I need advice on getting a home improvement loan?

I only need about 2,000 just to make a few small improvements I barley have any credit but we only owe about 44,000 left on our mortgage I tried to apply for one but the minimum loan allowed was 10,000 and I don't need that much is there any way for me to get a home improvement loan and tack it onto our mortgage instead of having a monthly payment we would just pay on our mortgage a little longer???

You may be elibible for either a 2nd mortgage HELOC, or a refinance of your first mortgage. A HELOC is a Home Equity Line Of Credit. You would apply with a local bank or credit union. The minimum line is probable $10,000, but you only need to use as much or little as you need. You could pay this down, and then be able to reuse the funds again for other needs. This would be the cheapest short term option.

A Rate and Term refinance of your home would allow you to get up to $2000 back. If you were lowering your rate, this would be the way to go. Rates are currently running about 5.00% for a 30 yr fixed loan. This would make your payment $245.00. Of course you pay always pay as much more as you want and pay it off much sooner than 30 years. If you are not lowering the interest rate by atleast .50%, the fees on the refinance would be prohibitive and cost you way too much just to get $2000 back.

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