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General Questions about Home Renovation Loans

Home Equity Loan, Home Equity Line of Credit, Home Renovation Loan or Home Construction Loan – how do I know which is right for me?
At Great Midwest Bank, we’ll take the time to get to know you and your goals. Then we’ll discuss the advantages of each option available and help you determine which loan best fits you. Read our Guide to Financing Your Home Renovations article or contact a loan officer today to learn more.

Are there restrictions on how I may use the funds from my Home Renovation Loan?
There are a variety of ways we can help you finance your home renovations. In certain circumstances, there are no restrictions on how you use the funds. However, if the terms of the loan take into account the future value of your home based on the improvements, then there may be specific restrictions. Contact a loan officer for more information.

Adjustable Rate Mortgages

With an adjustable-rate mortgage, the initial interest rate is fixed for a period of time. After that, the interest rate resets periodically.