Finance home updates with
ease
From efficiency upgrades for comfort and longevity to adding on for your expanding family, find loans to fund home updates that meet your needs.
Financing your project: loan vs. credit?
Using a loan for home improvements often offers lower interest rates than credit cards, saving you money over the life of your home project. Loans also provide a structured repayment plan, making budgeting easier each month.
Home Equity vs. HELOC
A Home Equity Loan provides a lump sum of money at a fixed interest rate, making it ideal for large, one-time projects with predictable costs. A Home Equity Line of Credit works like a credit card, allowing you to borrow and repay funds as needed over a draw period.
Stay where you love, longer
A home renovation loan can help you make the updates you need to keep your home comfortable and accessible as your needs change.
Loan Rates
Home Renovation Loan Rates
| Term | Interest Rate | APR | Loan to Value Ratio |
|---|---|---|---|
| 60-107 Months | 6.74% | 7.423% | Up to 80% |
| 108-120 Months | 6.94% | 7.318% | Up to 80% |
| 121-180 Months | 7.24% | 7.587% | Up to 80% |
| 181-360 Months | 7.74% | 7.993% | Up to 80% |
Home Improvement Loan Rates
| Loan Type | Term | APR As Low As | Payment Per $1000 | Description |
|---|---|---|---|---|
| Home Heating Loan | Up to 12-Months | 5.69% | $85.92 | $1,000 Minimum/$5,000 Maximum |
| Energy Efficiency Loan | Up to 84-Months | 2.00% | $12.77 | Must get approval by Electric company. $15,000 Maximum |
| Energy Efficiency Loan – Eversource Customers | Up to 84-Months | 0.00% | $14.97 | Must get approval by Electric company. $15,000 Maximum |
| No Equity Loan | Up to 60-Months | 10.69% | $21.59 | $1000 Minimum/$60,000 Maximum |
| No Equity Loan | Up to 84-Months | 11.69% | $16.96 | $1000 Minimum/$60,000 Maximum |
Home Equity Loan Rates
| Loan Type | Term | APR As Low As | Loan To Value Ratio |
|---|---|---|---|
| Home Equity Loan Second-Lien (Real Smart) | Up to 60-Months | 7.49% | 81-90% |
| Home Equity Loan Second-Lien (Real Smart) | Up to 84-Months | 6.19% | Up to 70% |
| Home Equity Loan Second-Lien (Real Smart) | Up to 84-Months | 6.69% | 71-80% |
| Home Equity Loan Second-Lien (Real Smart) | 61-120 Months | 7.99% | 81-90% |
| Home Equity Loan Second-Lien (Real Smart) | 85-107-Months | 6.39% | Up to 70% |
| Home Equity Loan Second-Lien (Real Smart) | 85-107-Months | 6.99% | 71-80% |
| Home Equity Loan Second-Lien (Real Smart) | 108-120-Months | 6.69% | Up to 70% |
| Home Equity Loan Second-Lien (Real Smart) | 108-120-Months | 7.19% | 71-80% |
| Home Equity Loan Second-Lien (Real Smart) | 121-180 Months | 7.19% | Up to 70% |
| Home Equity Loan Second-Lien (Real Smart) | 121-180 Months | 7.69% | 71-80% |
| HELOC (Interest Only) | 10-Year Draw Period/15-Year Payback Period | 7.5% | Up to 80% |
| HELOC (Interest Only) | 10-Year Draw Period/15-Year Payback Period | 7.75% | 81-90% |
| Home Equity Loan First-Lien (Home Advantage) | 15-Year | 6.45% | Up to 80% |
Effective date: June 05, 2025
ADU Home Renovation Loan General Disclosure1
Minimum amount is $20,000. Maximum amount is $500,000. The loan must be in second lien position. Property insurance is required. Flood insurance is required if the property is located in a flood zone.
Annual Percentage Rate (APR) shown is the lowest rate offered and based on credit score. Rates are subject to change without notice.
The Fixed Home Renovation Loan offers a loan term of up to 240 months and begins with a 9-month interest only construction period followed by a fully amortized re-payment period for the remaining months. For maximum term of 240 months, loan amount must be greater or equal to $100,000.
Home Renovation Loans are only available if home is being built in New Hampshire or Maine.
All loans are subject to credit approval.
ADU Home Renovation Loan Payment Example
A payment example for a Home Renovation Loan with $100,000 loan amount and 7.99% interest rate and annual percentage rate of 8.249% will have a monthly principal and interest payment of $849.16.
The APR in the payment example was effective on February 26, 2024. The current APR may be different than the APR used in the payment example.