Your home is an important part of your life. Our home improvement financing options can help you change your home now and pay for it over time. Whether necessary or optional, a small weekend project, or a large renovation, we can help you finance your vision.
MythIf I have limited home equity, I won't be able to finance a home improvement project.
Consider all your options so you can make an informed decision. The following questions can help get you started:
- How much do you expect to borrow for this project and how long do you estimate it will take to complete?
- What type of repayment options fit your budget and how long do you plan to take to pay off what you borrow?
- Does one-time access to funds or ongoing access to credit better fit your home improvement needs?
- Do you plan on hiring a contractor to renovate your home or will you complete the project yourself?
Your home improvement ideas are as unique as you are and our range of financing options can help you realize those ideas in the way that makes the most sense for you. Narrow down your options using the information below and remember our financing representatives are available to answer any questions.
||Amount available||Ongoing access to funds||Key features and benefits
|Secured - Mortgage and home equity options
|Purchase & RenovateSM Loan
|Refinance & RenovateSM Loan
|Home Equity Line of Credit
|Unsecured - Personal credit options
|Personal Line of Credit
||$3,000 - $100,000||Yes
Making improvements to your home can be exciting and rewarding. Proper planning helps you prioritize your efforts to create a home that fits your wants and needs. Remember that not all home improvement projects increase the overall value of your home, so be sure to carefully consider your reasons before moving forward.
How do I define the goals of my home improvement project?
To help define your project:
- Create a list of things you would like to accomplish.
- Prioritize your list in the order of most important to least important.
Remember, your budget might not allow you to complete everything on your list so it's important to determine your priorities.
How do I create a budget?
To create a basic budget for your project:
- Calculate how much you can contribute to the project.
- Determine how much you may need to borrow.
If you obtain financing for your home improvement, it is an additional expense beyond your current monthly mortgage. Be sure you can comfortably manage the payment.
How do I select a contractor?
Certain financing options require you to hire a contractor to complete the renovations. When selecting a contractor:
- The contractor with the lowest price may not always be the right person for the job. Balance long-term quality against cost.
- Select a contractor who has proven expertise in your type of project and the appropriate licenses and insurance. Always check references and the Better Business Bureau.
- If you use our Purchase & RenovateSM or Refinance & RenovateSM loan, we'll verify the contractor's credentials. The detailed check includes supplier references, any contractor liens and bankruptcies, and confirms insurance and licensing. (This check is not included with a home equity line of credit.)
How do I decide if my home improvement is worth it?
Want to learn more about your home improvement financing options?Call 1-877-571-0583