Home renovation loans can be used for various home remodeling projects, which can be either small or large. A few things these loans can be used for include:
With a home renovation loan, you may be able to add curb appeal and possibly increase the value of your home. It allows you to turn an average home or a fixer-upper into something that stands out in your community.
Different types of loans are available for your home renovation project. These loans can either be secured or unsecured.
Secured Loans — With a secured loan, the home is often used as collateral. Types of secured loans include a home equity loan, cash-out refinance loan, or a home equity line of credit (HELOC).
Unsecured Loans — A personal loan is a type of unsecured loan that is sometimes used for home renovations. Unsecured loans do not have any collateral requirements.
The type of home renovation loan you obtain determines whether there are restrictions.
FHA loans, for example, are restricted to certain projects. With a secured loan from Chartway where you are borrowing against the equity of your home, however, there are no restrictions.
Obtaining a home improvement loan through Chartway is a simple process. Our checklist of items you’ll need to apply is relatively short, and if you have any questions, our team is just a phone call away.
If you are approved for an equity home renovation loan, you will have quick access to your funds and there are no annual fees. Online money transfers are available for speed and convenience.
In addition to offering secured loans backed by equity in your home, Chartway also offers personal loans with great rates that can be used for home renovation projects.
Chartway’s Personal Signature Loan features:
Another option to consider is a Chartway personal line of credit. This is money that is available for you to borrow as you need it.
This line of credit features:
A Chartway representative can help you determine whether a personal loan or line of credit is best for your needs.
Are you ready to tackle that home renovation project that’s been on your to-do list? There’s no time like the present to get started!
Talk to a Chartway representative today to find out how easy it is to apply for a home renovation loan. It could be the first step in making your dream a reality.
Ready to get started?