If your home is in need of some repairs that do not fit into your budget, a home improvement loan may be just what you need to set things right again. Home ownership can be full of surprises. Often, expensive repairs can become necessary with little warning, such as a furnace that fails suddenly during the long cold winter or a roof that becomes damaged by the wind and weather. Even those who keep a sum set aside for such unexpected occurrences can find themselves coming up short if these incidents occur in rapid succession, leaving insufficient time between repairs to replenish the emergency repairs fund. A wide variety of home improvement loan options are available to fund home repair work and renovations. The best loan for your needs depends upon whether it is repairs, remodeling, or an addition to accommodate a growing family to be undertaken, as well as your financial circumstances. With a bit of careful research into the options available to you, a home improvement loan can be a good way to secure the funds you need to complete your project.One good option for those unexpected repairs or a series of small renovation projects is a home equity line of credit, or HELOC loan. These adjustable interest rate loans are available from most financial institutions and loan companies, and the application and approval process can be easier than many other loan types. A HELOC home improvement loan offers the homeowner revolving credit, much like a credit card, meaning that funds accessed and then repaid can be borrowed again, up to a preset limit. With this borrowing method, you use and pay interest on just the amount you need, rather than having interest assessed on a large lump sum. Unlike a credit card account, which is generally unsecured, funds borrowed with a home equity line of credit are secured with your home as collateral. If a more traditional loan with preset monthly payments and a fixed interest rate is more to your liking, second mortgage loans and home equity loans are options to consider. Widely available from most banks or mortgage lenders, these can be the best home improvement loan option for a one time project that requires a large lump sum payment. These loans are generally repaid over a period of 10 to 15 years and your home is used as collateral. The application and approval process is similar to that of a traditional home mortgage. Whichever loan makes sense for your financial needs, shopping around for the best terms and rates is important. These factors vary widely from one lender to another, so doing a bit of comparison shopping can yield a significant amount of savings over the life of your home improvement loan.