Kitchen Remodel Financing

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Kitchen Remodel Financing

Loans for Kitchen Remodel Projects

The real estate market in the United States is booming. The average sales price for homes increased by over 13% over the past year alone. Seeing homes being sold for such high prices has led many homeowners to begin home improvement projects to increase the value of their home.

Whether you intend to sell or you just want to improve the space that you live in - a kitchen remodel is a great way to make your home more beautiful while increasing the value of your home. Unfortunately, kitchen remodels can be quite expensive. The national average for a kitchen remodel is over $25,000.

This high cost has led many homeowners to look into financing for their kitchen remodels.

Applying for a kitchen remodeling loan is fast and easy:

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Borrow up to $100,000 as fast as next business day

Absolutely no negative impact on your credit score, ever.

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What is kitchen remodel financing?

Kitchen remodel financing is an alternative to paying for your kitchen remodel upfront. You will receive financing, or a loan, and make monthly payments on it. This allows you to purchase and pay for everything upfront without needing the full amount in cash.

When remodeling a kitchen, you’ll find that the costs add up quickly. From appliances and countertops to cabinets and flooring, kitchen remodels aren’t cheap. There are many different avenues that homeowners can take when it comes to financing their remodel. There are private lenders, credit cards, and other options we’ll cover.

Top kitchen remodeling loans

Below are some of the top lenders where you can find kitchen remodel financing.




Funding: Borrow $2,000 - $35,000
Minimum Credit Score: 550
APR: 9.95 - 35.95%
Loan term: 2 - 5 years
Funding turnaround: within 24 hours in most cases

With Avant personal loans, borrowers with fair to good credit scores can get access to super fast funding up to $35K. Best for debt consolidation.


Discover Personal Loans Review


Funding: Borrow $2,500 - $35,000
Minimum Credit Score: 660
APR: 5.99% - 24.99%
Loan term: 3 - 7 years
Funding turnaround: within 24 hours

With Discover personal loans, borrowers can apply up to $35K in funding as fast as next business day. Best for those who want to consolidate debt and have a good credit score.


Lendingpoint Personal Loans


Funding: Borrow $2,000 - $36,500
Minimum Credit Score: 580
APR: 9.99-35.99%
Loan term: 2 - 4 years
Funding turnaround: as fast as within 24 hours

With LendingPoint, borrowers with fair credit can obtain a loan between $2,000 - $36,500 and get funded within 24 hours. Origination fees may apply.




Funding: Borrow $5,000 - $100,000
Minimum Credit Score: 680
APR: 4.99% to 19.53%
Loan term: 2 - 7 years
Funding turnaround: 1 - 3 business days

With SoFi personal loans, borrowers can get access to up to $100,000 with APR starting as low as 4.99% with extra bonus perks ($500 for each funded loan) and fast turnaround time. 24/7 customer support available.

How does kitchen remodel financing work?

Kitchen remodel financing doesn't necessarily have one specific way of working. Due to the nature of having multiple ways to finance a remodel, each method will differ in how it works.

However, in general, it will involve your supplies and construction company being paid for upfront via financing. This will allow you to receive all of your materials and get everything completed.

Afterward, you will be left with a monthly bill that you will pay until your balance has been paid. You will usually have an interest rate that is applied to the balance of your loan. This means you will actually end up paying more than the amount that you’ve taken out for the loan.

There are plenty of options for financing, some with much lower interest rates than the others, meaning proper research should be done before moving forward with a kitchen remodel.

Can I finance a kitchen remodel?

Yes! Kitchen remodels are some of the most commonly financed projects. There are different methods of financing, which we’ll cover below, but most types allow home renovations to be financed.

With the average cost of a kitchen remodel floating between $13,000 - $38,000, financing may be the only way to afford it. Sometimes, financing a $38,000 purchase makes more financial sense than paying for it with cash, even if you have the cash in hand.

Of course, all of this should be researched and discussed with a financial expert before making a final decision.

Types of kitchen remodel financing options

Kitchen remodels may seem daunting for homeowners. There is a lot of work that needs to be done, they are expensive, and they can take a while. Luckily, there are plenty of options for homeowners seeking financing for their kitchen remodel project. Here are the most common.

Personal loans

Personal loans are one of the most common and popular ways for homeowners to finance home renovations, especially kitchen remodels. Why? Because a personal loan has a wide net of what you can spend the money on.

Additionally, personal loans can offer enough financing to cover the entire purchase, whereas other methods may not. This gives you one monthly bill to pay rather than having to deal with multiple methods of financing.

Credit cards

Credit cards tend to be another common method of financing. Although the process works similarly to a personal loan - you pay upfront and make monthly payments on the bill - the details make it a worse option.

Credit cards for many people will not have the credit limit necessary to fund the entire purchase. In addition, the interest rate on credit cards in the US is currently averaging 16.3%, making it much higher than most personal loans.

Cash-out refinancing

Another popular method, and a good one if you qualify, is cash-out refinance. Put simply, a cash-out refinance involves taking out a new mortgage that is higher than what you owe on your home.

Say you have already paid off a large amount of your home and only owe $50,000 now.  With a cash-out refi, you can take out a new $80,000 mortgage, using the $50,000 for what you owe on the house while the other $30,000 will be given to you as cash.

This cash can then be spent on home improvement projects such as a kitchen remodel.

Lenders have very specific requirements for a cash-out refi, so qualifying is much more difficult than a personal loan. However, you will often receive a low-interest rate, with many lenders offering rates in the mid 2’s to low 3’s.

Home equity loan

A home equity loan will give a borrower a lump sum of cash using the value of their home as collateral. In return for receiving this loan, the borrower will make fixed monthly payments which include interest.

These are often called a second mortgage since your home is being used as collateral. In order to qualify, the borrower must already have equity in the home and have paid off a significant enough amount to borrow more against the home.

The biggest downside of these loans is the possibility of losing your home if you can’t make payments.

Home equity line of credit

A home equity line of credit, also known as a HELOC, is very similar to a home equity loan.

They are similar in that your home will be used as collateral for the loan. The main difference is that while a home equity loan provides borrowers with a lump sum at the beginning, the HELOC acts more like a credit card.

You will have a line of credit up to whatever value the lender grants. You can then borrow up to that limit and make monthly payments. Even when you pay the credit off, you can then borrow again just like a credit card.

Of course, again the biggest downside is the possibility of losing your home if payments aren’t made.

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Pros and cons of kitchen remodel financing

Remodeling a kitchen is a scary but exciting prospect. Since the expense can be quite large, averaging over $25,000, homeowners should carefully consider the positives and negatives of kitchen remodel financing.


  • Increase the value of your home - Perhaps one of the quickest and simplest methods of increasing your home value, a kitchen remodel can bring new life to an older home in just a few weeks.
  • No Lump Sum Payment - With financing, you get the remodel that you desire without needing to pay for the whole thing upfront. Make monthly payments instead of dropping $25k at once.
  • Many Options - There are plenty of options when it comes to how to finance your remodel. From personal loans and credit cards to HELOCs and cash-out refi, you have a lot of choices for how to finance.


  • Expensive - 0f course the most obvious downside is the high cost of the remodel. The average cost is over $25k, which many homeowners cannot afford.
  • Potentially High Interest - Depending on what method you choose for financing, you may end up spending a significantly larger amount than you originally budgeted due to interest.
  • Potential Loss of Your Home - If you have your home as collateral for your new loan, you may lose it if you are unable to make the monthly payments.

Will upgrading my kitchen increase my home value?

The short answer is yes. The longer answer is still yes, but it will vary widely depending on what type of remodeling you are doing, how well it’s done, and where you live.

Nationally, for a major and upscale kitchen remodel, the return on investment is roughly 54%. This means that if you spend $100,000, you can expect to recoup about $54,000.

For smaller remodels, this number jumps to 81%, meaning you will have a higher return on investment.

Types of kitchen remodels

Not every kitchen requires a huge remodel. While some people want to replace every single aspect of their kitchen, even sometimes tearing down walls, others choose to go with a much simpler remodel.

Small Remodel

A small remodel is often the most cost-effective method of increasing the value of your home. You won't be needing all new appliances and the layout of the kitchen remains the same, but it will be refreshed!

An example of a smaller remodel would include:

  • Painting your cabinets
  • Adding a backsplash
  • Paint the walls
  • New light fixtures
  • New faucets

Mid-Level Remodel

If you want to go one step further than a small remodel, but not all the way to the major, upscale remodel, a mid-level remodel would work great. This could include:

  • Replacing appliances with new ones
  • Replace countertops
  • New cabinets
  • New flooring
  • New fixtures

Major Remodel

If money is no object and you want to entirely rejuvenate your space, it’s time for a major remodel. These can often include:

  • Changing the layout of the kitchen and the location of appliances
  • Adding or removing windows and doors
  • Removing a wall to open up the space
  • High-end countertops
  • High-end appliances

How much does a kitchen remodel cost?

Depending on what you want to have done to your kitchen, the cost varies greatly. Many people choose to do simple remodels whereas others want to change everything about their kitchen. Here are the average costs for the most popular projects.

  • Kitchen Cabinets - $3,000 - $8,000
  • Appliances - Anywhere from $200 - $10,000
  • Countertops - $2,000 - $4,500
  • Flooring - $1,400 - $5,000
  • Faucets - $120 - $300
  • Sink - $250 - $650
  • Backsplash - $10 - $25 per square foot
  • Painting - $800 -$1,500

As you can see, the prices range widely and will depend on the quality of materials and the installation costs associated with them.

Tips for budgeting for your kitchen remodel project

Budgeting for a large expense is incredibly important, and even though you are financing the purchase, you should only spend what you can afford to pay off.

  1. Decide what amount you can afford and do not go over the budget.
  2. Add extra to deal with unexpected costs and problems
  3. Choose your priorities for renovation
  4. Don’t forget the additional cost of eating out!
  5. Do smaller tasks, such as painting, yourself
  6. Don’t add extra items during the renovation

What credit score do I need for a kitchen remodel loan?

Depending on what type of financing you decide to go after, the required credit scores can differ.

No matter which method you choose, it’s likely that a bad credit score will prevent you from being able to receive financing.

The only exception would be if you choose to go down the route of a credit card, and you already have the credit card.

For a personal loan, most lenders want borrowers to have above a 690 FICO score, but some will accept people below that threshold.

For either of the home equity financing, you will likely need a score in the mid 600’s. Some exceptions may be made for borrowers below that, but they will have less favorable terms.

What is the best way to finance a kitchen remodel?

While there is no set-in-stone “best” way to finance a kitchen remodel, the most common and recommended methods are a personal loan and HELOC.

Both of these methods are great for people in a good financial situation, as you will get favorable terms and low-interest rates. This will save you money in the long run, and you will continue to build your credit as long as payments are made.

Credit cards are not recommended, because the interest rates are usually very high and it could result in you not being able to make your monthly payments.

Is financing a kitchen remodel a good idea?

A kitchen remodel could be a great idea. It could also be a bad idea if you are not good with your finances.

A kitchen remodel is a good idea if:

  • You have the budget to pay off your financing
  • You intend to increase your home value and sell
  • You have a good credit score
  • You receive a low-interest rate
  • You will make every monthly payment

Consider your loan options

While there are many options for financing a kitchen remodel, a personal loan is often the fastest and easiest option. Here are the current rates for some of the best kitchen remodel personal loans from lenders.

Company Fixed-Rate Loan Amount
Avant 9.95% - 35.99% $2,000 to $35,000
Discover 5.99% - 24.99% $2,500 to $35,000
LendingClub 7.04% - 35.89% $1,000 to $40,000
SoFi 4.74% - 19.28% $5,000 to $100,000


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