And because the interest usually is fixed, monthly payments are easy to budget. Home-equity lines of credit. You can draw funds when you need them - a plus if your project spans many months. Some programs have a minimum withdrawal, while others have checkbook or credit-card access with no minimum. There are no closing costs.
Interest rates are adjustable, with most tied to the prime rate.
Most programs require repayment after 8 to 10 years. Banks, credit unions, brokerage houses and finance companies all market these loans aggressively. Credit lines, fees and interest rates vary widely, so shop carefully. Watch out for lenders that suck you in with a low initial rate, then jack it up. Find out how high the rate rises and how it's figured.