Home Improvement is in the Air
Many of us were stuck at home for most of 2020. Many of us noticed all of the projects that needed doing and started making plans! Now that we are finding some freedom and the weather is turning nice, it’s time stop planning and start building! Unfortunately, the cost of lumber has skyrocketed to almost 200% what it was last year. Nobody knows when the prices will come down, but if you are looking to do something this year, there are a few options.
The best way to fund your home improvement project is with an account geared towards saving towards your goal. If you are not already an Affinity Plus checking account member, you can keep up to $25,000 in your account and earn .75% APY (annual percentage yield). If you like a little more motivation, you can try our Performance Saver account. Set a goal and make monthly deposits until you get there with a rate currently set at .25% APY. Of course there are also traditional Savings Accounts and Share Certificates that present various rates and terms depending on your time frame.
Another option is to take out a loan for your project. Again, many options exist. A small personal loan may be just what you need. For a larger project and a lower rate you might consider a Home Equity Loan based on the value of your home. This is perfect when you know exactly how much money you need to borrow and want a consistent rate and payment. Don’t know how much you need and want flexibility in your borrowing amount? Our Home Equity Line of Credit may be your answer. It currently features a great rate and other benefits.
If you are interested in learning more about these options, give us a call or visit a branch soon and good luck on you home improvement project!