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Affinity Title

MORTGAGE KNOWLEDGE CENTER

PenFed Mortgage with Confidence

Home Buying Steps

  • Getting Started
  • Finding a Home
  • Getting a Mortgage
  • Home Ownership

Mortgage Topics

  • VA Loans
  • Conventional Loans
  • First Time Homebuyer
  • Home Equity
  • Homebuying 101
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  • Adjustable Rate Mortgages
  • PenFed Top 10
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image

HELOC LOANS

Rates starting at % (APR %)¹

 

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

  1. Home
  2. Mortgage Knowledge Center
  3. Top 10 Home Improvements

MORTGAGE

Top 10 Home Improvements

EXPECTED READ TIME: 4 MINUTES

July 16, 2021

It can be frustrating to look around your home and find that it suddenly seems out of date and a little stale. If you're thinking about making some home improvements, you may be intimidated by the process and the amount of money you'll spend. The good news is that many of the most popular home improvements offer a range of possibilities and levels of affordability. That may mean that you can significantly improve the look and feel of your home without spending a fortune.

Our list of top home improvements offers a range of ideas whether you are a weekend warrior, a casual DIYer, or simply want to outsource the whole project. Some are designed with curb appeal in mind, while others are designed to make your everyday life a little easier. All of them are designed to add to your home's equity and resale value while making your home more attractive and pleasant in the short term as well.

1. Lawn and Landscaping

One of the easiest and most cost-effective ways to improve your home's curb appeal is by cutting the grass and clearing overgrown plants. Install a flower bed or plant flowers in pots flanking the front entrance. Planting a new tree is not only good for the environment. It can change your home's whole appearance while providing improved climate control and insulation.

2. Exterior Doors

New exterior doors offer an instant update, making your home look more beautiful while also making it more secure. You'll find a variety of exterior doors to fit every budget, from steel to fiberglass to wood. Want to save money and still improve the home's look? Paint exterior doors and switch outdoor hardware and street numbers. 

3. Kitchen Upgrades

Kitchen improvements give you a great bang for your home improvement buck, not only because they increase resale value but because they improve the way your home functions day to day. Not sure whether you're ready for a full-scale remodel? Consider simple changes like new upgraded countertops, refaced cabinets, a new appliance suite, and new sink hardware.

4. Bathroom Upgrades

Bathroom upgrades can make all the difference in your home's resale value and your own enjoyment of the space. Add new tile work and flooring plus new fixtures and finishes to create a spa-like experience. Want to go further? Talk to your contractor about rethinking your space allocation to increase the size of your owner's suite bath.

5. Updated Flooring

If you want to instantly update your home's look and feel, consider updated flooring throughout. Trade dingy carpet for hardwood floors or wood laminate. Explore water-resistant flooring for homes with pools or for high-traffic areas.

6. Outdoor Spaces

Outdoor improvements aren't limited to the lawn. More and more homeowners are looking to their outdoor spaces as true additional living areas. Consider an outdoor kitchen and dining area for warm-weather cooking. Explore the possibilities of outdoor living spaces using built-in fire pits and weather-safe televisions and speaker systems.

7. Home Offices

If you're working from home, you may be looking for dedicated office space that works for you. Think beyond a spare bedroom or finished basement space when designing your home office. Consider a flex space on the main level that can do double duty as a den or study. Add built-in cabinetry for storage and upgraded internet infrastructure for better connectivity.

8. Smart Home Updates

Consider a smart home makeover with a fully integrated system encompassing smart entrance features, lighting, home security, and home entertainment systems. To get the most out of your system, ensure that it is updated consistently and that you program it for maximum personalization.

9. Home Additions

If you need more space for a growing family or multi-generational living, consider adding additional square footage to your existing home. If you have a large lot, you may be able to build out, but if you have a single-story home, you may choose to build up, adding a second floor. If you'd like more privacy, consider an ADU (accessory dwelling unit) to provide a separate home office or separate living space for elderly relatives or adult children.

10. Fixtures and Finishes

Want to update the look of your home without major structural changes? It may be as simple as updating your fixtures and finishes. Repaint the interior and exterior, switch out light fixtures and fans, switch plates, and outlets. Update faucets, window coverings, and replace other outdated design elements throughout the home.

For more information about PenFed Mortgages:
 

PenFed Mortgage: 

800-970-7766

Get Started

SIMILAR ARTICLES

10 Spring Chores to Keep Your Home in Top Shape

Take a look at some spring chores and home improvements that will protect your home's value this season.
spring house chores

10 Summer Chores to Keep Your Home in Top Shape

The warm weather is here and the sun is out. Here are some summer chores to tackle this summer and protect your home's value.
summer house chores

10 Fall Chores to Keep Your Home in Top Shape

Take a look at some home improvements you should tackle this fall. This routine maintenance can protect your home's value this season.
fall house chores

Winter Chores to Keep Your Home in Top Shape

Take a look at some home improvements you should tackle this fall. This routine maintenance can protect your home's value this season.
winter house chores
image

HELOC LOANS

Rates starting at % (APR %)¹

 

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Home Buying Steps

  • Getting Started
  • Finding a Home
  • Getting a Mortgage
  • Home Ownership

Mortgage Topics

  • VA Loans
  • Conventional Loans
  • First Time Homebuyer
  • Home Equity
  • Homebuying 101
  • Checklists
  • Adjustable Rate Mortgages
  • PenFed Top 10
  • Refinance
  • Jumbo Loans
  • FHA
  • Videos

Mortgage Products

  • Mortgage Center
  • Refinancing
  • Home Equity

PenFed HELOC

Rates as Low as % APR* with flexible use of funds

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Disclosures

1Prime Rate is % as of . The APR for this Home Equity Line of Credit (HELOC) is based on prime plus a margin and can change monthly. Fixed Rate Advances will be amortized over the Fixed Rate Advance Term, with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin, and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes.

  • Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.
  • Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.

Appraisals: PenFed will attempt to establish value via an independent method. If that method is unsuccessful, or the value is not sufficient for the amount requested, an appraisal will be required regardless of CLTV. An appraisal is always required in the following circumstances:

For all loans with a loan amount greater than $400,000.

If an appraisal is required, it must be ordered by PenFed. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $550 to $850 (some run higher).

  • Closing Cost Credit: PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the member, who is responsible for the fee whether or not the loan closes, will pay the cost.

Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Advance Period. During your Advance Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.

Fixed Rate Advances will be amortized over the Fixed Rate Advance Term with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes and 4.75% for investment properties.

Property Insurance: Property insurance is required.

Multiple PenFed Loans: Multiple PenFed Equity loans and HELOCs are available as long as the member and collateral qualify (except Texas). For Equity loans and HELOCs the total indebtedness cannot exceed $500,000 for all PenFed Equity and HELOCs combined.

PenFed does not lend on:

  • Mobile homes
  • Co-ops or time-shares
  • Properties that are currently listed on the market for sale
  • Commercial property or property used for commercial purposes, even if a residence is part of the property
  • Undeveloped property (land only)
  • Properties with more than 4 units

Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

  • Additional limitations may apply

Home Equity Line of Credit:

  • This Account has a Draw Period of 10 years, followed by a repayment period of 20 years.
  • If only minimum payments are made during the draw period, the loan balance will not decrease.
  • In Texas, the maximum CLTV available is 80% on owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
  • In all other states, the maximum CLTV is 85% on owner occupied properties and second homes. Additional restrictions or requirements may apply based on application characteristics.
  • Property type of Condo has a maximum CLTV of 80%.
  • The maximum CLTV available is dependent on credit qualification.
  • Rates vary depending on owner occupancy and CLTV and other loan criteria.

Minimum Loan Amount Requirements in all States:

  • For an owner occupied property or second home the minimum loan amount is $25,000 and the maximum amount is $500,000 with a CLTV of 85% or less of the fair market value.

Other terms and conditions apply; call 844-918-4307 to speak with a representative for details. All rates and offers are subject to change without notice. To receive advertised product, you must become a member of PenFed.

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This credit union is federally insured by the National Credit Union Administration. Rates are current as of September 2023 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate


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Routing #256078446

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IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party Website that is not a part of Pentagon Federal Credit Union.


The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. PenFed takes no responsibility for the content of the page.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party site. PenFed Realty, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.


For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party Website.


The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. PenFed takes no responsibility for the content of the page.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party site. PenFed Title, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.


For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure.


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