The holiday season is often one of the most expensive times of the year for many families. From traveling to buying gifts, the average American spends just over $1,000 on these two things alone1. While the pandemic has made this year look a little different, you may be staying home and hosting a small get together with close friends or family instead. If you’re looking to get your home holiday ready with home improvement projects, you’ll need to have a plan of how you’re going to pay for it. Making changes to your home can be costly, and it’s important to take a look at options, including using the equity in your house, to help you finance these changes.
Below are four solutions to help cover your home improvement expenses.
- Home Equity Line of Credit (HELOC)* – A HELOC is a revolving line of credit that allows you to receive a line of credit up to 80% of your home’s equity. This type of loan is an attractive option for borrowers because you only pay interest on the money you’ve actually used. At First Bank, you won’t pay fees on lines up to $1 million.
- Home Improvement Loan* – A Home Improvement Loan is a fixed-rate improvement loan that doesn’t require equity or collateral to lock in the loan. This is often an ideal solution for new home owners or first-time home owners who haven’t yet built up equity in their home. Home Improvement loans are ideal for borrowers looking to take advantage of a low, fixed rate. This type of loan also offers flexible repayment periods and consistent, monthly payments.
- Thrive Home Improvement Loan* – A Thrive Home Improvement Loan is ideal for those borrowers looking for a secure, fixed interest rate. With this loan, you’re able to secure smaller loan amounts by borrowing up to $10,000. This loan also has no closing costs, but you must reside in the home for at least two years if your mortgage isn’t secured by First Bank Mortgage. The Thrive Home Improvement loan is available in Missouri, Illinois, and California.
- Personal Loan* – A Personal Loan is a simple solution to your financing needs with fixed, low rates and no collateral options. This type of loan is ideal if you are looking to improve your home and you don’t have access to enough equity in your home to qualify for a home equity line of credit. With this loan, there are no pre-payment penalties and no origination fees. Some personal loan solutions we offer include Certificate of Deposit (CD)/Secured Loans, Stock Secured Loans and Unsecured Loans.
If you’re interested in taking out a loan to help get your home holiday ready, fill out our Loan Inquiry Form. This will allow us to understand what loans you are interested in, your needs, and how you intend to utilize the loan. Planning ahead and assessing your finance options can help ease the stress that comes with home improvement projects. Although the holidays might look a little different this year, we hope you can spend time at your newly-updated home safely with your family and friends.
Equal Housing Lender
*Subject to credit approval.
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1 USA Today