With low credit union rates, home improvement loans are affordable and offer an easy, low-stress way to get the money you need.
Affordable Monthly Payments
With fixed rates, you’ll know exactly what to pay each month. Home improvement loans fit into your budget.
Increase Your Home’s Value
Making improvements to your home now can translate to bigger profits when you sell. Whether you want to remodel, build an addition, or upgrade your flooring, a home improvement loan is the solution.
Build a Sanctuary
Your home should be somewhere you love to be. With a home improvement loan, you can add the features and upgrades that will turn your home into your dream.
Home Improvement Loan FAQs
The money from your Home Improvement Loan must be used for home improvement expenses, including renovating, remodeling, or putting an addition on your home.
Yes, in most cases, making upgrades or improvements to your home will increase its market value.
The decision to approve someone for a Home Improvement Loan is based on various criteria, including credit score, collateral, and your Loan-to-Value ratio.
Your credit score, or FICO score, is a number that reflects your financial responsibility and helps lenders decide if you're a credit risk or not. Your score is based on - but not part of - your credit report. It's generated at the time of the request, then included with the report.
The five factors that determine your Credit Score are:
- Payment History - (approximately 35% of your score) The factor that has the biggest impact on your score is whether you've paid past credit accounts on time.
- Amounts Owed - (approximately 30%) Having credit accounts and owing money doesn't mean you're a high-risk borrower. But owing a lot of money on numerous accounts can suggest that you are financially overextended and more likely to make some payments late or not at all. Part of the science of scoring is determining how much debt is too much for a given credit profile.
- Length of Credit History - (approximately 15%) In general, a longer credit history will increase your FICO score. It shows that you can responsibly manage your available credit over time.
- New Credit - (approximately 10%) Opening several credit accounts in a short period of time can represent greater risk; especially for people with short credit histories. Requests for new credit can also represent greater risk.
- Types of Credit in Use - (approximately 10%) Your FICO score will reflect a combination of credit cards, retail accounts, installment loans, finance company accounts, and mortgage loans. While a healthy mix will improve your score, it is not necessary to have one of each, and it is not a good idea to open credit accounts you don't intend to use.
Learn more about what determines your credit score and how your score is interpreted.
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APR=Annual Percentage Rate. All rates are listed as Annual Percentage Rate (APR). Certain credit criteria and restrictions apply. Loans subject to credit approval. Qualifying rates may be based on a combination of your credit score, the term you select, collateral, lien position, loan-to-value ratio, and other normal lending criteria. Rates are subject to change without notice. Your final APR may vary based upon customary fees and closing costs, which are treatable as interest when calculating your final APR. For more information, please contact a PrimeWay representative at 713-799-6200.