Home improvements, renovations, and remodeling.

Home improvements of all types and sizes often bring people to the bank asking which loan type is best. There are three main types of home enhancement loans.

Finance Your Next Home Project

You are planning on home improvements.

Let’s highlight our three most popular home improvement loans. Get the loan that fits your budget and your needs.

Home Improvement Loans

Getting a fresh coat of paint with a home improvement loan

Most beneficial when:
This loan is most beneficial to recent homeowners with little equity looking for a smaller dollar amount for home improvements. Also, older individuals who may be less comfortable placing their home up as collateral. It’s a considerable risk at a late stage. This loan does not use the home as collateral.

Pros

  • No lien against your home

  • No closing costs

  • No appraisal

  • Fixed-rate of 4.72% APR1

  • Lower rates than credit cards

  • Easy application process

  • Get approved and have the funds in 1 business day

Cons

  • Maximum loan amount $20,000

  • Small repayment period 5 year maximum

  • Only for home improvements, stipulations on what it can be used for

APR = Annual Percentage Rate. (1) Credit score determines rate and maximum loan amount. Rate shown includes 0.25% automatic payment discount. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. Term of up to 60 months; estimated monthly payment of $20.00 per $1,000.00 borrowed. Must be a homeowner.

Home Equity Loan

DIY home improvement project

Most beneficial when:
This loan is excellent for home enhancement expenses with a hefty price tag that requires money upfront, such as major home repairs or remodeling.

Pros

  • Lends up to 90% of your home’s appraised value for larger sums of money

  • Loan used for numerous reasons, not stipulated to specific home improvements

  • Fixed-rate as low as 2.22% APR2
  • Lower rates than credit cards

  • Get approved usually in 4 to 6 weeks

  • Extended loan terms up to 10 years

  • Possible tax deductions if used for home improvements

Cons

  • Places a lien against your home

  • Closing costs NO closing costs now through September 2021
  • Needs a home appraisal

APR = Annual Percentage Rate. (2) Rate shown is 5-year term. Other terms available. Term of up to 120 months; estimated monthly payment of $10 per $1,000 borrowed. Equal Housing Lender. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. If home equity loan is paid off within 3 years of origination, prepayment penalties in the amount of the original closing costs will be applied.

Home Equity Line of Credit | HELOC

getting new floors with a home improvement loan

Most beneficial when:
This loan is most beneficial for the more expensive home improvements where you can pay out money in installments. As you complete one repair or project, you can then take out cash for the next project. A HELOC is best when you have ongoing projects or multiple improvements over a longer period of time. In this situation, you’ll save in interest by only taking out and paying on exactly what you need as you need it.

Pros

  • Lends up to 90% of your home’s appraised value for larger sums of money

  • Loan used for numerous reasons, not stipulated to specific home improvements

  • Draw money out as needed, never over-extending yourself

  • Variable-rate as low as 4.50% APR2
  • Lower rates than credit cards

  • Get approved usually in 4 to 6 weeks

  • Extended loan terms up to 10 years line of credit, and 15 years to repay the loan. Total 25-year loan

  • Possible tax deductions if used for home improvements

Cons

  • Places a lien against your home

  • Closing costs NO closing costs now through September 2021
  • Needs a home appraisal

  • Variable interest rate

APR = Annual Percentage Rate. (2) Equal Housing Lender. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. If HELOC is paid off within 3 years of origination, prepayment penalties in the amount of the original closing costs will be applied.

How much can I borrow for a Home Equity Loan or HELOC?

Money FCU lends up to 90% of your home’s appraised value, minus any outstanding balance on a first mortgage or home equity. To calculate the maximum loan amount, take your home’s appraised value, multiply it by 90% (.90), and subtract your current mortgage balance. Also, remove any other home equity loan balances, if applicable. The resulting figure is the maximum dollar amount the Credit Union lends on approval.

For example, if the home’s appraised value is $200,000.00, multiply that by 90% (.90), which equals $180,000.00, then subtract the existing mortgage balance. In this example, we’re using an outstanding balance of $130,000.00. Your maximum loan amount is $50,000.

$200,000 x .90 = $180,000
$180,000 – $130,000 = $50,000
In the above example, you can borrow up to $50,000.

Loan Calculator

Are there closing costs on a home equity loan or HELOC?

NO CLOSING COSTS NOW THROUGH SEPTEMBER 2021*

Yes, home equity loans and HELOC lines of credit come with closing costs. The costs include attorney fees, title search, flood certification, a recording fee, mortgage tax, and the appraisal fee. See our latest estimated closing cost based on a $50,000 loan. Money FCU finances the closing costs into the total balance of your loan so that the borrower does not have to come up with a lump sum for a down payment.

No closing costs now through September 2021!

*If the home equity loan or HELOC is paid off and closed within 3 years of origination, there are prepayment penalties equal to the amount of the original closing costs.

Can I speak with a professional to help me decide?

Customer service and loan specialists have all the details of each loan offered by Money FCU. Still, maybe you’re looking for something a bit more. Do you want someone to help advise what loan options would work for you and why?

Money FCU also has free financial coaches who will look at your finances and help you to decide your best options. These trained professionals will make recommendations on which financing options and repayment plans would work best for your specific situation. It’s always good to consider having professional help when making significant financial decisions.

Talk to an expert

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Robin – Chappaqua, NY
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I am not sure who is working their magic, but without it my wife and I wouldn’t be able to purchase this house we fell in love with in a neighborhood we fell in love with. I truly appreciate everything Money Federal Credit Union does for my family!

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Erik – East Syracuse, NY

When you walk in the door you are always welcomed with a smile and happy greetings. Nothing is ever hard to do. When I need a loan it’s done and ready for me and I don’t even have to do anything! Just come in and sign!

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Eileen – North Arlington, NJ

I remember when I joined the CU in 1980 and you were located in a closet upstairs, and you would write the number of members and the percentage rate on a chalk board on the wall.

Joanne – Syracuse, NY

I just wanted to let you know that your staff has been so helpful since the move out of the building. The staff is always quick and kind. You said that a Credit Union is much like a Bank…I would say that the Credit Union is much better than a bank. I appreciate you guys!!

Michele – Baldwinsville, NY
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Lisa – East Syracuse, NY
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I just went through one of the most painless processes getting a home improvement loan. I couldn’t believe how quick and smoothly everything went. I was quite impressed at the level of service. A special thank you also goes out to Debbie for her efficiency and for being so easy to work with!

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I just went through the process of taking out a car loan. If it weren’t for Melissa, I wouldn’t have been able to get things done. I wasn’t sure about what to do for so many things, but Melissa did! She was always there for me, quick, soooooo much help. Lucky for me I was smart enough to join your credit union years ago.

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I’m ready! How do I apply for a home equity, HELOC, or home improvement loan?

Great, let’s get you started! If you live or work in Onondaga, Oswego, Madison, or Cayuga county, we can help!

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