- Turning your newly purchased house into your new home. If you just bought your house and want to make it your own, a Renovation Loan provides up to 97%** financing and up to 75%** of the “after completion” appraised value of the home. Plus, our streamlined builder activation process will move things along quickly with less paperwork.
- Updating your humble abode one project at a time. If you’ve owned your home for a while, and you want to make updates as you go, a Home Equity Line of Credit works just like a credit card. Borrow money month-by-month, and as you repay the balance the funds become available again. Borrow up to 80%** of your home’s value (CLTV***), with no fees or out-of-pocket costs in most cases.
- Transforming your current home into your forever home. You’ve made a lot of memories in your home, but you want your future memories to feature a new kitchen with a large island, subway tile backsplash, and a skylight or two. A Home Equity Fixed-Rate Loan lets you borrow a lump sum of money for a set purpose. Borrow up to 90% CLTV at a low fixed-rate with regular monthly payments, terms to fit your needs, and no fees or out-of-pocket costs in most cases.****
Bonus tip: deciding which renovations are worth it. Here are five renovations that yield a high return when selling your home:
- Recoup 75% of your costs when you add a wooden deck.†
- Recoup 73% of your costs when you replace your windows.†
- Recoup 60% of your costs when you remodel your kitchen.†
- Recoup 60% to 70% of your costs when you remodel your bathroom.†
- Increase the value of your home by 28% with good landscaping.‡
To get started, connect with one of our friendly, expert Loan Officers at LMCU.org/Mortgage, or call (844) 754-6280.
**For well-qualified borrowers. ***CLTV=Combined Loan to Value. ****Home Equity loans are available for properties located in Michigan and limited counties in Florida. †Average amount according to Remodeling, 2019. ‡Average amount according to Fortune Builders, 2019.
