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Home Renovation Loan

Make Paying For The Project Easy

Apply Online for a Home Renovation Loan
  • Overview

    Transform Your Dream Home with a PDCU Renovation Loan

    Your dream home awaits, and it can be perfect with a bit of love and attention. If you’ve discovered the ideal home that needs just a few enhancements to match your vision, our Home Renovation Loan is here to make it happen without the hassle of fees or down payments.

    Your home deserves to shine. Whether it’s a fresh coat of paint, updated countertops, new flooring, or crucial repairs like a new roof or furnace, our Renovation Loan provides the funds you need for non-structural improvements.

    Get a quote today and turn your dream home into a reality with People Driven Credit Union!

    No Fees, or Downpayment

    If you’ve found your dream home, but it needs a few small fixes to be perfect, we can help.

    Get a Quote for Your Home Renovation Loan

    Renovation Loan Advantages:

    1. Fast and easy to apply
    2. Loan amounts up to $30,000
    3. Terms up to 84 months*

    It Just Needs One Thing…

    You have a great home in a great location. Although, it just needs one thing to be completely perfect. Whether it needs fresh paint, new counters, the carpet needs to be removed, the cabinets won’t work, or any other cosmetic-type improvements, we can help ensure you have that in your budget!

    What if the furnace or roof leaks?

    A People Driven Credit Union Renovation Loan is for up to $30,000 for non-structural improvements. These improvements include paint, carpet, countertops, cabinets, siding, air conditioning, heating, windows, a new roof, or accessibility enhancements.

    People Driven Credit Union is a full-service credit union with branches and ATMs that are easily accessible around Metro Detroit and Southeast Michigan.

    The Loan Department provided the most informative. Furthermore it was the most professional service I have ever experienced.

  • Rates

    Fixed Term Home Equity Loan Rates

    Rates Effective as of: 07-14-2024
    Other Info Max TermTerm Rate (APR)
    LTV Up to 80% Up to 60 MonthsAs low as 7.20%
    LTV Up to 80% 61-120 MonthsAs low as 7.45%
    LTV Up to 80% 121-180 MonthsAs low as 7.95%
    LTV Up to 80%181-240 MonthsAs low as 8.20%
    LTV 81% to 90% Up to 60 MonthsAs low as 7.70%
    LTV 81% to 90% 61-120 MonthsAs low as 7.95%
    LTV 81% to 90% 121-180 MonthsAs low as 8.45%
    LTV 81% to 90% 181-240 MonthsAs low as 8.70%
    LTV >90 to 100%Up to 60 MonthsAs low as 8.20%
    LTV >90 to 100%61-120 MonthsAs low as 8.45%
    LTV >90 to 100%121-180 MonthsAs low as 8.95%
    LTV >90 to 100%181-240 MonthsAs low as 9.20%

    Rates Effective as of: 07-14-2024
  • FAQs

    Frequently Asked Questions

    Maximize your savings with potential tax deductions on the interest paid on your Home Renovation Loan. Consult with a tax advisor to explore the tax benefits available to you.
    When applying for a Home Renovation Loan, prepare for your renovation journey by gathering proof of income, identification, and details about your planned renovation project.
    Yes, you can conveniently apply for a Home Renovation Loan online through our website or by visiting one of our branches.
    With our streamlined application process, approval for your Home Renovation Loan is fast and efficient, so you can start your renovation project without delay.
    Enjoy flexible repayment terms of up to 84 months (7 years) with our Home Renovation Loan, giving you ample time to repay without straining your budget.
    At People Driven Credit Union, you can secure up to $30,000 with our Home Renovation Loan, providing you with the financial flexibility to tackle projects big and small.
    With a Home Renovation Loan, the possibilities are endless. You can revamp your kitchen, refresh your bathroom, upgrade your flooring, enhance your outdoor space, or even invest in energy-efficient upgrades to lower your utility bills. You can use a Home Renovation Loan to fund a variety of home improvement projects, including:
    • Kitchen or bathroom remodeling
    • Flooring replacement
    • Roof repairs or replacement
    • HVAC system upgrades
    • Painting and cosmetic enhancements
    • Deck or patio installation
    • Energy-efficient upgrades (e.g., new windows or insulation)
    A Home Renovation Loan is the key to transforming your home into your dream space. Tailored specifically for home improvement projects, this loan allows you to access a lump sum upfront to bring your renovation plans to life.

Ready to start?

Of course every situation varies, so if you're interested in our Renovation Loan

Apply & Close 100% Online

*APR = Annual Percentage Rate: The actual APR and loan term is subject to approval and may be determined upon the borrower’s creditworthiness, the amount borrowed, and the type, value, age, and condition of the collateral offered to secure the loan (when applicable). Rates are effective as of today and are subject to change.

Special Loan Rate Discount: Benefit from a 0.25% reduction when enrolling in our AutoPay service, which is included in the “as low as” rate advertised. The discount is available to those with Direct Deposit of payroll, social security, or retirement and AutoPay setup from a People Driven Credit Union checking or savings account.

Payment example: Monthly payments of $20.00 for each $1,000 borrowed at 6.55% APR for 60 months.

You might consider getting one if you’re interested in buying a home at a lower price point and taking on the costs of fixing it up. Buyers choose to do this for several reasons, including personal pleasure or as a way to gain equity faster than they normally would when buying a move-in-ready house since you’re more in control of establishing the value of your home.