Ideas for Using Your HELOC for Summer and Fall Projects

Many Colorado homeowners start planning home improvement projects in the summer and fall. A Home Equity Line of Credit (HELOC) can be an excellent tool to fund these projects, offering flexibility and potentially lower interest rates than other types of credit. Here are some practical ways to use a HELOC this summer and fall to enhance your home and lifestyle.

Summer HELOC Project Ideas

1. Outdoor Living Space Enhancement

Deck or Patio Upgrade: Create the perfect outdoor gathering spot by expanding your deck or patio. Add features like a built-in grill, outdoor kitchen, or a cozy fire pit.

Landscaping and Garden Design: Revamp your garden with new landscaping, flower beds, or a vegetable garden. Install an irrigation system to keep your lawn green and lush.

2. Swimming Pool Installation

Enjoy the hot Colorado summers by installing a swimming pool. Whether you choose an in-ground or above-ground pool, this addition can provide endless fun for the whole family and increase your home’s value.

3. Solar Panel Installation

Take advantage of Colorado’s abundant sunshine by installing solar panels. This eco-friendly project can reduce your energy bills and increase your home’s energy efficiency.

4. Home Exterior Upgrades

Freshen up your home’s exterior with new siding, a fresh coat of paint, or updated roofing. These improvements can boost your home’s curb appeal and protect it from harsh weather conditions.

5. Vacation

The kids are out of school and the best weather of the year is here. Take advantage and use your HELOC to fund the vacation you’ve been dreaming about.

Fall HELOC Project Ideas

1. Energy Efficiency Improvements

Insulation and Windows: Prepare for the colder months by upgrading your home’s insulation and installing energy-efficient windows. These improvements can help maintain a comfortable indoor temperature and reduce heating costs.

HVAC System Upgrade: Ensure your home stays warm and cozy by upgrading your heating, ventilation, and air conditioning system. A new, energy-efficient HVAC system can improve your home’s air quality and lower utility bills.

2. Kitchen Remodel

The kitchen is the heart of the home, especially during the holiday season. Use your HELOC to remodel your kitchen with new countertops, cabinets, and modern appliances. An updated kitchen can enhance functionality and increase your home’s resale value.

3. Basement Finishing

Transform your basement into a functional living space. Whether it’s a home theater, game room, or an additional bedroom, finishing your basement can provide extra square footage and a comfortable retreat during the colder months.

4. Roof Repairs and Maintenance

Fall is the perfect time to inspect and repair your roof before winter arrives. Use your HELOC to fix any leaks, replace damaged shingles, or clean the gutters to prevent water damage.

Benefits of Using a HELOC

Flexibility: A HELOC offers flexible access to funds, allowing you to borrow what you need when you need it. This is ideal for ongoing or multiple projects.
Lower Interest Rates: HELOCs typically have lower interest rates compared to credit cards and personal loans, making them a cost-effective financing option.

How to Get Started

Evaluate Your Home’s Equity: Determine how much equity you have in your home. To talk to a lending officer, please fill out a form here.
Plan Your Projects: Make a list of potential projects and estimate the costs. Prioritize the improvements that will add the most value and enjoyment to your home.
Apply for a HELOC: Contact us to discuss your options and start the application process. Gather necessary documents from our HELOC checklist.

Start with an application here.

By strategically using a HELOC, you can enhance your home’s comfort, functionality, and value throughout the year. Whether you’re basking in the summer sun or preparing for cozy fall nights, your home improvement projects will be well-supported by this versatile financial tool. Reach out to us today to learn more about how a HELOC can help bring your home improvement dreams to life.

Truth In Savings Disclosure

TRUTH IN SAVINGS DISCLOSURE

Except as specifically described, the following disclosures apply to all the accounts.

Rate Information. The dividend rate, or interest rate, and annual percentage yield on your accounts are set forth on the reverse side. The annual percentage yield is a percentage rate that reflects the total amount of dividends/interest to be paid on an account based on the dividend/interest rate and frequency of compounding for an annual period. For Certificates of Deposit and IRA Certificates of Deposit, the interest rate and annual percentage yield are fixed and will be in effect for the term of the account. The annual percentage yield is based on an assumption that interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Nature of Dividends. Dividends are paid from current income and available earnings after providing for the required reserves. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period.
Compounding and Crediting. Interest and dividends will be compounded and credited as set forth on the reverse side. The dividend/interest period for each account is also set forth on our Rate and Fee Schedule. The dividend/interest period begins on the first calendar day of the period and ends on the last calendar day of the period.
Balance Information. The minimum balance required to open each account is set forth. Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Accrual of Dividends. Dividends will begin to accrue on cash deposits on the business day you make the deposit to your account. Dividends will begin to accrue on noncash deposits (checks) on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid.
Account Limitations. The account limitations for each account are set forth in our Membership and Account Agreement
Your account will mature on the maturity date set forth on your account receipt or renewal notice.
Early Withdrawal Penalties. A penalty may be imposed if you withdraw any of the certificate funds before the maturity date or the renewal date, if this is a renewal account.
Amount of Penalty. For Certificates of Deposit and IRA Certificates of Deposit the amount of the early withdrawal penalty for your account is 90 days’ interest for a term of 12 months or less, and 180 days’ interest for a term over 12 months.
How the Penalty Works. The penalty is calculated as a forfeiture of part or all of the interest that have been earned on the account. This penalty applies to earned interest and principal.
Renewal Policy. Certificate of Deposit accounts will automatically renew for another term upon maturity. You have a grace period of seven days in which to change or withdraw the funds without being charged an early withdrawal penalty.
Exception to Early Withdrawal Penalties. At our option, we may redeem the account before maturity without imposing an early withdrawal penalty under the following circumstances:
- When an account owner dies
- or is determined legally incompetent by a court
- or other body of competent jurisdiction.
Nontransferable / Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation of an owner except obligations with the Credit Union.
FEES FOR OVERDRAWN ACCOUNTS. Fees may be imposed on each check, draft item, ATM card withdrawal, debit card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or payment of a check, draft or item. You may consult the Funds Availability Policy for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approval limit. Please refer to the Rate and Fee Schedule for current fee information.

Checking Comparison Chart

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Preferred Checking

Clear Card

Second Chance Checking

Minimum Opening Balance

Suggested opening amount- $25

ID Safe Choice Charge Possible

Yes

Direct Deposit

Accepted and encouraged

Dividends Paid

Privilege Pay

Available after 90 days

Overdraft LOC

Available immediately, with approved credit

ATM/Debit Card

Instant Issue

Shared Branching

Available

Free Bill Payer