What Happened To All Of The Home Improvement Lenders?
I have been in the home improvement loan business for nearly 20 years. I have seen some tough times in the credit markets including the 1998 flight to quality and the big bank and mortgage implosions of 2007 -2008.
Many direct to consumer and dealer contractor home improvement loan programs that many in the trade were familiar with either change drastically or evaporated. Some of these companies that were big players in the home improvement loan space included Key Bank, Amerifirst Financial, and First mutual.
The credit markets have been good, bad and ugly during these times but the demand for home improvement loans has never waned. When home values fall, a lot of people are more likely to be locked into their homes because of the inability to sell or the uncertainty of the job market has made them want to hunker down.
With this mentality we have seen the consumer trend of improving the home you have instead of buying a new one. These major improvements include major kitchen and bathroom renovations, swimming pools, spas, sunrooms, energy efficient windows, siding and solar improvements. You may be in your home for a long time so you may as well enjoy it!
Happy home improvements!
