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Smarter Lending


Home Equity vs Home Improvement Loans


Home Equity Loans

A home equity loan is secured by your home and enables you to access your available equity.

It has a fixed rate with fixed payments. A home equity loan can be a good way to deal with unexpected situations and opportunities and you may borrow up to 80% of your home value. For example, if your home appraises for $200,000.00 and you owe $100,000.00, you may qualify for a loan amount up to $60,000.00. There are no prepayment penalties and the interest could be tax-deductible. (Please consult with a tax professional for more information.)

Home Equity Loans can be used for any purpose:

  • Consolidate debt
  • Pay for education
  • Repair or remodel home
  • Purchase a vehicle
  • Lower interest rate

Home Improvement Loans


Home Improvement Loans

If you're planning to do major renovations and improvements to your home, you may want to consider a traditional home improvement loan.

Doing improvements could potentially add value to your home. You may borrow up to 90% of your home value, including 50% of your bid for improvements done outside i.e. pool, fence, landscaping, and 75% for improvements done from within i.e. room addition, kitchen remodel, bathroom remodel etc.

Some benefits of a Home Improvement Loan:

  • No prepayment penalty
  • Interest may be tax-deductible (Please consult with a tax professional for more information)
  • Fixed rate and variable rate options available
  • May potentially finance the entire cost of the project if all liens do not exceed 90% of your home's value.

We want our Smart Financial member-owners to make smart and informed decisions.

Please call 713-407-1830 and select Option 2 to speak with one of our Lending Specialists to start your application today!


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