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Financing Your Home Improvements

Did you just purchase a fixer-upper? Or maybe your forever home needs a facelift? Either way, First Tech has options to help you finance your next home improvement project. 
Home Improvement

Whether you have a massive overhaul or a minor fix in mind, you may find yourself needing assistance with financing your home improvement project. If you’re in good financial health and the renovation will ultimately increase the value of your home, consider these options.


If you’ve lived in your home long enough to build up sufficient equity (and daydream of demolishing your outdated kitchen), you can leverage the value of your home with one of these secured loan options:

            Home Equity Lines of Credit (HELOCs)

A HELOC is a popular means of financing home improvements that is backed by your home’s equity. This revolving line of credit offers you the flexibility to borrow what you need, when you need it, and pay low, interest-only payments during a 10-year draw period. This could come in handy for a lengthier renovation project!

            Home Equity Loans

Alternatively, a home equity loan is paid out in one up front lump sum; perfect if you know exactly how much your project will cost. Once you lock in your fixed interest rate, you’ll pay the same monthly payment over the life of your loan, regardless of market fluctuations.

Personal Loans

An unsecured personal loan does not require the use of your house as collateral – instead your interest rate and qualification are based on the merits of your credit score. Fixed is the name of the game with this option. You can borrow up to $50,000 for your home improvement project with a fixed-rate and fixed-term, and you’ll pay it back with – you guessed it – a fixed monthly payment. If you’re a newer homeowner with good or excellent credit and your monthly budget can accommodate the extra expense, this is a great option for tackling mid-size projects.

Credit Card

For smaller projects – think a new appliance or closet makeover – using a credit card might be your best bet. If you anticipate you’ll be able to pay your balance back fairly quickly, without incurring too much interest, this is a great opportunity to rack up those rewards points and take advantage of cash-back deals.

Go ahead and update that Pinterest vision board! First Tech has plenty of financing options available to help make your home improvement dreams a reality.