Home values have increased substantially in the last few years and, as a result, many homeowners are now sitting on a serious amount of equity in their homes. With mortgage interest rates substantially higher than in recent years, we’ve seen a greater demand for home equity loans and home equity lines of credit. Homeowners are opting to stay put and improve their existing home rather than try to sell/buy a new home in today’s market.
Ready to take advantage of the home equity boom?
The warmer weather is here and it's the perfect time to take a good look at your home inside and out. Envision your home as if you were a buyer seeing it for the first time and ask yourself:
The return on investment is better for some projects than others. According to Remodeling magazine, this year’s top improvements that will bring you the highest rate of return are:
Home Improvement
Average Cost
Rate of Return at Resale
1. Garage door replacement
$4,513
194%
2. Steel entry door replacement
$2,355
188%
3. Stone veneer on exterior
$11,287
153%
4. Minor kitchen remodel
$27,492
96%
5. Siding replacement
$20,609
88%
6. Deck addition
$17,615
83%
7. Mid-range bathroom remodel
$25,251
74%
Once you have a checklist of improvements you’d like to make and a general idea of what you need to borrow, turn to us. We’ll help you tap into your home equity with:
Either way, you'll:
To learn more about our home equity options:
*Northwest Federal will pay a $500 maximum closing cost credit towards Northwest Federal home equity loan and home equity line of credit (HELOC) secured by a primary residence or a second home. Credit may not exceed the actual costs and cannot be used to pay for the real estate appraisal (if one is required) and/or interim interest. This promotion cannot be combined with other offers and is subject to change without notice.
Home equity loans and HELOCs not available in Texas.
Sources:
“The HELOC Boom: With High Mortgage Rates Should You Borrow Against Your Home Equity?”, Businessinsider.com, 05/15/24.
“Top 14 Home Updates that Pay Off in 2024”, HGTV.com, 05/07/24. “2024 Cost vs. Resale Report”, Remodeling magazine.