5 ways to finance your home improvement project

by Chris Gottschalk, First Alliance Credit Union

If you’ve got a home improvement project you’d like to tackle, you’re probably anticipating how nice your home will look after you’ve finished. You’re probably also wondering how exactly you’ll pay for it. Fortunately, there are a few ways you can finance a big-ticket item like home improvement, whether it’s remodeling your kitchen or building an addition.

Home Equity Line of Credit

When you get a home equity line of credit, you’re using the equity of your home to open up a line of credit that you can use as needed. You don’t have to withdraw the full amount of money from your line of credit, and you only need to pay interest on the money you’ve withdrawn. This makes it an ideal way to fund a home improvement project like a renovation, when you might not know just how much the project will cost.

 

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