not enough equity?
WANT TO MAKE HOME IMPROVEMENTS NOW?
With a home improvement line of credit you can borrow up to 85% of the future value of your home to make improvements, accessing funds throughout the various stages of the construction or renovation process.
How does a home improvement line of credit work?
Financing is calculated using the value of your home after the improvements. You and your builder or contractor supply Univest with the plans for your home improvements and together agree upon a schedule for disbursements based on the renovations to be completed.
Loan guidelines and highlights:
- Available on owner-occupied or second homes
- Loan amounts up to $350,000
- 10-year draw period with a 15-year repayment period
- Maximum of 6 draws on the loan during the draw period
- Builder or contractor approval by Univest is required and is valid for one year from date of approval
- Builder or contractor must submit bid, proposal or agreement, draw schedule, a signed Univest budget breakdown, and plans and specifications for work to be completed.
- Funds greater than the cost of constructions cannot be drawn until all construction has been completed
- A 10% contingency reserve is required and will be held in escrow until completion of the project. At completion, any remaining balance will be refunded.
Types of improvements and renovations:
- New kitchen
- Creating separate living spaces
- Complete remodel
- Finished basements
- New porch, deck or swimming pool
- New roof
- Replacement doors & windows
- New septic systems
- Energy efficient upgrades