Repair or Maintain Your Home
Get funds for home repair
Make informed decisions with help from these tips and explanations.
- Replace a roof or a furnace
- Install new flooring
- Replace old windows with energy-efficient options
- Upgrade insulation
- Repair driveways or walkways
- Add or upgrade landscaping
- Upgrade to energy-efficient appliances to help reduce utility costs (which may be eligible for tax credits; consult your tax advisor)
What are the possible benefits of using the equity in my home for repairs and maintenance?Show Details
- Gain potential tax benefits. Home equity interest payments are generally tax deductible. (Consult your tax advisor regarding the deductibility of interest.)
- Lower your monthly payments. Interest rates on home equity financing are typically lower than other credit cards or personal loans, which could mean lower monthly payments.
- Flexible fee payment. Select the home equity closing cost option that meets your needs.1
- Benefit from greater financial control. If you're approved for a home equity line of credit, you can access your variable-rate line of credit during the draw period, paying principal and interest only on the funds you use.
- Increase your borrowing power. If the equity in your home isn't sufficient and you want to finance improvements, consider our Refinance & RenovateSM Loan, which may allow you to borrow funds based on your home's estimated value after improvements are made.
- The interest rate on a home equity loan varies. If you cannot manage home equity payments, you may put your home at risk.
- If you are looking for an alternative to using your home equity for financing, you could apply for a personal loan or a line of credit.
Does my home have enough equity?
- Your home equity is what's available after subtracting what you owe on your mortgage, and any other outstanding liens, from your home's market value.
- Estimate market value with a list of comparable area sales from a REALTOR®.
- Request our Free Equity Analysis.
- If the equity in your home isn't sufficient, and you want to finance improvements, consider our Refinance & RenovateSM Loan, which may allow you to borrow funds based your home's estimated value after improvements are made.
View loan options now.
Depending upon your loan type, property location, property type and loan amount, you may incur other monthly or annual expenses such as mortgage insurance, flood insurance, and homeowners association fees.
Define the project
Create a list of things you would like to accomplish.
Create a budget
Select a contractor
Determine the value
Will your home improvement or repair be worth it to you? Improvements that may add value include:
Remember, a number of factors may determine whether you recover some or all of your expenses. These may include how long you remain in your home, the type of improvements you make, and the typical features of homes in your area.
- Make an estimate of your home's current market value
- Multiply your market value by .80
- From that amount, subtract what you owe on the mortgage and any outstanding debt secured by the property
The result will give you an idea of the equity in your home that may be available for financing.
Example (for illustrative purposes only):
If your current market value = $200,000
And your total existing mortgage and any outstanding debt secured by your property = $120,000
$200,000 x .80 = $160,000
$160,000 - $120,000 = $40,000 estimated available equity
We also have tools and resources that can help you.
Brent D. Miller
Home Mortgage Consultant
NMLSR ID 404017
Toll Free: 1-800-643-0528 Ext.8638
10900 NE 8TH ST Suite 1430
Bellevue, WA 98004
Bank closing costs
Depending on your state, you may be responsible for mortgage taxes, attorney fees and other third-party fees.
Closing Cost Option
Most home equity financing offers two options:
- You pay a higher interest rate to cover all required third party costs
- This option is not available for lot loans or financing greater than $500,000
- You pay a lower interest rate
- Pay with your loan proceeds, line of credit, or a check
For details, please call us.