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This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
When you're ready to renovate, we're ready to help. Our expert lending team can get you the renovation financing you need, so you can focus on creating your dream home.
Flexible finance options
Explore fixed-rate and variable-rate renovation loans to find what fits your needs.
Pick your property
You can use a home renovation loan on a primary or secondary residence.
Choose your contractor
Ensure your projects are done your way by selecting your own contractor.
Create an account in our online application platform. Here's what you'll need to apply for a home renovation loan.
Talk to your mortgage banker about our various renovation loan options, including special financing for medical personnel.
There's no prepayment penalty, and you can explore both fixed- and variable-rate home renovation loan options to find the right one for you.
Loan amounts are available beyond what traditional mortgage loans can offer, up to $3 million.
We give you one less thing to worry about by paying your builder as renovation progresses.
Before you apply for a home renovation loan, it's important to plan ahead and gather everything you'll need to qualify.
You'll need to have a contractor in place before applying for a home renovation loan. This includes scoping and putting together plans for the renovation work.
Collect the renovation contract with detailed pricing and timeline information, as well as proof of the contractor's credentials.
Start a conversation with one of our lending experts. We'll help you understand your options and how much you can borrow before officially applying.
A home renovation loan is a way for homeowners to finance repairs, renovations, additions and upgrades to their house. Renovation loans come in different forms and sizes depending on the individual borrower's needs. For example, home improvement loans can have a fixed or variable interest rate, and their terms can vary as well. Commonly, these loans come in 15-year and 30-year terms, effectively taking the place of your mortgage so you only have to pay one debt.
No. With a home renovation loan, the funds are used to pay off the existing mortgage, leaving extra funds to be used for renovation. Unlike personal loans, home improvement loans aren't disbursed directly to the borrower. Instead, they're paid to the contractor as renovation work is completed. This is convenient for the borrower because they only have one monthly payment to make for their home, and they don't have to handle payments to the contractor on their own.
You can use a home improvement loan for all sorts of repairs, renovations and remodeling projects around the house. Here are just a few examples of the possibilities:
Normal credit approval applies.
Not applicable in all states.
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Customers with account-related questions who aren't enrolled in Digital Banking or who would prefer to talk with someone can call us directly.
If you'd prefer to talk with someone directly, you can call 888-280-2885 or search our local directory to find a mortgage banker near you.
Whether you want to pre-qualify or apply for a home loan, getting started with the process to secure and eventually close on a home loan is as easy as one, two, three. We're here to help you navigate the process. Start with these steps:
Prefer to speak with someone directly about a mortgage loan? Our mortgage bankers are ready to assist with a free, no-obligation loan pre-qualification. Feel free to contact a mortgage banker via one of the following options: