Home improvement loans are dispersed in allotments to the general contractor, with the final amount released only when work is complete and the member is satisfied. Two full appraisals are required - one prior to work beginning, and one after completion. 

All rates and terms are subject to change without notice. Loan rates are subject to credit approval and based on individual creditworthiness, amount financed, and loan term. Your Annual Percentage Rate (APR) will be determined by factors, such as credit score, debt-to-income ratio (DTI), and other qualifications. View our home improvement rates here.

A construction loan is used to fund the expenses of building a new construction home. If you are looking to improve your existing home, a home improvement loan would be the best option. 

A home equity loan is using the equity in your home for anything that you would like. A home improvement loan is borrowing money and only using those funds to improve your property.

The property must be the borrower's primary residence and occupied by the borrower. Other requirements are homestead exemption, homeowner's insurance including windstorm, and construction cannot already be started on the residence.   

There are two major advantages to a home improvement loan over a personal loan. Home improvement loans typically have longer terms than personal loans and usually have a lower interest rate than those of personal loans. 

Home Improvement loans with Education First have repayment terms of up to 20 years. 

Borrowers can receive 90% appraisal value minus any existing liens. Closing costs are paid out of pocket.