Home Renovation Loan
The right loan for home improvement
As we invest in our homes over time, we increase their personal value to us, and increase the market value as well. When it’s time for your next serious home renovation project, you may have a better way to finance it. From roof repairs, to new appliances, a bathroom remodel, a new pool, or new deck or spa, First Source offers a low rate Home Improvement Loan.
What is a Home Improvement/Renovation Loan?
This type of loan is a great choice for those small to medium projects that don’t merit the typically larger size of a home equity loan, but are too big to pay off in a few credit card cycles. Rather than deplete your home’s equity or rack up high interest charges on a credit card, a home improvement loan gives you a chance to pay it off at a lower interest rate, in a fixed amount of time, and within a planned budget. Once your loan gets approved, you can use the funds for whatever remodeling, renovation, or improvement project you want.
Why a Home Improvement Renovation Loan?
A home improvement or renovation loan finances projects that can generally increase your home’s value. Unlike a home equity loan or line of credit, a home improvement loan doesn't require collateral to acquire the loan. Home equity choices, while ideal for certain larger projects, require using your home itself as collateral.
This type of loan is available at a lower, fixed rate, with a predictable payment schedule, requiring no credit card debt. You also have much more flexibility, as you can apply the funds to whatever type of home project you want.
Check out our helpful loan comparison calculator below, to get an idea of how much could be available to you. Enter your principal amount, the rate, and the number of payments for an idea of how much your monthly payments could be.
Get started making your home improvements a reality by submitting the form below, or call 315-735-8571 to make an appointment today.