Q: I’m doing some home renovations this summer and I’m not sure how to finance this expense. There are so many loan options, but which one makes the most sense?

A: Whether you’re gutting your entire kitchen or turning your basement into a home theater, we’ve got you covered! As a Scenic Community Credit Union member, you have several choices when it comes to funding a home renovation. And we want to help you find the right one for your specific needs.

Here are 4 ways to finance a home renovation:


Home Equity Line of Credit. A Home Equity Line of Credit (HELOC) is an open credit line that is secured by your home’s value. HELOCs offer flexible terms and lower upfront costs than most other loans.
Home Equity Loan. A Home Equity Loan (HEL) allows you to borrow a fixed amount of cash, which you receive in one lump sum. However, upfront fees can be high.
Credit cards. Credit cards can work for minor touch-ups, with interest rates as low as 12% APR you can get those small home projects complete without those long term fees. 
Personal loans. Personal loans are short-term loans that sometimes have high interest rates and upfront fees. SCCU offers personal loans as low as 8.49% APR! Check out our loan rates we offer.

Do your research and talk with us at Scenic Community Credit Union to help find the best option for your needs.