FORT WORTH (CBSDFW.COM) – As the buying and selling frenzy in North Texas real estate has subsided, home improvement projects continue.
In fact, Hearth, a home improvement technology company, ranks the state of Texas at No. 2 in the country for home loans granted in 2021.
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Texas came just behind Wyoming and one place ahead of Florida.
Dago Garcia, a senior content manager for Hearth, said owners are tracking projects at an all-time high.
Garcia added, “People are stuck in their homes. We have done all the work at home and people are looking intently at their house and saying to themselves “Oh my God, I have to do something about this kitchen and this bathroom now”. “
According to Garcia, the vast majority of loans made in Texas are between 15,000 and 25,000.
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“These loan amounts are not to be laughed at. There is a lot of business in the home improvement industry, and home owners are really eager to get their home projects done.
Garcia said low interest rates are also fueling the rush to get home improvement loans.
He says rates can be as low as 4.99% on a basic loan, but it all depends on credit scores.
Experts say most lenders won’t work with people with a credit score below 550.
As for the most popular project done inside homes, Garcia says you name it.
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“Some of the most popular real estate finance projects are quite surprising, especially in the DFW area. Services for people with disabilities are quite high, as are general contractors, windows, interior remodeling… it could be your bedroom, then fences and decks.