CU Home Improvement Loan - they want quotes

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niamho

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I'm in the early stages of applying for a home improvement loan with the Credit Union. They said they'd want quotes to show where we're spending the 25k. Any idea what kind of quotes they'd want? I mean, furniture and things like that will be hard to quote upfront unless I just show them what I want to buy. Or is the loan only for structural work?

Thanks in advance.
 
Does your credit union offer a reduced rate home improvement loan? If they do, the purpose is for long term improvements to the home which is why they want quotes to evidence that's what you're spending on.
They'll have other loan products for other purposes, or might have a policy that you can borrow in excess of the quotes. You'll have to speak with one of the lending team in your CU as they'll know their policies.
 
Well what are you spending it on? Not that hard to get written quote for flooring/painting/white goods even furniture if they are totalling that sort of money. You'd probably get away with about 20k or so in quotes with balance on small stuff.
 
This is standard practice for the credit union. We got two or three home improvement loans from them. We just submitted some quotes for tarmac and a garage. The reason they want quotes for home improvements is that the interest rate is lower than other loan products.
 
We bought our house last year and took out a large home loan with the cu, had to provide quote for, attic insulation and flooring, floors, painting, roof repairs, french doors, furniture etc.
 
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