As 2013 comes to a close, it’s the perfect time to think of ways to refresh our lives and homes in the new year. From small improvements such as updating fixtures to more complex projects such as remodeling your kitchen or installing solar photovoltaic (PV) panels, upgrading your home can be achieved on any budget with the proper planning and help.
Hawaii Central Federal Credit Union (HCFCU) offers a variety of loan programs to get your home improvement project off to a good start next year. Here are popular financing options:
Photovoltaic Loan
Save on your electric bill in 2014 by installing solar photo-voltaic panels on your home. HCFCU offers a unique PV loan program that allows you to own your PV system in less time and for less money. With no home equity required, the PV Loan is offered as an unse-cured personal loan for up to $50,000 and up to a seven-year term. Plus, there are no payments due for the first six months (interest still accrues), so you can enjoy all of the cost benefits of your new PV system immediately.
Home Equity Line of Credit
Looking to remodel your kitchen and other rooms? A Home Equity Line of Credit is the most flexible financing option that allows you to access your approved loan amount when needed through a revolving line of credit. This choice is ideal for long-term projects, as you only pay interest on the amount you use. The interest rate for this line of credit is adjustable and monthly payments are based on your balance.
Personal Home Improvement Loan
If you’re making smaller upgrades to your home — like switching to energy-efficient appliances or updating fixtures — a personal loan could be the best option. The maximum loan amount is $20,000 with a fixed annual percentage rate and repayment terms up to 84 months. This is favorable for a single project with a short term unsecured repayment plan.
Owner/Builder Construction Loan
This specialized loan from HCFCU is best for homeowners with complex remodeling projects, such as demolishing a current home and building a new one. With a construction loan, the loan amount is based on the estimated value of the completed home. Once approved, portions of the loan are disbursed as each phase of construction is completed. These loans are typically short-term with interest-only payments during the construction period.
Call or visit HCFCU (NMLS #412820) loan officers at 536-3677 or 681 S. King St. HCFCU is federally insured by NCUA and is an equal housing lender.
HAWAII CENTRAL FEDERAL CREDIT UNION
contact // 536-3677
address // 681 S. King St.
web // www.hccu.info
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