Home Improvement Loan (HIL)
A Home Improvement Loan is a fixed rate installment loan secured by a UCC Filing on the
home. Homeowners with borrowing needs such as those listed below should apply for a Home
Improvement Loan:
- New Roof
- New Kitchen
- Landscaping
- Electrical
- Other major home related purchase
The Home Improvement Loan will also meet the needs of homeowners who prefer a fixed monthly payment and/or have a single borrowing need with no expectation of future needs.
Some of the key features and benefits of the Home Improvement Loan are:
Features |
Benefits |
| Financing is available up to 84 months. | Flexibility – can structure payment to fit your budget. |
| Competitive rates and terms | Home Improvement rates are generally lower than Personal Loan rates. |
| Fixed monthly payments. | Easy budgeting and record keeping. |
| Interest rate is fixed for the life of the loan. | Cost of borrowing known at time of origination. |
| Payment may be made via a coupon book or automatically deducted by Automated Clearing House (ACH)* from another Bank’s checking or savings account. | Customer has choice of the most convenient payment method. |
*ACH is an automatic deduction system that is similar to (IDS) Insurance Deduction Services.
Also see the "At a Glance" chart. This chart presents the most critical aspects of the products.