Home Improvement Loans
Whether you’re planning a major renovation, adding more storage, or tackling long-overdue repairs, OFCU is here to help turn your vision into reality. Our Home Improvement Loans offer flexible options for any type of project.
Discover the Benefits of a Home Improvement Loan with OFCU
Convenient Application Options
Apply online, by phone, or stop by a branch. OFCU members can apply within digital banking.
Sign Documents Electronically
Take advantage of electronic document signing to finalize your loan quickly.
Flexible Repayment Schedules
Select the payment schedule that works for you! Choose weekly, bi-weekly, or monthly payments.
Unsecured Home Improvement Loan
Planning smaller updates or quick renovations? Our Unsecured Home Improvement Loans offer the flexibility you need, without using your home as collateral.
Because it’s unsecured, approval is based on your creditworthiness, making it an ideal solution for homeowners who want to act quickly on their improvement plans.
Features:
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Loan amount up to $25,000 with no appraisal
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Low, fixed rates
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Flexible repayment terms — up to 15 years
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No pre-payment penalty
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Closing costs paid by Oxford Federal Credit Union*
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Annual interest payments may be tax-deductible**
Secured Home Improvement Loan
For larger renovation projects or long-term investments in your home, a Secured Home Improvement Loan could be the perfect fit. By using the equity in your home as collateral, you may qualify for a lower interest rate and higher loan amount than unsecured options—ideal for kitchen remodels, additions, or significant structural updates. This type of loan gives you the power to transform your home while increasing its value.
Features:
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Loan amount up to $250,000
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Low, fixed rates
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Flexible repayment terms – up to 20 years
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Closing costs paid by Oxford Federal Credit Union*
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Interest paid may be tax-deductible**
Get a Home Improvement Loan in 3 Easy Steps!
Step
1 |
Apply for a Home Improvement Loan
Apply for your home improvement loan online by clicking below, calling or visiting a branch. |
Step
2 |
Loan Approval
We’ll review your application and reach out to you quickly with a loan decision. |
Step
3 |
Finalize the Loan
Sign your loan documents electronically or at a branch location. |
★★★★★
“The staff at OFCU are friendly, responsive, and professional. I've
been banking with them for over twenty years and have never
had an issue.”
- Ian C., Mexico, ME
Home Improvement Loan FAQ
What’s the difference between a construction loan and a home improvement loan?
A construction loan is typically used to build a new home from the ground up or make significant structural changes. It’s usually short-term and disbursed in stages as the work progresses. A home improvement loan is ideal for renovating or upgrading your current home, from kitchen remodels to new flooring or HVAC systems. Both usually attract fixed interest rates.
Can I use a home improvement loan for DIY projects?
Yes, you are free to use your home improvement loan for do-it-yourself home projects or to pay contractors to complete work for you.
How quickly can I get approved and funded?
The speed of your loan approval depends on a number of factors, including your creditworthiness and the loan terms for which you apply. Most credit union home improvement loans are usually approved within a few business days.
Are there any fees or prepayment penalties?
Oxford Federal Credit Union covers the closing costs (typically around $600) on our secured and unsecured home improvement loans, provided you keep the loan account open for at least three years. There is no penalty for prepayment.
How do I know whether to choose a secured or unsecured home improvement loan?
It depends on the size of the project you are undertaking. An unsecured home improvement loan is ideal for smaller renovations, repairs, and upgrades to your property. For major renovations and upgrades, a secured loan will allow you to borrow more (often up to $250,000) and will generally attract a lower annual percentage rate.
Do I need to be a member to apply?
Yes, you need to be a member of Oxford Federal Credit Union in order to apply for a home improvement loan.
Do I qualify for membership with Oxford Federal Credit Union?
Membership is open to anyone who lives, works, worships, or goes to school in these Maine counties: Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset, and York. You're also eligible if you're an immediate family member or share a residence with someone who is already an OFCU member.
Have a Question? Give Us a Call
More Ways to Borrow
Construction Loans
Our Construction Loans offer flexible terms, great rates, and local decision-making to keep your project on track. Let OFCU help you lay the foundation for a home that’s truly yours.
Personal Loans
Whether you need to consolidate debt, cover an unexpected expense, or make a major purchase, our convenient personal loans can help you get the funds you need quickly.
Home Equity & HELOC
Whether it's a dream vacation, funding education, renovating your kitchen, or consolidating high-interest debt, accessing your home's equity can help make your dreams achievable.
*Loan must remain open for three years. Estimated closing costs $600. Membership eligibility is required, including a $5 minimum share account balance. Additional disclosures will be sent to you upon application submission. Property insurance required. Flood insurance required where applicable.
**Consult your tax advisor about the deductibility of interest.
Oxford Federal Credit Union is a full-service financial institution serving members in Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset and York counties in Maine.