What's the difference between a construction loan and a DuPage Credit Union Future Value Home Equity loan?
Unlike a construction loan which is used to finance building a home from the ground up, a Future Value Home Equity loan is used to make renovations to an existing property. To qualify for a Future Value Home Equity Loan, we appraise what the home’s future value will be after renovations. This way, members who have very little equity in their home can use this loan to make renovations.
Please note that DuPage Credit Union does not finance construction loans.