Ideal Credit Union

Home Improvement Loan

Home Improvement Loans

renofi

Convenient Solutions for Your Home Renovations

Ideal Credit Union has partnered with RenoFi to provide members an option to get the most money and lowest monthly payment for your home renovation. We’ve designed RenoFi Loans in a way that makes life much easier for homeowners and their general contractors. Once approved, homeowners receive 100% of cash up front. No draws, no inspections.

Choose between HELOC and Fixed Rate Home Equity Loan options
Borrow up to 90% of the after renovation value of your home
Fixed-rate home equity loan terms up to 15 years¹
Home equity line of credit option offers a 10-year draw and up to 15-year repayment period²
No repayment penalty

Find out how much you can borrow!

No Equity Home Improvement Loan^*

Our No Equity Home Improvement Loan is perfect for homeowners who need quick funds for renovations or new appliances but don't have equity in their home to work with. This can cover many expenses such as a new driveway, bathroom or deck, as well as smaller projects like new flooring or paint. You can even use this loan to finance new appliances!

Loan Terms:

Unsecured loan
9.29% APR* fixed rate
$25,000 maximum loan amount
Terms up to 5 years
680 Minimum credit score required

Apply Online Make an Appointment

*APR = Annual Percentage Rate. Maximum loan amount is $25,000. A minimum credit score of 680 is required to obtain this loan. Offer is subject to normal credit qualifications. Payment Example: On a No Equity Home Improvement Loan with a term of 5 years at 8.99% APR, monthly payments would be $518.84 based on $25,000 borrowed.

¹Fixed Rate Home Equity Loan: Some housing exceptions apply. Rates subject to change at any time. Properties must be owner-occupied. Payment example: $20,000.00 loan with a 5 year term up to 80% property value at 5.740% APR, monthly payments would be $384.25. On a $20,000.00 loan with a 5 year term up to 90% property value at 6.375% APR, monthly payments would be $390.16. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. Consumer should consult a tax advisor for further information.

²Home Equity Line of Credit: Minimum Annual Percentage Rate (APR) Floor of 7.00%. Maximum APR is 12.00%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal. Required payments are calculated at 1% of the outstanding balance. Maximum loan amount is $350,000 with a 10-year draw period and up to 15-year repayment period. Minimum credit score of 660 is required. Properties must be owner-occupied. Eligible property types include SFD and Townhomes (up to 90%), and condos (up to 80%); Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. The consumer should consult a tax advisor for information regarding the deductibility of interest and charges.