Home Improvement Loans

Man and son shaving in the bathroom Columbia Credit Union Home Improvement loan financed

If you don’t have equity in your home, but still need to make improvements, a Columbia home improvement loan can help you reach your goal.

Renew Home Improvement Loan

For smaller home improvement projects, the Renew home improvement loan helps you stay on top of repairs and improvements. Remodel or repair with remarkable terms!

  • Exclusively for home improvements on your primary residence
  • Borrow up to $25,000
  • Rates as low as 8.74% APR
  • No equity required
  • No fees
  • Renew loan is unsecured

Equity Builder Loan

When it’s time to tackle the bigger projects on your list, the Equity Builder can help. Ideal when you don’t have the equity to finance your equity building projects.

  • Exclusively for equity-building projects up to $50,000
  • No equity required
  • Interest-only payments during project phase
  • Possible tax deductions on interest – consult your tax advisor
  • Ideal for major improvements

After reviewing all your financial and project information, we’ll contact you to discuss the best borrowing option for your situation.

To make the best lending decision for your needs, we’ll request information and project criteria from you in the application process:

Borrower information Project criteria
Information about your finances Home being improved must be primary residence
Proof of income – usually a recent paycheck stub and/or tax returns Must own home being improved for minimum of 12 months
Minimum of 12 months with current employer Must provide documentation that details the improvements and the costs

Ready to renovate? Before you begin, we’ll ask you for information and project criteria to make the best loan decision for your home improvement:

Borrower information Project criteria
Information about your finances Must own home for minimum of 5 years, 3 at primary residence
Proof of income – usually a recent paycheck stub and/or tax returns Home must not have another second mortgage or equity loan or line lien
Must have minimum liquid assets of $50,000 Must use an approved contractor, but homeowner may complete up to 10 percent of the contract improvements
Must provide documentation for any expense more than 10 percent of total project

For qualified loans up to $25,000, borrow up to 100 percent of improvement costs. For larger loans up to $50,000 maximum, borrow 100 percent of the home value plus 90 percent of improvement costs.