Remodeling your home is not cheap. Costs average $10-$60 per square foot, and can add up quickly.

So how do you pay for remodeling in McMinnville?

Here are 7 methods.

1. Cash. Tapping your savings or gifts is a great way to go ... if you have these resources available.

2. HELOC. Once you’ve built up some equity in your home, a Home Equity Line of Credit acts as a secured loan, at a reasonable rate of interest.

3. Personal Loan. An unsecured personal loan can be a fast, easy source of remodeling funding, even if you don’t have much home equity yet. The annual percentage rate is somewhat higher than with a HELOC.

4. HomeStyle Loan. With good credit and a low debt-to-income ratio, a Fannie Mae HomeStyle mortgage can help you pay to remodel either your principal residence or a vacation home.

5. 203K Loan. A 203K“rehab loan” may be available to you through the Federal Housing Administration.This type of remodelingloan is bundled with your mortgage, at the time ofinitial property purchase or refinancing. To qualify, you’ll need to take out mortgage insurance and occupy the home yourself.

6. Credit Card.Your Visa or MasterCard might be the handiest option to pay for a small remodel. Save on the typically high APR by taking advantage of a low-interest credit card promotion.

7. Contractor Financing. A growing trend is financing provided directly by the contractor who does the work, at competitive interest rates.