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HELOCs and Home Renovations

Have you been struck by an idea for a home renovation project? There is no better time to start than now! Whether you’re tackling a simple paint job or redoing your entire kitchen, you’ll want to plan ahead to make sure your dreams are within your financial reality.

Depending on the size of the renovation and what you want to update, the price tag will vary. On average, the cost of projects will fall between $19,800 to $73,200. Before you take a sledgehammer to your walls, you should map out exactly what you want to do. This will include picking out which samples you plan to use (such as with flooring and paint) because material costs will vary depending on what you choose. Once you have an idea of what you want, calculate the total cost for your dream project. If you find your home renovation price tag is out of your ideal budget, look for areas where you can swap out for less expensive materials or scale back on the project scope. If your dream project is still out of budget, start small instead. A simple paint job or an updated lighting fixture can dramatically change a room and will cost you a lot less.

How you’re paying for your home renovation project should be top of mind when you start thinking about what updates you wish to make. If you have been saving specifically for your renovation, great! You’re probably good to move forward. If not, or don’t want to tap into your Savings Account, you’ll likely want to look into borrowing against your home with a Home Equity Line of Credit (HELOC) to fund your project. HELOCs are more flexible than Home Equity Loans because you can take what you need, as you need it, instead of receiving a lump sum of cash all at once. This means you’ll save money by not paying interest on funds you haven’t used. You can use what you need for each step in your project and only pay back what you borrowed rather than your entire line of credit.

Yolo Federal offers HELOCs up to $500,000 depending on the equity you have available on your home. We offer both Owner-Occupied as well as Non-Owner Occupied HELOCs. With low, variable rates, a 10-year draw period with a 25-year repayment period, and up to 80% loan-to-value (LTV), your home renovation dream has never been closer. To learn more about our HELOCs and to apply, visit our website or schedule an appointment.

 

Subject to approval. Restrictions may apply. Yolo Federal Credit Union is an Equal Housing Lender. NMLS# 401954.

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To apply for a Home Loan, you must qualify for membership, and the property must be located in Yolo, Sacramento, Placer, or El Dorado counties or within 50 miles of our corporate office. 

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