The type of loan you choose for your home remodel depends largely on how much equity you hold in your home, the house's current value and its projected value once remodeling is complete.
Home Equity Line of Credit (HELOC)* lets you borrow against the value of your home and withdraw funds as needed to pay for home improvements, repairs, school tuition, debt consolidation, investments and more. Apply only once for the loan but borrow at current interest rates each time funds are withdrawn. Or choose to lock in your interest rate with BECU's Fixed Rate Advance Option.
Refinancing an existing mortgage loan can provide saving through lower interest rates and monthly payments. Borrowers with enough home equity can also choose to cash out some of that equity in a one-time payment as part of the refinance process. Funds can be used to pay for home improvements, repairs or other personal expenses. Choose from three loan options when refinancing your home including a Fixed-Rate Loan, Adjustable-Rate Loan, or a Jumbo Loan.
Remodel questions? We've got answers.
Want to find out more about home equity and cash-out mortgage refinance loans? Contact a BECU Mortgage Advisor.
*Home Equity Line of Credit: You may have to pay certain fees to third parties that range between $0 to $2,756. Additional fee and closing costs including property insurance and, if applicable, flood insurance, state or local mortgage fees or taxes may apply.
Owner occupied property must be located in one of the following states: Washington, Oregon, California, Arizona, Kansas, Missouri, Illinois, and Pennsylvania. Non-owner occupied property must be located in the State of Washington.
A BECU Mortgage Advisor is equipped to help move you through the full process of financing your home. Work with one of them to make the most of your BECU home buying or refinance experience.