April 27, 2017

How To Finance A Home Improvement

Spring is upon us. That’s when many of us discover that winter has not been a kind season to our homes. So whether you’re motivated to fix things that have broken, or want to improve your surroundings, you’ll need a way to finance those major projects. You have three main options, and your home’s equity plays a role in all of them.

Home refinance
Consider a cash-out option. Rates are still as low as they’ve been in almost a decade, and that reason alone might be enough to warrant a refinance. But you can also pull some of your equity dollars out to pay for a big project.

Max EquitySM Line of Credit
Simpler and easier to arrange, a Max Equity Line of Credit account allows you to make purchases as you see fit – like a credit card. But unlike a credit card, this option allows you to borrow against the equity in your home and you’ll have a set plan to pay off the balance on your schedule.

2.49% APR* 6 Month promotional | As low as 3.99% APR thereafter

  • No fees or closing costs, in most cases
  • No appraisal required
  • Borrow up to 80% of your outstanding equity (Loan To Value – LTV)

Max Equity Fixed Loan
A fixed loan lets you borrow a lump sum of money for a set purpose. Take advantage of a great, low, fixed rate with regular monthly payments and terms to fit your needs.

  • A consistent monthly payment
  • Terms from 5 to 15 years
  • Rates as low as 3.99% APR

Lake Michigan Credit Union offers all of these home improvement financing options. If a big spring project has you anxious to get rolling, contact an LMCU financing expert today! Stop in at your local branch or call us at (800) 242-9790.

*Promotional rate available for well-qualified borrowers with new HELOCs opened 5/1/17 to 7/31/17. APR= Annual Percentage Rate. Rate assumes auto-pay from LMCU checking account. Your rates may vary depending on your specific credit profile. HELOC rates are variable and will not exceed 12%. Home Equity loans and lines of credit require a minimum credit score of 720 to qualify for the 2.49/3.99% APR with 80% LTV. Home equity loans and lines of credit are available for homes located in Michigan and limited counties in Florida. See branch for details.