Loans for home improvement projects also on the rise
ATLANTA, April 1, 2014 /PRNewswire/ — With consumer confidence and the real estate market on the rise, many homeowners are ready to begin home remodeling or maintenance projects.
According to an online survey conducted on behalf of SunTrust Banks, Inc. (NYSE: STI) by Harris Poll, 56 percent of homeowners plan to spend money on home improvement projects this year. More than a quarter of homeowners (27 percent) indicated they will invest in an outdoor area such as a patio, deck, pool or landscaping in 2014. Bathroom remodels (17 percent), home repairs such as a new roof or HVAC systems (16 percent) and kitchen remodels (11 percent) were cited next. About five percent of homeowners plan to add square footage, and another five percent intend to complete a basement/attic remodel.
“People may no longer be as nervous about investing in their homes,” said Gary Miller, business head of LightStream, a national online lending division of SunTrust Bank. “With the economy picking up and homes beginning to increase in value, the home improvement loan category has been energized.”
Paying for Home Improvement Projects
Of those who plan to spend money on home improvements this year, 20 percent plan to spend $10,000 or more, according to the survey. “Although many people will use money from savings or from tax refunds, we’re seeing a strong market for home improvement loans. Customers are telling us they’re using loan proceeds to fund deferred maintenance projects as well as pool installations, solar energy systems, landscaping, and kitchen, bath and basement remodels,” said Miller.
Television personality and high-end contractor Stephen Fanuka recommends having funds on hand before starting any home improvement project. “To help manage timelines and costs, have a signed contract detailing agreed-upon construction milestones,” said Fanuka. “Payments should be made as benchmarks are completed. Keep a clear, ongoing record of the products and services you’ve purchased,” said Fanuka. “That means, however, you’ll need money in the bank to cover everything.”
Home equity loans can be a smart option for financing home improvements. SunTrust offers a variety of loans and lines of credit with variable or fixed payment alternatives for consumers who have accrued equity in their homes.
For people who have not accrued equity in their homes or don’t want to leverage their home or other assets to pay for construction, LightStream provides the AnythingLoan, an unsecured, fixed-rate loan from $5,000 to $100,000 for borrowers with good credit. Through a simple online process, LightStream delivers funds directly to borrowers’ bank accounts, often as soon as the same day an application is submitted. It takes just minutes to apply and there are no fees, no appraisals, no paperwork and no prepayment penalties.
“I recently discovered and partnered with LightStream because their AnythingLoan financing is delivered quickly, at really competitive rates,” continued Fanuka. “Having funds in hand lets people control what they buy, who they buy from and when the work gets paid for.”
About LightStream, a Division of SunTrust Bank
LightStream is a national online lending division of SunTrust Bank, providing consumer loans with excellent rates, flexible terms and an outstanding customer experience. Its AnythingLoan is a unique lending solution that allows customers to borrow funds for purchases that had previously required collateral, or that fall into categories where few or no loan options exist. LightStream’s proprietary technology offers consumers a virtually paperless loan application, underwriting, funding and servicing experience. For more information, visit LightStream.com.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2013, SunTrust had total assets of $175.3 billion and total deposits of $129.8 billion. Through its flagship subsidiary, SunTrust Bank, the company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust’s Internet address is suntrust.com.
For an infographic, There’s No Space Like Home, illustrating the findings from the March 2014 survey for SunTrust by Harris Poll, click here.
This survey was conducted online within the United States by Harris Poll on behalf of SunTrust from March 6-10, 2014 among 2,061 adults ages 18 and older, of whom 1,286 are homeowners.
SOURCE SunTrust Banks, Inc.