Renovate now, using the equity you've already built.
A HELOC lets you draw funds as your contractor bills you, stage by stage, instead of borrowing the whole project cost on day one. If your budget is fixed and locked in, a Home Equity Loan's fixed lump sum works too - Coltrain offers both.
- Draw Funds As Work Is Done
- Fixed-Rate Option Available
- Investment Properties OK
- No Appraisal in Most Cases
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Financing that matches how a renovation actually spends
Draw as work is done
With a HELOC, pay interest only on funds you've actually drawn - not the whole project cost sitting unused.
Fixed-rate option available
If you have one contractor bid and a locked-in budget, a Home Equity Loan gives you a fixed rate and payment from day one.
Works on rentals too
Renovating a rental or investment property? Equity there can be tapped the same way as your primary residence.
No appraisal, most cases
Many renovation-related HELOC and HELOAN files close using an automated or desktop valuation instead of a full appraisal.
Not sure whether a HELOC or a Home Equity Loan fits your project?
What homeowners are funding
Multi-Phase Renovation
A kitchen this year, a bathroom next - draw what each phase needs, when it needs it.
Single Project, Fixed Budget
One contractor, one number, one fixed payment - a Home Equity Loan built for exactly this.
Renovating Before You Sell
Fund the updates that help your home show and sell for more, before it hits the market.
From application to breaking ground
Tell us about your project
Rough scope and budget help us match you to a HELOC or a fixed Home Equity Loan.
We estimate your equity
A quick review of your home's value and existing mortgage balance shows what's available.
Streamlined underwriting
Often no full appraisal needed, which keeps your project timeline moving.
Draw funds as you build
Pay your contractor as milestones are hit, or receive your lump sum up front.
Renovations rarely spend in one lump sum. Your financing shouldn't either.
Most projects bill in stages - demo, materials, labor, finishes. A HELOC's draw structure was built for exactly that rhythm, so you're not carrying interest on money that's still sitting in an account.
Home renovation financing questions, answered
Should I get a HELOC or a Home Equity Loan for a renovation?+
It depends on your project. A HELOC lets you draw funds in stages as contractors bill you, so you're not paying interest on money that's sitting unused. A Home Equity Loan makes more sense when you have one fixed bid and want a fixed payment from day one. Take the 60-second quiz →
Can I use a HELOC to renovate a rental property?+
Yes. Coltrain offers HELOC and Home Equity Loan options on investment and rental properties, not just primary residences, so you can tap equity to fund a renovation there too.
Do renovation-related HELOCs require an appraisal?+
In most cases, no - we're often able to use an automated or desktop valuation instead of a full in-person appraisal, which can speed up the process.
How much of my renovation cost can a HELOC cover?+
That depends on your available home equity and the lender's combined loan-to-value limits. A Coltrain loan officer can estimate what's available after a quick review of your home's value and current mortgage balance.
More HELOC options and related programs
Ready to start your renovation?
No pressure, no obligation - just a clear answer from a local loan officer.