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      Get a high yield on your balance.
    * Everyday Checking
      Keep it simple with no min. balance requirements.
   
   Savings
   
    * Certificates
      Predictable growth, guaranteed earnings.
    * Money Market Savings
      Earn more than a traditional savings account.
    * IRAs
      Start saving for your future.
   
   Invest & Insure
   
    * Investments
      Take control of your retirement and investments.
    * Guided Wealth Portfolios
      Online investing, personalized for you.
    * Insurance
      Comprehensive coverage at the best price.
   
   Account Benefits
   
    * Early Pay
      Get your paycheck up to two days early.
    * Credit IQ
      Free Credit Score Monitoring.
    * Digital Banking
      Bank for free, 24/7, from anywhere, anytime.
    * Cents to Savings
      Save automatically with every swipe.
   
   Quick Links
   
    * Open Account Online
    * Register for Digital Banking

 * Credit Cards Open Sub Menu
    * 
      Low Rate Credit Card
      Save with a low rate and no annual fee.
    * 
      Cash Back Credit Card
      Earn cash back and enjoy premium travel benefits.
    * 
      Secured Credit Card
      Start or rebuild your credit history.
    * 
      Business Credit Card
      Low rates for your operations toolkit.
   
   Quick Links
   
    * Apply Online
    * Access Rewards
    * Credit IQ

 * Borrow Open Sub Menu
    * Personal Loan
      Get the money you need.
    * Home Equity Loan
      Your home’s value put to work.
    * Auto Loans
      Competitive rates and convenient terms.
    * Credit Builder Loan
      Get a fresh start or establish credit.
    * Home Improvement Loans
      Upgrade your home, no collateral needed.
    * Boat, RV, & Motorcycle Loans
      Get a jumpstart on your outdoor fun!
   
   Financial Management
   
    * Debt Consolidation
      Combine your multiple debts into one low monthly payment that fits your
      budget.
   
   Account Benefits
   
    * Credit IQ
      Free Credit Score Monitoring.
    * Digital Banking
      Bank for free, 24/7, from anywhere, anytime.
   
   Quick Links
   
    * Make a Payment
    * Register for Digital Banking

 * Auto Open Sub Menu
   
   Auto Loans
   
    * New & Used Auto Loans
      Competitive rates and convenient terms.
    * Auto Refinance
      Love your ride, but not your payment?
    * First Time Auto Buyers Loan
      Shop for your first car with confidence!
    * Lease Alternative Loan
      Traditional auto financing with lease benefits.
   
   Recreational Loans
   
    * Boat Loans
      Make your dream of owning a boat a reality.
    * RV Loans
      We can get you on the road quickly.
    * ATV & UTV Loans
      Have some fun, get off-road, and explore.
    * Motorcycle Loan
      Head out on the highway with competitive rates.
   
   Auto Protection
   
    * Auto Insurance
    * Boat, Motorcycle, ATV & RV Insurance
    * GAP Advantage
    * Debt Protection
    * Extended Auto Warranty
   
   Quick Links
   
    * Auto Buying Center
      Your smart choice for stress-free car buying.
    * Partner Dealerships
      Apply at the dealership and drive away.
    * Auto Insurance Client Login
      Manage your insurance account anytime, anywhere.
   
   Quick Links
   
    * Apply Online
    * Make a Payment

 * Mortgage & Home Equity Open Sub Menu
   
   Mortgages
   
    * Conventional Loans
      Trusted, local lending from start to finish.
    * USDA Loans
      100% financing with competitive rates.
    * VA Loans
      Served our country? Get a VA loan.
    * Jumbo Loans
      Make your dream home a reality.
    * FHA Loans
      A popular choice for first-time home buyers.
    * Manufactured Home Loans
      Local lenders, local decisions.
    * Physician Loans
      0% down & fewer restrictions.
    * Construction Loans
      Can’t find your perfect home? Build it instead.
    * Mortgage Refinance
      Need a longer term or looking for cash-out options?
   
   Other Home Loans
   
    * Home Equity Loan
      Your home’s value put to work.
    * Home Improvement Loans
      Upgrade your home, no collateral needed.
   
   Protect
   
    * Home Insurance
      Comprehensive coverage at an affordable price.
   
   Quick Links
   
    * Today’s Rates
      Get a custom rate.
    * Home Insurance Login
      Manage your insurance account anytime, anywhere.
    * Meet the Team
      Our trusted, local mortgage lending team.
   
   Quick Links
   
    * Get a Quote
    * Make a Payment

 * Business Open Sub Menu
   
   Lending
   
    * Business Loans
      Get funding for property, equipment, inventory, and more.
    * SBA Lending
      Start or expand your business today.
    * Business Credit Card
      Competitive rates and no annual fee.
   
   Checking & Savings
   
    * Business Checking
      Earn dividends or cash back.
    * Business Savings
      Predictable returns, money-saving benefits.
    * Business Money Market
      The more you save, the more you earn.
    * Business Certificates
      Predictable growth, guaranteed earnings.
   
   Business Services
   
    * Treasury Management
      Break free from high fees.
    * Point of Sale Services
      Solutions for any size business.
   
    * Meet the Team
      Friendly people. Helpful advice.
   
   Account Benefits
   
    * Positive Pay
      Add security, reduce fraud.
    * Digital Banking
      Bank for free, 24/7, from anywhere, anytime.
   
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    * Request an Appointment
    * Digital Banking

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Home > Learn > Home & Mortgage > Construction Loan vs. Renovation Loan


CONSTRUCTION LOAN VS. RENOVATION LOAN

6/23/2023



There are a lot of different types of loans that exist when it comes to
construction on a home. Whether you’re building a completely new home or
renovating an existing one, some loans are better suited for specific types of
projects than others. Without guidance on types of loans, determining the best
loan option for your needs can be difficult. 

Construction and renovation loans are often talked about similarly. While they
can be used for similar purposes, there are certain types of projects for which
each type of loan is better suited. We’ve broken down the major differences of
construction vs. renovation loans to help you find the best loan option for your
project. 

Arkansas Federal Credit Union offers a variety of loan options to help you find
a loan that best fits your needs. With most of our loan options, you can easily
apply online. For more information on the different types of loans we offer, you
can visit our website or one of our local branches today. 


RENOVATION LOAN VS. CONSTRUCTION LOAN

Understanding the details of specific types of loans is important to find the
right loan for your needs. At every financial institution, types of loans have
different requirements and benefits. We’ve broken down the basics of Arkansas
Federal renovation and construction loans. 


RENOVATION LOAN 

Home renovation loans, or as we call them at Arkansas Federal, home improvement
loans, can be used to finance home renovations, repairs, and remodels. This is a
good option if your home needs significant renovations or if you want to make
changes to your home. Renovations could be as minor as updating a kitchen or
bathroom or as significant as adding a new addition to your home. 


CONSTRUCTION LOAN

A construction loan is a short-term loan that can be used to finance building a
new home. Construction loan rates are sometimes higher than the rates of other
loans because they are typically considered to be riskier by lenders. This loan
can be used for any costs associated with building a home, from purchasing the
land to landscaping. After the construction is complete, the loan is either
refinanced or converted into a permanent loan/ mortgage. 


WHAT TO CONSIDER

Taking out any sort of loan can impact your credit and leave you with a loan
that you have to make payments on. Before committing to a specific type of loan,
it’s important that you consider everything involved with the loan and whether
or not it’s the best option for you. 


HOME IMPROVEMENT LOANS

Renovating your home is a major commitment that can disrupt your life for a
period of time while also costing you a considerable amount of money. Before you
decide to renovate your home, it’s a good idea to consider if it’s the right
time to renovate your home, if the renovations will increase the value of your
home or your quality of life, and if you can afford the cost of renovations.


CONSTRUCTION LOANS

When you’re considering taking out a construction loan, it’s important that
you’ve thought through the timeline of your loan and the build. Building a home
is not a fast process, and it could take many months before you are able to live
in the home that you’re paying for. You should also be sure that it makes more
sense for you to build a home rather than purchase an existing one. Once you’ve
begun the construction process, it could be difficult for you to break even on
your investment if you decide that construction isn’t the right choice for you. 


HOW TO GET A LOAN

The process of getting approved for a loan is similar across different types of
loans, but there are a few crucial differences in applying for construction and
renovation loans.


RENOVATION LOANS

Arkansas Federal home improvement loans allow you to get prequalified so you can
start talking to general contractors quickly and easily with approval in hand.
You can apply online today and get prequalified for up to $50,000. You can get a
home improvement loan for any size project, big or small, with our loan amounts
ranging from $5,000 to $50,000. We don’t require any collateral for home
improvement loans, meaning no appraisal is required before you can access your
funds. We pride ourselves on having fixed-rate, affordable monthly payments with
flexible loan terms.


CONSTRUCTION LOANS

If you’re ready to build your dream home, Arkansas Federal’s construction loans
are a great choice. You can easily apply online for a construction loan today.
Arkansas Federal provides competitive rates on construction mortgages, and as
local experts, we understand the unique aspects of navigating the construction
loan process in our community, ensuring you have the guidance and support needed
to make your dream home a reality.


APPLY FOR A LOAN TODAY

The different types of loans available for home construction and renovation
projects can be overwhelming. If this is your first time dealing with a loan
like this, it can be difficult to determine what type of loan is best suited for
the project you have in mind. 
Arkansas Federal is here to help you find the best loan for your needs. If you
have more questions about the types of loans and how they fit into your personal
needs, you can talk to one of our experts over the phone at 800-456-3000 or
visit your local branch today. If you are ready to apply for a loan, it’s easy
to fill out an application online from wherever you are.


RELATED RESOURCES

 * Read Using A Personal Loan For Home Improvement Projects
   
   
   USING A PERSONAL LOAN FOR HOME IMPROVEMENT PROJECTS

 * Read Basics Of Construction Loans
   
   
   BASICS OF CONSTRUCTION LOANS

 * Read Personal Loans For College Tuition
   
   
   PERSONAL LOANS FOR COLLEGE TUITION


GET STARTED NOW. IT'S EASY!

We make it easy to get started. Have questions and want to talk? We're here for
you.
Call us at 800.456.3000 or visit your local branch.

Experience The Difference
Arkansas Federal Credit Union
Call AFCU:800.456.3000
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