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Home renovation without the aggravation

Financial Education
Home renovation without the aggravation

Learn more about a HELOC or home equity loan

So you’re finally ready to start making improvements or even renovate an entire section of your home this summer, but two questions remain:

  1. How do I start to modify my home? – Consumer Reports outlines a comprehensive strategy here.
  2. Where do I get the money to make it happen? – Arsenal Credit Union!

The truth is, very few financial institutions let people borrow up to 100% of the equity they have in their home. In fact, most only allow up to an average of 90%; however, to lock in the premium rate on a home equity loan or line of credit, many financial institutions will only let borrowers take a loan up to 80% of the home’s value.

It doesn’t seem right, does it? Shouldn’t you be allowed to leverage the full value of your home? Don’t you deserve to improve your complete living space, not just 80%-90% of it? We sure think so!

At Arsenal, we do let our members borrow up to 100% of the equity they have in their home. As an added bonus, our home equity loans and line of credit feature no closing costs*.

To apply for a home equity loan or HELOC, please visit any of our branches or call us at 314.962.6363, option 4.

 

*ACU may pay closing costs for a home equity loan or HELOC. This equates to a value — and savings for you – of $600 to $800 on average. If the borrower repays the loan within the first 12 months, the borrower must reimburse the credit union for the closing costs. Borrower is responsible for obtaining and paying for comprehensive insurance to cover the value of the real estate. Loan is subject to approval.