Planning for a Spring Home Project Without Going into Debt

If you haven’t already begun, now is the perfect time to begin planning for your spring home projects! Whether you are looking to tackle an expansion or to update your furniture, you will have to face the question of “how am I going to pay for this?” With careful planning, a spring home project should not put you into significant debt. Take a look at our best tips on budgeting for a home project.

1. Have a Realistic Vision

Will that new home trend you have your eye on stand the test of time? Can you justify spending thousands of dollars on an outdoor kitchen if you only grill once or twice a summer? Set realistic expectations for your design to stay on budget.

2. Shop Around and Do Your Research

When you are hiring professionals, consider a few factors. Take a look at certifications, licensing, pricing, reputation, and customer testimonials. Get advice from experts and referrals from friends who have gone through home renovation experiences. Be thorough in your research in order to get an idea of the scope, price, return on investment, and how your renovations would contribute to the property value of your home.

If you are looking for projects to get the most bang for your buck, choose projects that are simple, energy-efficient, and low-maintenance as well as fitting in with the property value of similar homes in your neighborhood. Find inspiration in the following popular home improvement projects:

• Wood deck upgrades
• Re-roofing the house
• Vinyl or foam-backed vinyl siding replacement
• Adding an extension
• Kitchen updates
• Bathroom remodel
• Basement remodel
• Energy-efficient lighting and appliance upgrades
• Landscaping the front yard

3. Plan it Out

Every successful project starts with a considerable amount of planning. Be sure to map out the details of your project in order to maximize efficiency and minimize stress. Organize a timeline and budget for your project. This planning phase of your project could potentially save you tons of money.

4. Seek the Help of a Professional

DIY home improvements can feel rewarding, but if done poorly, it could cost you even more in time and money to have work redone. Consider if the project is worth your time and effort. Do you have the necessary equipment and expertise to complete the project properly? Additionally, there are projects that should definitely be left to professionals, such as electrical, plumbing, and gas work. If you decide to seek the help of a professional, read these tips for hiring a home improvement contractor.

5. Search for Financing Options

To help keep your budget under control, seek out financing options. St. Cloud Federal Credit Union offers a Home Equity Line of Credit. The Home Equity Line of Credit is a form of revolving credit that allows you to withdraw money when you need it using the equity of your home as collateral. Currently, St. Cloud Federal Credit Union is offering an introductory rate of 2.99% and no closing costs.

*2.99% is an introductory rate for 24 months. After the introductory period, rates will go into standard pricing (Prime Rate + 1%). Available for a limited time only to qualified borrowers on approved credit.

Whether making spring cleaning changes or complete renovations, get started with a realistic goal, plenty of research, a well-thought plan, professional assistance, and financial help from St. Cloud Federal Credit Union.

When Should You Refinance Your Mortgage

When it comes to refinancing your mortgage, you need to determine the best possible plan and method of refinancing. At the St. Cloud Federal Credit Union, we can help you determine the most beneficial mortgage plan for you and your family.

What is Refinancing?

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. Dependent on your financial situation, refinancing can save you money and give you flexibility. It can help shorten the term of your loan or help you build equity more efficiently.

When is the Best Time to Refinance?

People refinance their mortgage when you are buying a new home or property, financing a home addition, constructing a new home, or buying an investment property. People who wish to refinance their mortgages may also be looking for a lower interest rate, a shorter mortgage term, a fixed-rate mortgage (instead of an adjustable-rate mortgage), or debt consolidation.

The two most common types of refinancing include rate-and-term refinancing and cash-out financing. Understanding these two types of refinancing can help you determine if this is the best possible option for your finances. Learn more about the two most common types of refinancing in a blog by bankrate.com.

How Can I Get More Answers about Refinancing? Is it the Best Option for Me?

The New Vanishing Mortgage program offered by the St. Cloud Federal Credit Union was established to benefit members who are approaching the completion of their mortgage and for those who may not have taken advantage of historically low rates due to fees and the hassle of applying. The Vanishing Mortgage program is also open to those who have refinanced but want even lower rates.


Personalized assistance from the Mortgage Department can help you build confidence in your mortgage and loan terms. For more information on refinancing your mortgage and the Vanishing Mortgage program, reach out to representatives from the Mortgage Department at the St. Cloud Federal Credit Union to see if you qualify and to see if you will benefit from refinancing.

Purchasing a Home: Financial Preparation Planning

According to Gallup’s annual Economy and Personal Finance survey, 56 percent of Americans own a home and 25 percent plan to purchase one in the next 10 years. Experts say you should begin planning to buy your home a year before actually making the purchase. Having a game plan set up ahead of time may save you tons of extra time and money. Here's how you can prepare your credit and finances for your future home investment:

Start with Your Credit Score

Start with knowing where you stand and how lenders will look at you financially. Credit reports will show lenders whether you are routinely late with payments and whether you have run into serious credit problems in the past. Doing this first will give you time to work on building your credit score if necessary. Make sure you use an actual FICO score, as this is what most lenders see. Credit reports are kept by the three major agencies; Experian, Equifax, and the TransUnion. You can get a free copy of your credit reports annually from AnnualCreditReport.com.

Convert to a Conservative Budget

Downsize your current living expenses to put towards your new home purchase. Determine your budget with the amount you can afford to repay now in mind, not the maximum you're allowed to borrow. Keep in mind that life changes may come and careers might change down the road. Children, cars, and travel plans are just a few additional costs that can cut into savings, so make sure you have room for these costs in your budget.

Crush Your Debt

It breaks down to this: when you owe less money, you have more disposable income. As you begin to think about shopping for a house, think about other potential debts you have accumulated. Take the added income you have from budgeting and put it toward paying off your debt. Once you owe less on other debts, you’ll have more money to put toward your home (not to mention the boost you’ll see in your credit score). Another piece of advice while you’re getting ready for a mortgage is staying away from new debts, such as car loans or anything larger than $10,000.

Getting prepared to take out a mortgage may seem like a lot of work, but early preparation makes the entire process run much more smoothly. The American dream of owning your own home can turn into a nightmare quick if you aren’t prepared.


At St. Cloud Federal Credit Union, we can help you get that dream house and a real estate investment. Contact us today to talk with our mortgage department and find an approach that works with your lifestyle.

Elizabeth Returns!

One of our Member Service Representatives, Elizabeth D., recently returned from a six-month trip to South Africa where she studied abroad and embarked on all sorts of new experiences.  We thoroughly enjoyed following her adventures via email updates and pictures, and now that she’s back we asked her to share some of the highlights from her trip…

The hardest part about leaving SCFCU was…
Leaving an amazing work environment that was a part of my life almost every day and saying goodbye to co-workers for a long period of time.  

My first impression of South Africa was…
How similar it was to the U.S.! I was very surprised at how developed and westernized the country is. I also noticed their slightly British accents, which I loved!

My favorite food/treat I ate while I was there was…
Milk tart! It is a dessert that has a milky thick custard filling poured onto pie crust and sprinkled with cinnamon. Another favorite is Horlicks milkshake. Horlicks is a powder that can be mixed with ice cream and milk to create a malt and tastes like a blend of vanilla and cake batter, it is absolutely delicious. I have the recipe for the milk tart but I am determined to find Horlicks on Amazon.  

The craziest/most adventurous thing I did while there was… 

Bungee jump off of the highest commercial bungee bridge, the Bloukrans Bridge, at 216M.  I went skydiving and jumped out of a plane from 10,000 feet. I also went scuba diving and swam right next to a couple of ragged tooth sharks. 

The prettiest animal I saw was…
A leopard! I saw one for the first time in my life in South Africa at Kruger National Park. We were able to drive around the largest game reserve in Africa and to our luck we spotted a leopard in a tree devouring its recent kill, an impala. It was such a sight and the leopards coat looked absolutely beautiful!

My favorite part about everyday life in South Africa was…
You never knew what was going to happen; every day was a new experience. The people are extremely friendly and I was able to immerse myself into the culture and learn new things every day. I also became very well acquainted with the lingo there by naturally saying things like; ‘shame’ or ‘I’ll be there just nownow’, or ‘that’s dodgy’.  

While I was gone, I really started to miss… 
My car! I had to walk almost everywhere otherwise I would take the cheapest transportation available which were called Kombi’s. These vans were a bit ‘dodgy’ (sketchy) because they crammed several people into one vehicle but were also very fun because they played very loud music. All I have to say is luckily I always arrived to my destination.   

One thing I learned while on the trip was…

To not take certain commodities for granted. Conveniences that I easily accessed at home were sometimes not available in South Africa. I also know that in rural areas the villages lack basic resources such as clean water, a sewage system, and electricity.  

I’m surprised how much I miss…  
Living in Annie’s with the community of international students, the beach, the rugby games, traveling in jam packed cars and driving for up to 36 hours straight, and the South Africans!

The most exciting part about coming home was..
Seeing my baby sister, Avery, again! Prior to my departure she would only roll around and smile, then during my stay she began crawling, growing teeth, and speaking the cutest gibberish! I was extremely happy to see her and happily surprised that she remembered me!   

My words of wisdom now that I’m back are…
A life lesson I learned in South Africa and from the trip itself is that you will never know what you are capable of doing unless you give it a try. I realize now how much the world has to offer and the abundance of opportunities there are that any single individual can accomplish. Always strive for more and never settle for less.  

We are so happy that Elizabeth had a wonderful time in South Africa, but we sure are glad she’s back!  It is nice to have her warm smile and friendly personality in our Sartell office again, welcome home Elizabeth!