Home Improvement Options
If you’re looking to access your home’s equity, Croghan Colonial Bank can help you choose between a Home Equity Line of Credit (HELOC) and a Home Improvement Loan. These loan options provide funds for a variety of purposes, including home renovations, debt consolidation, college expenses, major purchases, or any other expenses you may have. There are no restrictions on how you can use the funds, and they’re readily available when you need them.
Home Improvement vs. HELOC: Which is Right for You?
Choosing between a HELOC and Home Improvement Loan depends on your unique financial situation:
Home Improvement Loan
A home improvement loan allows you to utilize two different options. Use Your Home’s Equity to borrow money for your home improvement project based on your home’s current or Projected Value. Projected Value helps us evaluate how your planned home improvement will enhance the value of your home, allowing you to use these anticipated funds to complete your home improvement project. Utilize a Personal Unsecured Home Improvement Loan, which allows you to borrow up to $20,000.00.
HELOC
A HELOC functions like a revolving line of credit secured by your home’s equity. With our Lock Feature, you can convert portions of your balance to a fixed-rate loan at any time, ensuring predictable monthly payments. You can have up to three separate locked balances at once. Eligibility can depend on factors such as home equity, credit score, and debt-to-income ratio (DTI).
HELOC Benefits
Flexible Borrowing
Access funds as needed.
Revolving Credit
As you repay, funds become available to borrow again.
Lock Feature
Convert all or part of your balance to a fixed rate for predictable payments.
Interest-Only Payments
Pay only the interest during the draw period, with the option to repay principal early.
Home Improvement Benefits
Quick Access to Funds
Quick access to the necessary funds for home improvement projects enables homeowners to begin renovations sooner.
Fixed Interest Rates
Home improvement loans offer fixed interest rates, providing predictability and making it easier to budget for the loan payments.
Increased Home Value
Home improvements can increase your home’s value, making them a worthwhile investment.
Common Home Project Cost
Proper planning ensures you have the right financing in place before starting your project. Here’s a look at the average costs of common renovations:
Minor Kitchen Remodel
$23,452
Major Kitchen Remodel
$68,490
Garage Door Replacement
$3,695
Roof Replacement
$24,700
What You Can Expect from Croghan
When you choose Croghan for your FHA or VA loan, you’re partnering with a trusted lender committed to your homeownership success.
Simple and Transparent Process
We’ll guide you through each step of your loan application, ensuring you understand the terms and feel confident every step of the way.
Local Experts
With years of experience serving our community, we provide personalized advice and support tailored to your unique needs.
Personalized Support
From pre-approval to closing day, our team is here to offer tailored support, making the home-buying process as smooth and efficient as possible.
Ready to Get Started?
Start turning your home improvement plans into reality today.
Important Legal Disclosures
*All loans are subject to credit approval.