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Renovation Test

 

Renovate

Renovating your current home, or purchasing a home you would like to make some changes to, are both exciting projects. We are proud to be your partner. Below you will find some helpful information and tips to help you through the renovation loan and draw process.


 

Should I renovate my home?

  • Improve living conditions: Many homeowners find certain elements of their home outdated, and many new homeowners find their newly purchased home not quite up to par with what they need. Room expansion, finishing basements  or are common reasons homeowners obtain financing for renovations. 
  • Upgrade: Making energy efficent improvements like upgrading appliances, 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 long term value could be much higher. 
  • Increase resale value: Homeowners that plan to move from their current home within the next few years often complete small scale renovation projects 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.
  •  


 

 Our Loan Options
 

HELOC
RATES AS LOW AS 5.00 APR*

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



     



 

RENOVATION LOAN
RATES AS LOW AS 5.00 APR*

Use your property to make major purchases without applying for a new mortgage

Choose if you plan to :

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


     


     

 

 We're here to help you get started.

 
 

SEND US A MESSAGE

 

Call us at (513) 333-3995

 

Your Project
 

THE PROCESS

   
 
Meet with us to discuss your financing options before you begin your home search. It is important to get pre-qualified for a loan before you begin looking for a builder, so you have a clear idea of what you can afford and estimate associated costs.  We will need a selection of documents prior to our meeting to get your application started. View the complete list, here.
 

 


GETTING 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.

 

 

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.

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.

Link to example

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.

Link to example


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. Typically, ... ? 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.


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:



CONTACT CINFED

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

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