Sensational Home Improvements for Summer

June 25, 2024

It’s a great season to tackle home renovations with help from a Home Equity Loan or Home Equity Line of Credit (HELOC).

There’s nothing quite like warmer weather and sunny days in Maine. Now that summer is here, it is prime time to get your great outdoors looking, feeling, and functioning at its best so you can enjoy it to the fullest.

With help from a UCU Home Equity Loan or Home Equity Line of Credit, you can put the equity you have in your home to work for you and tackle your home improvements this summer.

Differences between a Home Equity Loan and Home Equity Line of Credit

Home Equity Loan

A Home Equity Loan is a lump sum loan with a fixed amount borrowed upfront. Home Equity Loans typically have a fixed interest rate and fixed monthly payments over the life of the loan, which can be from 5-15 years at UCU. Home Equity Loans are best for large, one-time expenses such as home renovations, medical bills, or debt consolidation.

Home Equity Line of Credit (HELOC)

A HELOC is a revolving line of credit that you can draw from as needed, they work in a similar way to a credit card. HELOCs typically have a variable interest rate, and the monthly payment can vary based on the amount borrowed. HELOCs are best for ongoing or variable expenses, such as ongoing home improvements, education costs, or as an emergency fund that can be drawn upon when needed.

Examples of home improvements you can use a Home Equity Loan or HELOC for:

  • Enhance your curb appeal. Update your siding, install stone veneer, and your entryway to give your home a curb appeal makeover.
  • Build, upgrade, or repair your porch, deck or dock. Spending more time outdoors all summer is something you look forward to every year. You can spruce up or construct a porch, deck or dock to help you enjoy your outdoor time even more.
  • Update and refresh your landscaping. Beautify your front and back yards to make them your favorite spaces at home. You can create your own oasis with fresh shrubs, trees, flowers, and hardscape materials.
  • Update HVAC systems for energy efficiency. Update your home’s heating and cooling systems to more energy-efficient technology, such as heat pumps or solar energy.
  • Replace windows and doors. Replacing old, drafty windows and doors can make your home more energy efficient.

Find the Right Lender

Before starting those outdoor (and indoor) home improvements or taking steps toward your goals, you must get started on finding the right lender. Talk to one of our mortgage experts to find the right loan that will best fit U.

Contact the UCU lending team to learn more or get started on your Home Equity Loan or HELOC application.

Give us a call at 800.696.8628

Equal Housing Lender. NMLS 407658