Ideal Credit Union

Home Improvement Loans

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 125% of the before 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!

Get Help Planning Your Renovation

Work with a professional designer over Zoom and get 3D designs

The RenoFi Design* service is a two-step process. Step 1 includes a FREE, no-commitment consultation call with a designer. Step 2, includes 3D conceptual designs & a cost estimate. Everything you need to invite contractors to bid on your project. RenoFi will walk you through the design process, and present examples of the design package you would receive if you decide to proceed. Don't wait – start your renovation journey with RenoFi today to receive a free consultation and explore the possibilities for your project!

No Equity Home Improvement Loan Special^**

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
Rates as low as 9.74% APR^** fixed rate
$25,000 maximum loan amount
Terms up to 5 years

Apply Online Make an Appointment

Flexible Home Equity Line of Credit: Minimum Annual Percentage Rate (APR) Floor of 4.00%. Maximum APR is 12.00%. APR is variable, subject to change monthly and 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 $450,000 with a 10-year draw period and up to 15-year repayment period. Properties must be owner-occupied. Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. Eligible for homes in Minnesota and Wisconsin only. Borrowers may request to convert up to three fixed-rate segments at any given time; rates for fixed rate loan segments are determined at the time of the request. A $250.00 processing fee applies for each fixed-rate segment established. Consumer should consult a tax advisor regarding the deductibility of interest.

Fixed Rate Home Equity Loan: Some housing exceptions apply. Rates subject to change at any time. Properties must be owner-occupied. Payment example: On a $20,000.00 loan with a 7 year term up to 80% property value at 6.712% APR, monthly payments would be $295.87. Payments do not include amounts for property taxes and hazard insurance, and the actual payment obligation will be higher. On a $20,000.00 loan with a 7 year term up to 90% property value at 7.461% APR, monthly payments would be $304.00. Maximum loan amount is $450,000. Closing costs range from $500 to $2,000. Maximum loan amount is $450,000. Eligible for homes in Minnesota and Wisconsin only. Consumer should consult a tax advisor for further information.

*© 2025 Renovation Finance LLC DBA RenoFi Licensing - NMLS # 1802847
RenoFi Design is a design service offered by RenoFi. RenoFi is a financial technology company that works with lending partners to offer financing options for home renovation projects. RenoFi is a broker; loans underwritten and funded by third party lenders. Not all borrowers or property types qualify. Terms apply. RenoFi operates as Renovation Technologies Holdings Inc. in California (NMLS # 2412747), Renovation Technologies LLC in Nebraska, and RenoFi LLC in New Mexico.

**APR = Annual Percentage Rate. Maximum loan amount is $25,000. Offer is subject to normal credit qualifications. Payment Example: On a No Equity Home Improvement Loan with a term of 5 years at 9.74% APR, monthly payments would be $527.99 based on $25,000 borrowed. Home Improvement loan promotional rate runs from 5/1/2025 thru 7/31/2025 and loan must close by 9/29/2025.