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12 Things to Know About Home Repair Loans

The Family Handyman Logo By Elizabeth Flaherty of The Family Handyman | Slide 1 of 12: A secured home repair loan, according to the FDIC, is a loan that uses <a href='https://www.familyhandyman.com/smart-homeowner/101-things-homeowners-must-know/1/'>your house</a> as collateral. This is often called a home equity loan or a second <a href='https://www.familyhandyman.com/smart-homeowner/things-to-know-about-down-payments/view-all/'>mortgage.</a> The benefits are that you can often get a higher loan amount at a fixed rate and have 10 to 15 years to pay it off. The drawback? If you default, the lender can foreclose on your home.Photo: Watchara Ritjan/Shutterstock

Secured Home Repair Loans

A secured home repair loan, according to the FDIC, is a loan that uses your house as collateral. This is often called a home equity loan or a second mortgage. The benefits are that you can often get a higher loan amount at a fixed rate and have 10 to 15 years to pay it off. The drawback? If you default, the lender can foreclose on your home.Photo: Watchara Ritjan/Shutterstock
© Elizabeth Flaherty
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