When undertaking a home improvement project, many homeowners have the same question early on: how am I going to pay for this?

In an ideal world, you would be able to save all the money needed for your project and pay for it all at one time. However, that’s not always possible – especially for large-scale renovation projects. You do have a few options for financing your project, no matter the scope.

Note: Titus Contracting is not a financial institution, and the following should only be taken as a general guideline – not as financial advice. Please contact a financial advisor for any financial advice. 

Home Improvement Financing Options

There are a few options you have to finance your home improvement project. We strongly recommend speaking with a financial advisor to determine the best option for you. However, there are a few common options for homeowners to choose from:

  • Home equity line of credit (secured) – This is a line of credit specifically earmarked for home improvement projects. However, this option requires collateral – which is typically backed by your home. However, these types of loans can be a great fit for large products, as they typically have a variable interest rate. The variable interest rate is dependent on Federal Home Equity Rates, which can be a bit of a gamble – sometimes rates will be low, sometimes they will rise.
  • Home improvement loans (unsecured) – These are loans offered by banks or lenders specifically for home improvement projects. Because these loans are unsecured, that means you don’t have to use your home as collateral to qualify. These loans typically require a high credit score to qualify, and can be a great fit for smaller projects you’ll be able to pay off quickly as interest rates can be high.
  • Home equity loan/second mortgage (secured) – This type of loan is secured by collateral – in this case, your home itself. Unlike a home equity line of credit, the interest rates are fixed based on the date you secure the loan.
  • Government loans – Depending on the type of project, you may be able to tap into qualifying government loans. However, these loans typically have a very limited scope. 

Titus Recommended Financing Partners

If you’re looking to finance a home improvement project with Titus, we have a few partners we work with that we highly recommend! You can find out more details on our financing page.

For Smaller Projects: Hearth Financing

Hearth helps you find monthly payments for your project. Review your rates from over a dozen lenders through Hearth’s quick and secure application without affecting your credit score.

Explore Personalized Quotes

For Larger Projects: Recommended Lenders

Angie Lawerence | Nicolet National Bank

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Cheryl Stuntebeck | Bell Bank Mortgage

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Craig Lind | Deerwood Bank
Mendota Heights

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Titus Contracting is a full-service remodeling company offering commercial and residential construction. We have an office in Burnsville, Minnesota and work throughout the Twin Cities.