Interest rates vary depending on the lender and your credit profile. We’ll help you find the best rate available.

Typically, each financing option is standalone, but we can help you evaluate the best fit for your project.

Approval times vary by lender and by the type of loan option chosen. This timeline can range from as little as a few hours to several weeks in processing time.

Financing your home remodel allows you to spread out the cost over time, making it more manageable and less financially burdensome upfront. It enables you to undertake larger, more impactful projects that might otherwise be unaffordable, increasing the value of your home. Additionally, financing often comes with tax benefits, such as deductions on interest payments. Finally, with a well-planned financing option, you can maintain your savings and cash flow for other priorities.

A Home Equity Line of Credit (HELOC) is a type of revolving credit that allows homeowners to borrow against the equity they have built up in their home. Similar to a credit card, a HELOC provides a credit limit from which you can draw funds as needed, usually with a variable interest rate. The funds can be used for various purposes, such as home renovations, debt consolidation, or other expenses. Repayment typically involves making interest-only payments during the draw period, followed by principal and interest payments during the repayment period.

An unsecured loan for remodeling is a type of personal loan that doesn't require collateral, meaning you don't need to use your home or other assets as security. Because it's unsecured, the lender bases approval on factors like your creditworthiness and income. These loans usually have higher interest rates compared to secured loans, but they offer the advantage of not putting your home at risk if you can't make the payments. Unsecured loans provide a lump sum of money upfront, which you can use for remodeling projects, with fixed monthly payments over a set period.

You might choose to finance part of your home remodel if you have some savings set aside and want to minimize the amount of debt you take on, keeping monthly payments more manageable. This approach can also be beneficial if you're only tackling a smaller project that doesn't require a large loan. On the other hand, financing the entire remodel might be appropriate if the project is extensive or you want to preserve your cash reserves for emergencies or other investments. Financing the whole amount is also useful when you can secure favorable loan terms, such as low interest rates or tax benefits, making it more economical to borrow than to deplete your savings.

If your remodel cost exceeds your loan amount, you have a few options to cover the shortfall. First, you can use savings or other available funds to make up the difference. Alternatively, you could explore obtaining an additional loan or line of credit, though this may come with higher interest rates or less favorable terms. Another option is to scale back your remodeling plans, prioritizing essential projects or breaking the work into phases that can be completed as funds become available. Insuring you work with a contractor who provides a Fixed Price Estimate and Contract on the front end of your project will help you avoid unexpected price jumps during your project.