Sr. VP of Residential Lending Sue Welsh joins Lou Manfredini to talk about why now is a great time to take advantage of your home’s equity.

If you grew up in the Chicagoland area, then you may be familiar with Mr. Fix It, Lou Manfredini.

Lou hosts HouseSmarts Radio on WGN Radio 720, a weekly call-in program where he offers home improvement advice and DIY techniques.

Sue Welsh, Senior Vice President of Residential Lending and Organizational Sales at DuPage Credit Union, recently joined Lou on HouseSmarts to talk about one of the most important assets you have as a homeowner: your home’s equity!

Listen to the 9-minute conversation here.

The takeaways:

Is now a good time to do a home improvement or home remodeling project?

“[Now is] a great time to tap into that equity,” said Welsh. Rates are still at historic lows and because of the lower inventory, many home values have increased considerably.

DuPage Credit Union offers four types of home equity loans:

• HELOC: A revolving line with a variable rate, similar to a credit card.
• Conventional Equity: One low fixed rate for up to 10 years.^{1skip to disclosure}
• Flex Equity: One low fixed rate for five years. Thereafter, your rate is variable.^{2skip to disclosure}
• Future Value Home Equity Loan: Borrow on the future value of your home after renovations.^{skip to disclosure}

How does a Future Value Home Equity Loan work?

If you’re thinking about making home renovations but have little equity in your home, our Future Value Home Equity Loan is perfect for you. We use an appraiser to determine what the value of your home will be after renovations so that you’re able to borrow the money that you need to complete the work now.

“If you’re putting in a new kitchen and [the appraisers] say, ‘hey with this new kitchen, your value is going to go up $45,000’ then we will lend up to 90%^{*skip to disclosure} of that […] appraised [future] value,” said Welsh. “So it’s like a mini construction loan.”

Is now a good time to do a cash out refinance?

With rates at historic lows and home values up, now is an excellent time to do a cash out refinance for your home remodeling or home renovation project.

A cash-out refinance replaces your existing mortgage with a new one for a larger amount. The difference goes to you in cash to spend on anything you choose. In fact, since rates are so low, many members use this extra cash to make home improvements in lieu of a home equity loan.

Why choose DuPage Credit Union for a home loan?

DuPage Credit Union is a full-service financial institution. In other words, we offer a full suite of financial products, like checking and savings accounts, vehicle loans, personal loans, credit cards, and mortgage loans.

Unlike banks which have shareholders to appease and a well-compensated Board of Directors, DuPage Credit Union is a not-for-profit owned by our members and supported by a volunteer board.

“Being a member-owned not-for-profit, the profits that we generate always get sent back to our members, and that comes in the form of reduced fees or lower interest rates whether it be on a credit card, a car loan, a mortgage loan, or a home equity [loan],” said Welsh.

We’ve got a fan in Lou Manfredini

“I’ve always been a big fan of credit unions […] you guys are cutting edge, and the whole fact that you put the profits back to your members—it’s really become a no-brainer for people to become a member of DuPage Credit Union,” said Manfredini.

We couldn’t have said it better. To learn more about how to become a member, visit dupagecu.com/join or give us a call at 1-800-323-2611.