Home Renovation Loans

Get the right financing to fit your renovation project

Turn your home renovation plans into reality

When you're ready to renovate, we're ready to help. Our expert lending team can get you the financing you need, so you can focus on creating your dream home.

Flexible finance options

Explore fixed-rate and variable-rate options 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.

Get closer to the home of your dreams
Application Requirements

Qualify for a home renovation loan

Create an account in our online application platform. Here's what you'll need to apply for a home renovation loan.

  • Social Security number
  • Employer contact information
  • Estimated income, assets and liabilities
  • Details on the property you're interested in renovating
Renovation Loan Benefits

Make home renovation financing seamless

Special financing programs

Talk to your mortgage banker about our various renovation financing options, including special financing for medical personnel.

Financing options that fit your needs

There's no prepayment penalty, and you can explore both fixed- and variable-rate options to find the right loan for you.

Go beyond the limit

Loan amounts are available beyond what traditional mortgage loans can offer, up to $3 million.

Avoid renovation headaches

We give you one less thing to worry about by paying your builder as renovation progresses.

How to get started

Before you apply for a home renovation loan, it's important to plan ahead and gather everything you'll need to qualify.

Step 1

Find your contractor

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.

Step 2

Gather your information

Collect the renovation contract with detailed pricing and timeline information, as well as proof of the contractor's credentials.

Step 3

Get pre-qualified

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.

Homeowners Insurance

Keep your home and your family safe

Get the right homeowners insurance to meet your family's needs.
Learn more about homeowners insurance
Umbrella Insurance Policy

Cover the unexpected

Add a layer of coverage to your main policy for additional protection.
Learn more about umbrella insurance
FAQ

People often ask us

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, renovation 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 renovation loans aren't disbursed directly to the borrower. Instead, they are 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 renovation loan for all sorts of repairs, renovations and remodeling projects around the house. Here are just a few examples of the possibilities:

  • Adding a garage
  • Building an outdoor entertainment space
  • Finishing a basement or attic
  • Installing a pool
  • Installing solar panels
  • Modernizing an older house
  • Putting an addition onto your home
  • Remodeling a bathroom
  • Upgrading a kitchen
Insights

A few financial insights for your life

No results found

Normal credit approval applies.

Not applicable in all states.

Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website.

Bank deposit products are offered by First Citizens Bank. Member FDIC and an Equal Housing Lender. icon: sys-ehl.