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Popular Projects for After the Holidays

January 9, 2020

Multi-ethnic group of family members work together in a crowded kitchen to prepare dinner for a family Christmas celebration.Need more space to entertain?

Was your kitchen just a little too crowded? Were you feeling cramped in your own home? Holidays often remind us that our space may be adding to our stress. When we can’t comfortably accommodate all our guests, a renovation or addition may be in order. After the holidays is a great time to make those improvements uninterrupted.

Popular Improvements

It’s no surprise that the most popular post-holiday home improvement projects are remodels of kitchens and bathrooms. They are among the most-used rooms when we host visitors, and improving them is high on homeowners’ lists. We spend more time indoors during these weeks and months, with more awareness of the updates we want, and more time to think about how we want to make them happen. Even when we’re not managing party crowds, smart improvements can affect our own enjoyment of these spaces by enhancing their convenience, flow, and beauty. These upgrades can also help increase the value of your home, so the money spent is more likely to pay off if you ever decide to sell. 

Home Improvement Loan

There are smart financial reasons to consider a Home Improvement Loan for your kitchen or bathroom, and getting pre-approved can make the process even easier to navigate. You get the advantage of competitive rates, a fixed term, and you’ll know ahead of time what your budget can handle, so you can make good decisions during the design and estimating process.  

Working With First Source

Working out the financial details can be daunting, which is why we’re here to sit down with you and make the entire process more manageable.

Learn More

How to Finance a Kitchen Remodel

April 11, 2018

Couple in kitchen shops online for remodeling ideas, to be financed by a Home Improvement Loan3 Steps for Getting Started

When you’re ready to renovate your kitchen, make a plan to determine your best approach. Should you find a contractor first? Or go to a store, then a contractor? And when should you visit First Source about kitchen financing? Follow these steps, and save yourself time, stress, and effort. 

Step 1 – Get an Estimate

This first step will depend on your preferences and personal taste. If you’ve already researched sources, and found what you want on Pinterest or in a home design magazine, you may know exactly what you want your kitchen to look like: cabinet style, backsplash pattern, lighting, and other details, down to the drawer pulls, and even an eat-in nook for your dog. If this is you, you’re probably going to pick out your materials yourself. In that case, go to a local supplier first, tell your contractor exactly what you want, and price it all out.

If you’re not sure exactly what you want, you might get together first with your home improvement store designer, or even your contractor, and talk about your preferences. Ask their opinions about what you can and can’t accomplish in your space, what your options are, and what your budget will handle. Contractors will often recommend a supplier, or even go shopping with you, since they often get discounts. They can also help you estimate timing for both ordering materials and the renovation itself.

Step 2 – Apply for Financing

Once you have a full estimate or project cost, you can make an appointment to visit First Source, and we’ll review your best options for financing. We’ll consider your estimate, current resources, credit and financial standing, and preferences. If you want to get an idea of what your budget is beforeyou talk to a designer, supplier, or contractor, let us know. We can see approximately how much financing you might be approved for first to see what your budget would be. Financing for many kitchen remodeling projects fall under our Home Improvement Loan. Others might need a Home Equity option. 

Step 3 – Order Your New Kitchen

If you qualify for a Home Improvement Loan or Home Equity options and obtain financing, you can set out to finalize your kitchen renovation plan and order materials. With the help of a reputable and licensed contractor and supplier, you’ll know your costs up front, and the approximate timeline for your new kitchen to take shape. 

Start Now

Time is always an important factor, including shopping for just the right kitchen design, finding a reputable contractor, ordering all the materials, and of course, carrying out the construction. While a financing decision doesn’t take long, the entire kitchen remodeling process may take a few months, so consider this time in your planning. 

Live smarter by making an appointment today to meet with one of our Financial Services Representatives about a Home Improvement Loan for your kitchen remodel financing. 

Get Started

Discover the Mohawk Valley Home Show

March 16, 2017

Live Smarter with New Services and Seminars

First Source is proud to support the Home Builders & Remodelers Association of Mohawk Valley in their initiatives year-round. They educate, train, and network, and bring together builders, contractors, interior designers, realtors, home owners, and others to learn and discuss all things home building in the Mohawk Valley. We are a financial resource for consumer and business loans, and are pleased to work with the Home Builders Association.

One of the organization’s major annual events is the Mohawk Valley Home Show. We sponsor this wonderful event, a showcase for area trends, products, services, resources, and demonstrations.

As part of our sponsorship this year, we are bringing other local organizations to the home show on April 1st and 2nd! We have sponsored the Utica Zoo, Red Cross, Williams Variety Shop, and Willson’s Nursery. We’re excited to share their unique offerings to homeowners. 

We will be at the show as well, and offering a variety of home loan options to finance whatever need you may have. If you’re in the buying stage, we can review the different types of mortgages we offer. If you’re in the renovating stage, we can talk about our remodeling loan options. Whatever your need, ask us for help!

We’ll be hosting financial seminars at the Show; on Saturday at 11:30am and 2:30pm, and on Sunday at 11:00am. You’ll learn about home financing options, and which fits your needs best. And just for fun, we’ll once again have Bill Pope at our booth to draw caricatures. He’ll be there Sunday from 11:00am to 3:00pm.

Financial Seminar Topics

  • Conventional Mortgage
    This type of mortgage allows you to finance up to 95% of your purchase price (or appraised value). It sometimes has a shorter processing time, and same-day qualification if you are “credit qualified”. Flexible rates and terms are available. 
  • FHA (Federal Housing Administration) Mortgage
    An FHA Loan is perfect for first-time home buyers, shoppers who need a low down payment, or those with less than perfect credit. This type of loan allows the seller to contribute up to 6% toward closing costs and prepaid items. Flexible rates and terms are available. 
  • VA Mortgage
    This type of mortgage is available to Veterans and their surviving spouses, and is guaranteed by the Department of Veterans Affairs (VA). The mortgage company works directly with the VA, since each loan is unique to a veteran’s individual situation. A VA Loan allows for 100% financing of the purchase price or appraised value, for owner-occupied properties with one to two units. The applicant must be an eligible veteran. Similar to the FHA Loan, the seller can contribute up to 6% toward closing costs and prepaid items. Flexible rates and terms are available.
  • Home Possible Mortgage
    Through our partnership with Homeowners Advantage, we offer this unique program. Home Possible allows low and moderate income borrowers to finance a home with low down payments, and flexible sources of funds. Members must qualify by income and other factors. 

Housing Project/Home Improvement Options

Home Equity Loans or Lines of Credit

Are you a homeowner?
Chances are you’ve built up some equity, which you can use to borrow against. Home Equity options are best used for financing larger initiatives, like major home improvements, weddings, tuition, or even debt consolidation. A loan versus a line of credit depends on when you need to access the money, and the purpose of the funds.

A Home Equity loan offers a one-time distribution of funds. Repayment of principle and interest begins immediately, and continues over a period of time selected by you. We offer a variety of terms to fit different needs.

A Home Equity Line Of Credit is a revolving line of credit with a maximum loan amount determined by the equity of your home. These funds can be available over a period of time. You can use them as you need. Interest-only monthly payments are required during the draw period. Additional principle payments are also accepted any time you wish to pay the line down.

Home Improvement Loan
This is a great alternative to our Home Equity loan options, when there is little or no equity available in your home. This program can also be an ideal solution for home improvement projects. Rather than end up with a retailer’s high interest credit card or payment plans, we offer a low, fixed-rate Home Improvement loan option. These funds must be used for items or services that are home improvement in nature. 

Home Energy Loan
If your home improvement or renovation is energy-efficient in nature, check out our Home Energy Loan. Often there are grants and tax rebates associated with these types of projects from the retailer as well.

Come to the show, explore all the area has to offer, and stop by our booth to learn more. See you there!

What is a Home Improvement Loan?

March 10, 2017

Live Smarter with the right financing

When is a Home Improvement Loan the Right Choice?
This loan program was created for those newer homeowners who have not yet built equity to use as collateral for a home equity loan, yet still want or need to do home improvements. It is also for those homeowners who are looking for shorter term loans with an immediate timeline for funding.

Home improvement loan proceeds are typically used for home repairs and renovations, such as a furnace, hot water heater, roofing or siding project, or kitchen or bathroom remodels. You decide!

Home Improvement Loan Options and Terms
Home improvement loans are funded within days of applying. Rates are fixed, and can be amortized from 1 to 10 years. If you’re approved, we can help you find a solution that fits your needs.

What About a Home Equity Loan?
A home equity loan is simply based on the value of your home less any outstanding mortgage balances. If there is equity, the home would be collateral, giving you more attractive terms, such as a lower interest rate, and longer repayment options up to 20 years. It does take time to fund a home equity loan, as an appraisal and other required tasks are necessary.

There are two types:

A Home Equity loan offers a one-time distribution of funds. Repayment of principle and interest begins immediately, over a period of time selected by you. We offer a variety of terms to fit different needs.

A Home Equity Line Of Credit (HELOC) is a revolving line of credit with a maximum loan amount determined by the equity of your home. These funds can be available over a period of time. You can use them as you need. Interest-only monthly payments are required during the draw period. Additional principle payments are also accepted any time you wish to pay the line down.

The application process is simple. We’ll review your credit when you apply, find where you can save, and review all your options. Let us handle the financing while you shop for your home project.

Contact us to set up an appointment today, and get started on your way to a better home!

Get started





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