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Renovation Education

Renovating my Home

Should I renovate my home?
Renovating your current home, or making your new home into your dreamhome, are both exciting projects. It is important to evaluate your options before choosing to renovate. Here are some common reasons why renovating your home would be a good investment.

  • Improve living conditions: Many homeowners find certain elements of their home outdated, while many new homeowners find their newly purchased home not quite up to par with what they need. Renovation projects like room expansion and basement finishing are popular options for growing families who may not want to relocate and are happy with other elements of their current home.

  • Upgrade: Making energy efficent improvements like appliance upgrades, installing new windows, or replacing insulation not only increases your home's value, but could also reduce the money you spend on ulitity payments. Although the initial cost of this project may seem high, the cost reduction could contribute to greater savings over time.

  • Increase resale value: Homeowners that plan to move from their current home within the next few years often complete small scale renovation projects to increase the market price of their home. It is important to ensure the cost of the project does not exceed the estimated value of the renovation --- and that the changes made appeal to the majority of buyers.



The Draw Process

Draws

A draw is simply the process of withdrawing funds from your loan and using them as payment for the various stages of the renovation. We will consider a start up draw of 10% of the project cost on a case by case basis. After the initial startup draw, remaining funds will only be released if the work has been verified as complete through our inspection of the property (typically completed by the appraiser that has been assigned to your project). This will help ensure that the percentage drawn from the renovation funds match the percentage of work that is complete. To protect all parties involved, draws for materials only will need to be accompanied by receipts, but will be subject to other verification documents as warranted.


Draw Schedule

A draw schedule (plans for draw request) will be required on all rehab holdings over $30,000. Minimum draw amounts, except the Start Up Draw and Final Draw, will be $5000. Download a sample draw schedule, here.


Draw Requests

Renovation loans will have 3 draw fees estimated in closing cost. Each draw will have a Fee of up to $125. Any draw fees not used can be reimbursed after the final draw is made. Depending on the scope of the project, a title update may also be done. Funds can be released in the following manner:

  1. In the event a contractor is being paid through the draw, a check will be issued to the contractor and member, which will need to be signed by both for deposit.
  2. Funds will be deposited into the member's Cinfed account.

A request for a draw should be accompanied by the following:

How should I get started?

Plans and Details

A letter/email will be required explaining the details of your project. We want very specific details about the products/supplies you are using. Any details that you think are important for us to know should be supplied in this letter. Please also include the time frame of your project. The plans and details letter can be crucial in properly evaluating your project. This will impact the underwriting and appraisal aspects of your project. Download our sample letter, here.

Preparing a Cost Sheet

Having a well thought out cost sheet is crucial to a successful project. Whether you are employing a contractor, or you are tackling the renovation on your own, it is important to have a clear understanding of the cost associated with your plans. Make sure that each item is accounted for. The appraiser and underwriter are both dependent on accurate information to be provided. Cinfed will supply you with a cost sheet that is strongly recommended for your renovation project. Download our sample cost sheet, here.


Our Loan Options

HELOC

In a HELOC agreement, or Home Equity Line of Credit, the value in your home is used as collateral to secure a revolving line of credit. Functioning similarly to a credit card, you will be able to use any amount up to the amount initially agreed upon. Use your property to make renovations (under $30,000) without applying for a new mortgage.

Choose if you plan to :

  • Make repairs
  • Upgrade your home
  • Pay down debt
  • Purchase another property

Learn More

RENOVATION LOAN

Choose if you plan to make changes to your current or new home, exceeding $30,000:

  • Make repairs
  • Upgrade your home
  • Purchase another property


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CONTACT CINFED

Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656

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