time for loans si

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    aith Estimate (GFE) which should list all the closing costs. Compare the GFEs from a number of home improvement loan lenders.

    But comparing GFEs is not the only story when you want to take out a home improvement loan. If time is important, you want to choose a mortgage company that is capable of acting quickly. Ask each company to give you their average closing time for loans si

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    out a home improvement loan. If time is important, you want to choose a mortgage company that is capable of acting quickly. Ask each company to give you their average closing time for loans similar to yours.

    Ask around among your trusted friends. Find out who took out a home improvement loan lately and ask them what they thought of the company. Don't assume that your existing lender is any better than a new lender. Since most loans are sold in the secondary market, everyone has to meet certain criteria, and your existing lender will probably require the same documentation as a new lender. However, once you have a commitment from a new lender, it doesn't hurt to ask your existing lender to beat it. Often times they will. We will get you the best rate available.

    2. Not getting everything in writing when seeking a home improvement loan.

    Get everything in writing. No matter what the Loan Officer tells you about your home eq

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