If you need your home to become a dream home, a Home Improvement loan may help that dream come true. Finance improvements or additions with a loan that features a competitive interest rate. The amount you can borrow depends on which state your home is located in. Financing $5,000 or more will require a lien be placed on your home. In this situation, the interest you pay may be tax deductible (consult a tax advisor).
What Are Home Improvement Loans Used For?
Home improvement loans are used to make improvements that increase the value of your home. Here are examples of what you can use a Home Improvement loan for:
- Update your existing kitchen into that dream kitchen
- Create that master bathroom or add that second bathroom
- Add that extra addition or garage you always needed
- Turn your carpet into hardwood
- Replace a bad roof or windows
- Build a beautiful patio
What is the Process to Get Started on a Home Improvement Loan with FECU?
- Complete an FECU Online Loan Application 24/7
- Attach a written estimate for the project you plan completed or provide estimates from a contractor
- Attach your current property tax statement
- Attach your most recent paystub for each borrower or tax return
- Include a copy of your homeowner’s policy
- A loan officer will contact you within 24 hours.
- If a lien is required on your home, the closing process can take up to 2-3 weeks.
* Some restrictions may apply. Home Improvement loans are available to members who own a home in Minnesota, Arizona, Georgia, Kansas, Missouri, and Indiana.
This information is intended to provide general information regarding available loans only. It should not be considered legal or expert tax advice regarding your specific circumstances. Consult a qualified professional with questions regarding the topics herein. © 2020 Federated Employees Credit Union.