Thinking of renovating your kitchen, finishing off your basement, or simply making a minor home improvement? There are a number of options to help finance your project. Your Member Service Advisor can discuss them with you.

Saving for your renovation
Consider directing a portion of your pay cheque towards one of the OPPA Credit Union’s high-interest savings accounts. It’s a simple and painless way to save for your project.

Borrowing
If you’re planning a major renovation, you may want to apply for a personal loan or line of credit. With a loan, you’ll get the money you need upfront, and you can make your loan payments through convenient payroll deductions. A line of credit may be helpful if you’re planning to stage your renovation over a longer period of time. This way, you get the money you need as your renovation progresses and you won’t pay interest on credit you haven’t used.

Using the equity in your home
Use the equity you’ve built up in your home to obtain the lowest possible interest rate with a home equity line of credit. One application establishes a lifelong credit line that can be used for any purpose, whenever you require some extra cash. You can also refinance your first mortgage and use the proceeds to renovate your home. Some conditions apply.