Smart Ways to Finance Your Home Improvement Project
- Gwen Canfield
- Feb 26
- 3 min read
Updated: Mar 20

Home improvements can cost more than buying a new car, but the good news is that they can increase your home’s value and you will likely see a return your investment. While paying in cash is ideal, it’s not always realistic. Thankfully, there are several financing options available to help you bring your home improvement vision to life.
Exploring Your Financing Options
If you're considering a remodel but aren’t sure how to fund it, you have several choices, including home equity options, refinancing, FHA home improvement loans, credit cards, and personal loans. Many remodeling contractors we work with offer payment plans, and at 615interiors, we make design services more accessible by allowing clients to divide fees into manageable payments. We also provide a fast and easy HELOC application link directly in our invoices—so you can get approved in as little as 5 minutes and access funds in as little as 5 days.
Types of Home Improvement Loans
Home Equity Line of Credit (HELOC)
A HELOC allows you to borrow against your home’s equity as needed, similar to a credit card. You only pay interest on the amount you use, making it a flexible option. Unlike some loans with strict usage limitations, a HELOC can fund nearly anything you want, often at lower interest rates than credit cards or personal loans.
Home Equity Loan
This is a secured loan that uses your home as collateral, offering a lump sum of cash with fixed monthly payments. It’s a great option if you need a set amount and can manage the repayment terms.
Cash-Out Refinance
If current mortgage rates are lower than what you’re currently paying, a cash-out refinance can help you refinance your mortgage while taking out extra cash for your remodel. This option makes sense if refinancing your home loan can also reduce your interest rate.
Personal Loans
Many lenders offer personal loans with competitive rates, no fees, and flexible repayment terms. These loans can be a great solution for homeowners without enough equity to qualify for home equity loans or HELOCs.
Upstart Loans
Upstart is a good option for borrowers with low credit scores or limited credit history. It considers alternative factors like education and employment to determine loan eligibility.
LightStream Loans
LightStream offers no-fee personal loans with low interest rates and terms up to 12 years. Borrowers can also apply jointly to secure better terms, such as a higher loan amount or lower interest rate.
Fannie Mae HomeStyle Renovation Loan
This conventional loan program covers a wide range of renovation projects, but it has stricter eligibility requirements compared to government-backed loans. It’s ideal for those who qualify and need funding for major home upgrades.
Choosing the Right Financing Option
The best home improvement financing choice depends on your financial situation, credit history, and the scope of your project. Whether you're updating a single room or doing a full-home renovation, there’s a financing option that can help make your dream space a reality.
Protect Your Investment
Remodeling or refurnishing your home is a significant investment. Without a clear plan, it’s easy to make costly mistakes. That’s where hiring an interior designer can make all the difference. I take the guesswork out of the process, helping you visualize the end result before a single decision is made. Through thoughtful planning, detailed design concepts, and 3D renderings, I ensure your vision is brought to life — beautifully and cohesively. From selecting finishes and furnishings to managing the details, I’m here to guide you every step of the way. The result? A home that reflects your style, feels intentional, and maximizes your investment. Let’s make sure your remodel or refurnishing project is everything you imagined — and more.
Wondering what your home improvement project may involve? Let’s chat! Book a free Consult Call with Gwen here »
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