WESTconsin on Morning Connection - Home Improvements with Easy Equity Loans

Are you adding home improvement projects to the spring-cleaning list this year? Not only can they update the look and feel of your home, but projects can also increase your home’s value. So which projects are worth doing and how can a WESTconsin Easy Equity loan help front the sometimes-hefty cost? Vice President of Eau Claire and Altoona Offices, Erika Schorbahn, explains on this month's WEAU 13 News Morning Connection.

What is an Easy Equity loan?

A WESTconsin Credit Union Easy Equity loan is essentially a line of credit that is borrowed against your home’s equity. It’s also commonly called a HELOC. You do not need to have your mortgage loan through WESTconsin to take out a loan with us, and the loan amount depends on the amount of equity you have built up in your home. With a HELOC, you have the flexibility to borrow, repay, and repeat! And the great thing is you pay interest only on the portion of the loan you use and it may be tax deductible.

What might you use an Easy Equity loan for?

It can essentially be used for anything, like emergency medical costs, college expenses, vacations, a wedding, but a great way to put it to use in the spring and summer time is for home improvement projects. A little money can go a long way with the right updates to add value to your home! Plus, with a WESTconsin Easy Equity loan, you have access to your funds from anywhere through WESTconsin Online and the Mobile App so you can pull money as your home projects progress.

What are smaller-scales, DIY projects people can do to add value to their home?

• Installing crown molding: An inexpensive, easy way to give your house a whole new look!
• Freshening up fixtures: Doorknobs, curtain rods, light fixtures, and outlet covers are often overlooked. Replacing them is a quick way to update and change the overall look of your home.
• Installing a new front door: A new door can add character to your curb appeal. If you can’t afford a new door, consider repainting your current one with an attractive color.
• Adding ceiling fans: Ceiling fans can cut down on air conditioning costs, and they can also reduce heating costs by circulating warm air.
• Revealing and restoring hardwood floors: Older homes often have hardwood floors beneath carpet. Restoring rather than installing a whole new floor can save a lot of money and transform the feel of a room.
• Updating landscaping: Flowers and other plants are a great way to brighten your home’s exterior. Choose perennial plants that come back year after year over annuals that last a year or so. Patch any bald spots in the yard with fresh sod. Curb appeal is important when considering your home’s value.

How do you apply for an Easy Equity loan?

Apply online, call the Service Center and (800) 924-0022, visit one of our several convenient locations, or contact a WESTconsin Mortgage Loan Originator who will be happy to walk you through the process!