01 · Project planning
Define the work before choosing how to pay
Write down what needs to change, what can wait, and what would make the project successful. A written scope helps you compare contractor proposals and identify decisions that could affect the budget.
- Separate essential repairs from optional upgrades.
- Request an itemized estimate that identifies materials, labor, permits, and allowances.
- Ask how the contractor handles schedule changes, change orders, and unexpected work.
- Set aside a contingency based on the project’s age, condition, and uncertainty.
02 · Financing concepts
Compare the approaches that may fit your situation
Financing availability varies by lender, borrower, property, and project. These are common approaches to ask about, not a statement that every option is offered by Noven CreditUnion.
Home equity borrowing
A loan or line of credit secured by home equity may be available from some lenders. Compare payment terms and remember that the home is collateral.
Unsecured personal borrowing
An unsecured loan does not use the home as collateral, but rates, loan amounts, repayment periods, and availability vary.
Mortgage refinance
Refinancing can change the rate, term, and total cost of an existing mortgage. Compare closing costs and the full repayment schedule before considering a cash-out option.
Ask Noven CreditUnion which options, if any, are currently available and request written rates, fees, eligibility criteria, and terms before making a decision.
03 · Cost and risk
Look beyond the initial estimate
Compare the total cost of the project and the financing. Include permit fees, temporary housing or storage, material changes, contractor payment milestones, and the possibility that work may take longer than planned.
For any secured borrowing, consider how payments would fit your budget if income or project costs changed. Missing payments can have serious consequences, including loss of collateral. Do not sign a contract or authorize a draw until you understand the payment schedule and the lender’s process.
04 · Get ready
Prepare for a lender conversation
- A project description and itemized contractor estimate.
- Your expected project timeline and planned payment milestones.
- A realistic monthly budget, including existing housing and debt payments.
- Questions about rates, fees, collateral, draw timing, repayment, and early payoff.
- Any documents the lender requests through a verified Noven CreditUnion channel.
Do not send account numbers, passwords, or verification codes through an unsecured email or website form.
Common questions
Home renovation financing FAQs
Does Noven CreditUnion offer a specific renovation loan?
Ask Noven CreditUnion about current product availability and eligibility. The options and terms available to you depend on the bank’s current offerings and an application review.
Should I borrow the full contractor estimate?
Compare the estimate with your budget and a reasonable contingency. Borrow only after reviewing the complete cost, repayment schedule, fees, and risks.
Can I use home equity for renovation work?
Some lenders offer home equity loans or lines of credit. These use the home as collateral, so compare the terms carefully and ask what happens if payments are missed.