Are you dreaming of a home remodel but feeling overwhelmed by the cost? You're not alone. Many homeowners feel the same way, not realizing that financing is readily available and easy to obtain.
We're here to help you understand the ins and outs of financing the project of your dreams.
Custom Built provides a streamlined financing option through an MSUFCU unsecured home improvement loan. As an MSUFCU preferred builder, our partnership has helped many homeowners like you achieve your dream home remodel.
In this article, you’ll learn about the type of loan that MSUFCU provides for home remodeling projects, as well as the steps you’ll need to take to get approved for your loan.
What is an MSUFCU unsecured home improvement loan?
The type of loan MSUFCU provides for home remodeling projects is called an unsecured home improvement loan. Usable for projects ranging from building your new deck to finishing your basement, this loan is versatile and easy to obtain.
An unsecured loan is a type of loan where the borrower does not have to provide any collateral to secure the loan. Instead, the borrower's creditworthiness is used as a form of security.
Unsecured home improvement loans are available to MSUFCU members with rates as low as 8.99% APR, and loan repayment term lengths ranging from 36 - 180 months. The APR (annual percentage rate) for your loan will depend on your Experian VantageScore 4.0 credit score and term length.
1) Stated loan rates are available to members with qualifying credit scores. Actual rates may be higher and will be determined by a member's individual credit score, loan term, and collateral if applicable. Actual loan terms may vary and will be determined based on members' individual credit history and ability to pay. All loans are subject to credit approval.
2) Home Improvement Loans are available for Home Improvement purposes and do not involve security in your home. The monthly payment per $1,000 borrowed at 8.99% APR for a term of 36 months would require 36 monthly payments of $31.80 based on 30 days to the first payment.
5 steps to get approved for an MSUFCU unsecured home improvement loan
1. Get pricing for your project
You’ll receive a proposed conceptual range for your project at the showroom consultation meeting. By this time, we will have visited your home to understand the vision you have for your project.
This proposal will inform you of the final price range your project falls within before going through design and product selection.
This range also helps MSUFCU determine the loan amount you need to apply for.
As long as your project’s scope and size remain the same, your final price will be within the proposed range.
2. Become an MSUFCU member
MSUFCU’s unsecured home improvement loan is only available to MSUFCU members. If you’re not currently a member, it’s easy to become one.
3. Apply for your loan using the proposed conceptual range as the loan amount
Now that you’re a member at MSUFCU and have received the proposed conceptual range for your project, you have all the information you need to apply for your loan.
You can apply on the MSUFCU website, through their mobile app, by phone, or at any MSUFCU branch location.
If you have questions, you can contact the Mortgage Department directly at 517-333-2424, option 3.
4. Understand your APR and loan repayment term length
The APR for your loan will be determined by your credit score and desired repayment length.
MSUFCU provides several loan repayment options that have different APRs so you can determine which percentage and repayment length combination are best for you and your budget.
Rates start as low as 8.99% with term lengths ranging between 36 - 180 months.
5. Begin designing your project
With your loan secured, we will begin working with you to design your project. Your final price is determined by specific product selections chosen during your design process.
We will keep in mind your approved loan amount as we design your project to make sure you don’t need to increase the amount you borrow.
Next steps for financing your remodel with an MSUFCU home improvement loan
Don't let the cost of your home remodel hold you back any longer. With the help of MSUFCU and Custom Built, you can finance your dream remodel and update or beautify your home as you’ve wished.
After reading this article, you now understand what an MSUFCU unsecured home improvement loan is and how to obtain one to finance your home remodeling project.
If you have questions, contact the MSUFCU Mortgage Department directly at 517-333-2424, option 3. You can also speak with one of our project development advisors to get an accurate quote and to learn if Custom Built is the right designer and builder for you.
Want to learn about the costs for different types of remodeling projects? Read the following articles:
*The information provided in this article is for informational purposes only and should not be considered official financial advice. It's always best to consult with a financial advisor or professional before making any financial decisions.*