As the weather gets nicer, homeowners start thinking about the projects that they want to do. Then the question becomes ‘how do i pay for it?’
Sam Scro, the President and CEO of Auburn Community Federal Credit Union has some thoughts.
“The main way of doing this as a homeowner would be if you have equity in your home, would be to tap into that equity in your home and take out a home equity loan especially now when rates are low and you can lock in a rate” he says.
“For smaller projects, I believe you’d really want to look at if you’re looking at under $1000, use a credit card. You can just use it, take it, and as long as you have the means of paying it back in a relatively short time, that’s the preferable way to go.”
Indoor projects can include things like a new bathroom, kitchen, furniture, flooring, furnace, hot water heater, or insulation, and painting and home additions or renovations.
Outdoor projects can include repairing or installing a new patio, siding, windows, or landscaping, or painting your home.
Scro says for larger projects, a personal or signature loan may be the way you want to go.
“When they decide what they think, they know what the scope of their project is, they would contact a loan officer at the credit union or bank and request a meeting” he adds. “Basically, state how much money you need and after that the type of term you’re looking for, and the loan officer, at that point, they’ll pull your credit report, check your credit and they’ll have an appraisal done on your home to see the value, to see how much money you can borrow for your project.”
Auburn Community Federal Credit Union can assist with loans of all types. They have three convenient locations in Central New York:
- 2651 Erie Drive, Weedsport
- 65 Wright Circle, Auburn
- 101 Prospect Street, Auburn
Click here to learn more or call 315-253-2934.