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Renovation SmartLineSM

Use Your Home’s Future Value to Fund Today’s Renovation

The Renovation SmartLine℠ is a home equity loan designed for big ideas. It’s a hybrid between a traditional home equity line of credit (HELOC) and a fixed-rate home equity loan — not just what it’s worth today. Whether you’re updating a kitchen, adding a room, or making other major renovations, this loan gives you the funds you need now to start your project with confidence.

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How is a Renovation SmartLineSM different from a traditional SmartLine?

Compare to SmartLineSM 

Unlike a traditional SmartLine, the Renovation SmartLineSM considers your home’s value after the improvements — so you can access more funding up front to dream bigger and get started sooner.

Key Features

  • Available in Michigan and Illinois
  • Finance projects up to $250,000
  • Total credit line up to $500,000
  • Build time up to 6 months
  • Fixed- and variable-rate options

Eligible Projects

  • Interior or exterior renovations
  • Additions, remodels, or outbuildings
  • Landscaping, pools, and other non-structural improvements (up to 50% of total project)

Ready to renovate smarter? Let's build the future you're dreaming — starting now.

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Frequently Asked Questions

For projects up to $100,000:

  • The borrower can make payments for the project as needed directly to the contractor from the credit line by advancing funds to their checking account or requesting a cashier’s check.
  • When the project is complete, a re-inspection is ordered to certify the collateral with an as-is value. There is a $175 re-inspection fee.
  • No lien waivers or sworn statements required (unless work was completed before closing).

For projects over $100,000:

  • The Credit Union will manage draw payments and will require sworn statements and lien waivers from the contractor for each draw.
  • You may have up to 5 draws depending on contractor’s proposed draw schedule for the project. Each draw incurs a $175 re-inspection fee.

Self-Build Requests

  • Self-build projects are limited to licensed builders only.
  • Homeowners can contribute to labor if:
    • It doesn’t require a license (e.g., painting, cabinet install)
    • They hold the appropriate license (e.g., plumbing, electrical)

Privacy Notice, Reconsideration of Value, What You Should Know About Your Home Equity Line-of-Credit, Smartline Home Equity Loan - How Does it Work

One SmartLine Home Equity Loan per household. Eligible properties include primary residences; owner-occupied second homes; condos; modular; and one- to four-unit buildings with owner occupancy in one of the units. Excludes manufactured homes. Properties must be located within Michigan or Illinois. Consult with a reliable tax advisor about the deductibility of home equity loan interest. $499 origination/processing fee, plus valuation report fee and closing fee (if not closing at an MSUFCU branch). $175 re-inspection fee applies to each contractor draw and to project completion. You may only lock a segment of your loan during your draw period. There is no fee for the first segment; however, you will be charged a $25 fee for each subsequent segment. A fee of $25 will apply to requests to unlock a segment. Balances on segments reduce the availability on the line of credit. Your locked segment fixed interest rate will be determined based on your creditworthiness at the time your fixed-rate segment is approved. APR is annual percentage rate and is subject to change. Actual APR will be determined by member's credit score at the time of the loan request. Rate subject to change. This product has a variable rate that is based on the market rate (prime plus margin). Your margin will be between 0.00% APR and 7.00% APR. Your overall rate (prime plus margin) will never fall below 2.00% APR, nor will it exceed 18.00% APR.

The segment monthly payment per $1,000 borrowed at 7.44% APR for a term of 60 months with 70% Loan-to-value (LTV) would require 60 monthly payments of $20.01 based on 30 days to first payment. SmartLine℠ loans can have three segments in addition to the line of credit. The payment is determined by adding together the segment payments and the line of credit payment.

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MSU Federal Credit Union savings are Federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States Government. APR = Annual Percentage Rate. APY = Annual Percentage Yield. View our Privacy Notice and read our disclaimer regarding links to other sites.