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How Your Home Could Help Pay For a Spring Remodel

Thinking about adding a backyard kitchen for summer BBQs? Updating that kitchen from the 60s?

Photo of a man remodeling a kitchen

According to, a backyard kitchen starts at about $2,700, but can easily run up to $10,000 or more if you’re planning to buy a new BBQ, refrigerator or patio furniture. The costs of upgrading a kitchen can vary greatly, but in general homeowners spend an average of over $21,000 on a remodel.

If you’re thinking about a remodel this spring, but have sticker shock from these prices, then the equity you have invested in your current home may be able to help you pay. 

Low cost ways to fund your project

A home equity line of credit, (HELOC), is a loan that is underwritten using the current equity, you have in to your home. You will be approved for a specific amount of credit. A HELOC essentially serves as a second mortgage, so the lender would give you a maximum loan amount based on the amount you owe on your first mortgage, if any, and the approved value of your home. The funds from a HELOC can be used for a variety of things, like remodel costs, tuition or paying down a credit card. 

Unlike most other loans, the timing of accessing some, or all, of the funds is at your discretion. For example, say you’re approved for a $50,000 HELOC. You could “draw,” or use, $10,000 from your HELOC to pay for new appliances this spring, and then draw another $4,000 in the fall for a new paint job.

Plus — with WaFd Bank’s HELOC, you only pay interest on the funds you actually draw during the repayment period. When the repayment period ends, you will set up a payment plan to pay the balance owed. So, you won’t have to drain your savings to fund your project and you’ll pay considerably less in interest than if you had used a credit card to pay for the work.

We’re here to help 

Talk to your neighborhood loan officer to find out if a Home Equity Line of Credit (HELOC) might be right for you and your project. We can also offer Texans a HELOC* on their owner-occupied residences.  Just like all other loans, HELOCs are subject to underwriting and credit approval. 

  • Ask us about using a HELOC instead of a first mortgage. 
  • We offer special pricing on HELOCs when your first mortgage is at WaFd Bank.
  • Make your payment with your WaFd Bank checking and receive a discount on your rate.

*Texas HELOCs:  Notice concerning extensions of credit defined by section 50(a)(6), article XVI, Texas constitution: Section 50(a)(6), article XVI, of the Texas constitution allows certain loans to be secured against the equity in your home. Such loans are commonly known as equity loans.

Real estate agent and clients looking at paperwork in new home

Check out WaFd Bank's HELOC calculator!

Use your home's equity to finance your next big project. Whether it's to pay for a home renovation or remodel, or pay consolidated bills, a no annual fee HELOC from WaFd Bank is often more affordable than using credit cards or other loans.

Try it now

Have Questions?

Schedule a call or meeting with your local WaFd banker.

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