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Research and articles related to home renovations

Financial Advice

FINANCING HOME RENOVATIONS

Articles and research about improving your home

Research and articles related to home improvements

Financial Advice

FINANCING HOME RENOVATIONS

Articles and research about improving your home

Home Improvement Loans

Published November 10, 2015 | Updated November 12, 2015

When you think about fixing up your house, you may picture yourself walking into the nearest home improvement store and whipping out your credit card to pay for everything you need to make your vision a reality.

There is a much cheaper, smarter way to handle that project, and it doesn’t involve cutting corners on construction. So before you load up one of those oversized shopping carts at the home improvement store, you should consider one of Amplify Credit Union’s home improvement loans.

Home Improvement Planning & Budgeting Tips

Step 1: Outline your goals and come up with a construction plan that includes all of the tasks you want completed.

Step 2: Window-shop online and in-store to create a budget. When you have established an estimate, you’ll know how much you need to borrow to make your dream project come true.

Step 3: Be sure the payback is affordable. You may need to scale back some of your project’s ambitions if it looks like your budget is getting too big. You may also want to consider a Homeowner Express Line of Credit that lets you borrow in phases and re-borrow as you pay your balance down.

Step 4: Choose the best home improvement loan option to suit your needs and get started with your application. Need help deciding? Let Amplify help you narrow down your best home improvement loan options.

Compare Amplify Home Improvement Loans

Whether your project is large or small, financing your home improvements with one of Amplify’s home improvement loans can save you money. With fixed interest rates, no prepayment penalties, and no closing costs in many cases, you’ll soon wonder why everyone isn’t doing it this way. We actually wonder the same thing every day.

Benefits & Features Ideal If You...

Home Equity Loan

Funds available as lump sum, and has fixed interest rate with same monthly payment for entire term

  • Fixed interest rate
  • Fixed payments for entire loan term
  • 5, 10, 15, or 20 year term available
  • Interest may be tax deductible*
  • Learn more here
  • Want to make the same payment every month for the term of the loan
  • Want your funds as a one-time lump sum
  • Are doing a large-scale project
  • Want the lowest rate or lowest payment available

Home Equity Line of Credit

Funds available as line of credit, pay interest only on what you borrow

  • Variable interest rate during draw period
  • Interest-only payments during draw period
  • 10-year draw period, followed by 10-year payback period
  • Interest may be tax deductible*
  • Learn more here
  • Want to borrow funds only as needed
  • Want flexbility to re-borrow funds as balance is paid down
  • Are doing a large-scale project
  • Want a lower rate than other unsecured line of credit options

Homeowner Express Loan

Unsecured loan or line of credit option for homeowners that need their funds fast or need to supplement their home equity funds

  • No home equity required
  • No property lien required
  • Up to $40,000 available in 24 hours
  • Available in a 5-year term
  • No closing costs
  • Learn more here
  • Need the funds quickly
  • Don’t have enough home equity to get the home equity loan you want
  • Already have a home equity loan and need additional funds

Homeowner Express Line of Credit

Unsecured line of credit for homeowners that need ongoing immediate access to extra funds

  • No home equity required
  • No property lien required
  • Up to $40,000 credit line available in 24 hours
  • No closing costs
  • Learn more here
  • Need ongoing access to backup or emergency funds
  • Don’t have enough home equity to get the home equity loan you want
  • Already have a home equity loan and need additional funds

*Interest paid toward a Home Equity Loan may be tax deductible. Consult your tax advisor for details.



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