Remodel A Home
Over time, your home needs or your tastes (maybe both) have evolved. With a remodeling loan, you can fall in love with your home all over again. Plus, there’s a good chance your improvements will prove to be a good long-term investment.
Financing Options for Your Remodeling Project
Home Equity Loan
- Loan amount is based on your home’s equity (value of your home minus the amount you owe on the home)
- Funds are provided to you as one lump sum
- Fixed rate with a fixed monthly payment
- A variety of terms and payment options are available.
- Loan is taken out in addition to your home mortgage, and is considered a second mortgage
- Interest may be tax deductible (consult your tax advisor)
The Community Home Improvement Program (CHIP) provides funds for low- to moderate-income South Dakotans to remodel, repair and improve their homes.
- Reduced rates
- No equity required
- Income limits apply
- Funds are disbursed as monitored advances
Learn More About CHIP Home Improvement Loans
Cash Out Refinance
A cash-out refinance replaces your current mortgage with a new mortgage loan. Loan proceeds are first used to pay off your original mortgage, plus closing costs and other expenses including insurance and property taxes. All remaining funds are available to you to use as you wish.
Ready to discuss your options?
Whether you are buying, building, remodeling or refinancing, we are here for you every step of the way.