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Second Mortgage
Home Improvement Loan
Borrow money to renovate, remodel, or make repairs
Why a second mortgage home improvement loan?
Increase the comfort and potential value of your home—without refinancing your current mortgage.
- Loan amount is based on the “after-improved” value, increasing the amount of renovation funds available
- Up to 12 months to complete the renovations
- Draw up to 10% of the loan amount at closing
- Licensed, bonded contractors are required on loans above $50,000
How it works
1
Fill out your application
Enter your information to get the process started.2
Get approved
We’ll review your application and give you an answer in about a week.3
Start renovating
If you’re approved, you’ll have access to the funds for your project in about 30 business days.Home improvement loan FAQs
Improvements made with the funds from a Second Mortgage Home Improvement Loan must make the property more livable and useful. For example, you can make the following types of improvements:
- New roof or flooring
- New plumbing or heating systems
- New built-in appliances like a dishwasher or oven
- Energy efficiency improvements, including solar panels
- Accessibility improvements like ramps or widened doorways
You can’t use a Second Mortgage Home Improvement Loan to finance personal property items, such as removable appliances.
In many cases, we can give you an answer in just a few days.1 However, if we have to ask for additional paperwork to support your application, then your decision could take a little longer.
Minimum loan amount: $25,000
Maximum loan amount: $500,000
- Itemized bids/materials list must be provided
- Licensed, bonded contractor bid required for projects exceeding $50,000
A 10% contingency reserve will generally be added to the bids; if actual costs do not exceed bids, excess funds will be applied as a principal reduction after completion of project.
Ineligible properties include:
- Manufactured Homes
- Properties exceeding 20 acres – it is not acceptable to have property appraised with only 20 acres to meet eligibility
- Unique properties (dome homes, earth berm homes, etc.).
- Commercial or multi-use properties
The property must be the primary or secondary home.
All financed properties MUST be accessible from either a state or federal road highway system or a marine highway system
More home improvement loan options
Learn about homeownership
Get started on your home improvement loan
Apply for a loan now
Get started now with our easy online application. If you want to talk through your options or ask any questions, you can give us a call at 800-525-9094.
Start your application
1Loan decisions may take longer if additional documentation is required to prove creditworthiness.
2Deposits may take longer if we cannot verify your account information.