Home Improvement Financing
Transform your house into the perfect home.
Whether preparing your house for sale or turning it into the ultimate escape, feel confident in learning the basics of home improvement.
Home Repair and Remodeling Basics
Make your mark with these home improvement tips for beginners and intermediates.
Do you want to refresh your home with a quick update, or do a major overhaul? Some of the top magazines for home improvement ideas, such as Better Homes and Gardens, Dwell and This Old House, can offer great inspiration. Getting an idea of your overall budget and the equity you have in your home can also help you decide which improvements to make.
Calculate the equity in your home >>
Focus on areas that add the most value
Know which types of home renovations will give you the highest return on your investment and start with these first:- Kitchen: The number one return on an investment project is remodeling the kitchen, especially upgrading to stainless steel appliances and new countertops.
- Bathrooms: Basic upgrades like adding new fixtures, re-grouting the shower and/or repainting can add great value.
- Room addition: Adapting a basement or attic into livable space adds valuable square footage to your home.
- Maintenance: Ensuring all basic repairs are taken care of, like cracks, water damage and roof repairs, makes a home more attractive to potential buyers.
- Landscaping: Sprucing up your front yard is relatively inexpensive and adds great curb appeal.
Browse financing options
Choosing the right home improvement financing option will depend on the size of your project. Explore all your financing options from a credit card for shorter term financing to a home equity line of credit or home equity loan for larger needs.
A home equity line of credit (HELOC) is a loan extended to a homeowner that uses the borrower's home equity as collateral. It is a revolving line of credit that provides convenient access to financing. It may be the perfect solution for:
How it works
With a HELOC, you're borrowing against the available equity in your home and the house is used as collateral for the credit line. As you repay your outstanding balance, the amount of available credit is replenished. You can borrow as little or as much as you need throughout, up to the credit limit established.
Qualifying
To qualify for a HELOC, you need to have available equity in your home, meaning the amount you owe on your home must be less than the value of your home. A good credit and employment history is also beneficial when qualifying for a loan.
Interest Rate and Payments
When you have a variable interest rate on your HELOC, the rate can change from month to month. Payments may change based on your balance and interest rate fluctuations, or if you make additional principal payments.
- Home repairs or improvements
- Debt reduction and consolidation
- Emergency funds
How it works
With a HELOC, you're borrowing against the available equity in your home and the house is used as collateral for the credit line. As you repay your outstanding balance, the amount of available credit is replenished. You can borrow as little or as much as you need throughout, up to the credit limit established.
Qualifying
To qualify for a HELOC, you need to have available equity in your home, meaning the amount you owe on your home must be less than the value of your home. A good credit and employment history is also beneficial when qualifying for a loan.
Interest Rate and Payments
When you have a variable interest rate on your HELOC, the rate can change from month to month. Payments may change based on your balance and interest rate fluctuations, or if you make additional principal payments.