Once you decide that it’s time to move forward with plans to make a good sized home improvement outside of panting a room or upgrading a single light fixture, it is important to start thinking about how you will afford to pay for it. Whether you are remodeling your kitchen or adding on a room, it is important to make sure that you don’t go in debt while you are increasing the value of your home. St Anne Credit Union in New Bedford can help Southeastern Massachusetts homeowners to make the improvements that they desire without going broke in the process.
PAY IN CASH
One of the best ways to avoid carrying a large bill that could take many years to pay off is to pay for the improvements with cash. Whether you choose to work with a professional remodeling contractor, or if you plan to do the work yourself, make sure that you can afford to purchase all of the materials without having to rely on credit cards, which can end up making the project cost a lot more in the long run. The goal here is to get the biggest return on your investment, so your best bet is to save up for the work ahead of time by using your New Bedford CU account to grow your money. By putting away for the project a little bit at a time and saving over a period of months or more, you will assure that you get the largest gain possible for your efforts. Speak with a representative at St Anne Credit Union in New Bedford about how Share Savings, Certificate of Deposit and Money Market accounts can help you reach your goals.
Another popular method is to get a personal loan through your local credit union in New Bedford. Compared to other types of loans, personal loans are generally easier to get and are a better deal than using a credit card. St Anne Credit Union offers personal loans from $500 on up to $10,000 with terms that range between one and four years. Any amount that is over $6,000 requires two signatures on the loan, however there are special loan opportunities offered throughout the year. Make sure to speak with a representative at St Anne regarding your options, as the terms and conditions for these types of loans are subject to change without notice. A representative at your local credit union can provide you with information about requirements for this type of loan.
Another special type of loan available to members of St Anne Credit Union who are looking to make home improvements, is a Share Loan, which is secured by your Main Share Account. Up to 100 percent of the balance on your account can be borrowed for approximately three percent over the current share rate. This allows you to still earn interest on your savings, while maximizing your remodeling potential. The maximum term is 48 months and monthly payments of the principal and interest are required. Loans can also be secured on certificate of deposit or CD accounts with a rate of three percent over the rate being paid on your CD, and allowing for your loan to mature on the same day as the certificate of deposit account.
HOME EQUITY LOANS
In the industry, a home equity line of credit is also known as HELOC. This type of loan allows you to tap into the equity in your home to make improvements that will increase the value of your home over time. This is a great solution for projects that will cost $30,000 or more. A home equity line of credit will provide you with the lowest interest rates compared to personal loans, credit cards and other types of financing opportunities. Make sure to work closely with a representative of your New Bedford CU account to find out if you quality for a home equity line of credit or other type of equity-based home loan to finance your home improvement project.
Call St Anne Credit Union in New Bedford
If you are interested in exploring new ways to finance your home improvement project, contact St Anne Credit Union by calling 508-993-0011. Our team can help you figure out what type of New Bedford CU account, savings plan, money market account or home equity line of credit will work best for your individual needs. Call now to learn more about becoming a member at the longest running credit union in Southeastern Massachusetts, or to explore new ways of investing in your future today.