Is It Possible to Get a Home Renovation Loan?
Yes, it is possible to get a home renovation loan. A home improvement loan can provide the capital you need to increase your home's value through remodeling or home improvement projects. The actual impact a home improvement loan will have on your home’s valuation and your equity will vary based on the type of improvement. Some home improvements are notorious for having very little impact on actual home valuation (like in-ground pools), while others offer an extremely reliable return on investment (landscaping and bathroom remodels).
At OnPath Federal Credit Union, we offer many personal loan options, including home improvement loans, to help you take advantage of opportunities that may require upfront cash. Personal loan financing is a flexible way to accommodate home renovation costs, and you can count on us to offer competitive and fair rates if you apply.
Personal Loan Financing Options with OnPath FCU
Most personal loans are unsecured. The home improvement loans through OnPath FCU are unsecured personal loans and don’t require you to refinance or open a home equity line of credit (HELOC), although that is an option. If you’d prefer, you can use funds from home refinancing to pull equity out of your home and make home improvements to increase your home’s valuation and, in turn, your own equity.
Your odds of personal loan approval may be higher if you choose to finance with your local credit union and you have a good history with them.
Your rate is determined based on a variety of factors including your income, credit history and any outstanding financial applications. If you want to estimate your rate, use our online personal loan calculator to see potential APRs.
Benefits of Financing With OnPath FCU Instead of a National Bank
Credit unions can provide more benefits for their members in the form of lower loan rates and fees. Banks have an obligation to maximize profits on behalf of their investors, while credit unions are not-for-profit organizations focused on doing what’s in the best interest of members. Your local credit union is also likely to offer more personalized financing solutions as a key benefit of serving specific communities.
Benefits of financing with OnPath FCU include:
- Fast decision process
- Easy pre-qualification
- Competitive rates
If you reside, work or worship in the greater New Orleans area, you may be eligible for membership with OnPath FCU. We can help you take advantage of the savings a credit union can offer as well as the flexibility of our financing options.
What Can I Use a Personal Loan For?
Personal loans are an effective way to cover large purchases (like home improvements or buying a car) while allowing you to make a manageable monthly payment to cover the expense. Common personal loan uses include:
- Debt consolidation
- Home Improvement and renovations
- Large purchases
- Unexpected expenses
- Relocation costs
- Vehicle financing
In most cases, you cannot use a personal loan for business expenses, the down payment on a home purchase or paying off college tuition or other student loans.
In addition to personal loan financing options, we offer home construction loans as well as secured loans that can be used for home improvement projects. Instead of saving up for months or years for your home improvement project, you can get the funds at your local federal credit union and quickly increase the value of your home. This is especially useful (and often better than a HELOC or other secured loan) if you want to make home improvements in preparation for a home sale.
What Does a Construction Loan Cover?
Construction loans can cover anything from building a home to renovating to purchasing the land on which the home will be built. We offer specific loans for each situation, so you can secure funds as you see fit.
A traditional mortgage doesn't cover costs for renovation the way a personal loan would. If you're looking to access your home's equity, consider refinancing or a HELOC. If you're planning on new construction and building your home from scratch, our construction loans can be used to cover:
- Fees and permits
- Interior and exterior finishing costs
Explore Personal Loan Options With OnPath FCU
At OnPath Federal Credit Union, we offer competitive loan rates and personalized offers to meet your construction needs. To connect with one of our financial professionals, call (504) 733-7274 or contact us online.