cPort members recently completed this kitchen and dining room renovation with a cPort Home Equity Line of Credit (HELOC).
Thanks to the easy application process and in-house lending decision, they were able to open a HELOC and get to work on the project! For a brighter, more modern look for their kitchen and dining room, they:
- Installed an energy efficient heat pump to replace a monitor heater
- Painted the walls and trim
- Sanded, primed, and painted the old cabinets
- Added a subway tile backsplash
- Replaced laminate floors with an updated vinyl plank
- Widened the opening into the living room
- Updated the pendant lighting
- Refreshed the decor
To finance their renovation, our members applied for a Home Equity Line of Credit with a limit of $25,000. Overall, the total renovation cost around $7,500 because the homeowners did a lot of the work themselves. They now have some of the line of credit available for emergencies or future projects.
They chose a 3-Year Fixed Interest Only HELOC, which offers them low monthly payments during the draw period, and interest rate security for the first three years of the loan.
The process of applying for a Home Equity Line of Credit is a little different for every member, but generally includes these steps:
- Contact a Member Service Representative to discuss which product is right for you. cPort offers HELOCs, Interest Only HELOCs, and a 3-Year Fixed Rate Interest Only HELOC.
- Once you’ve decided which loan is best for you, complete your application. We’ll ask for income and property documentation as part of your application.
- Once we’ve received your application, HELOC applications take an average of around 5 weeks from to close.
- Come in for the closing when everything is ready!
To get started with your own Home Equity Line of Credit, give us a call at 1-800-464-0253 or stop into a branch today! If you’re looking for home project inspiration this spring, check out Buzzfeed’s list here! If you’re looking for a home to do these renovations in, we also have a full suite of mortgage options!
Also, check out our First Time Home Buyer’s Workshop.