Money is generally a critical factor in improving your home. Oftentimes, your budget informs your choices of materials, style and design. Make sure that you have enough resources to achieve the home of your dreams and you can cover for surprise repairs as well.
High Performance Homes, a roof replacement and window repair expert, shares some of the most popular financing options that can help you realize your home improvement project.
Here’s how HELOC (home equity line of credit) works: You’re given a line of credit that you can borrow against. You only need to pay whatever amount you have actually used for your project. It’s pretty much like how a credit card works, except there’s an initial draw period that usually lasts for 10 years. After this, you’ll enter the repayment period wherein you won’t be able to borrow money.
Home Equity Loan
A home equity loan is one of the safest financing options that can help you with your home improvement project. Since it comes with fixed interest rates and fixed repayment terms, you can easily plan your future expenses. There are no surprises, and it allows you to borrow a lump sum of up to 85% of the value of your home.
Many exterior house contractors accept credit card payments too. However, they’re often best used for smaller projects or less expensive jobs. Credit cards usually have high interest rates, so you may be burdened with higher repayments later on.
Personal loans typically have fixed interest rates, fixed monthly payments, and fixed terms. Plus, they don’t require a collateral. All of these advantages make them a good option to consider. However, take note that personal loans may affect your credit score.
High Performance Homes offers several financing options to suit different requirements. Whether you need to fund your window installation or roof replacement project, we can help you find the most practical choice for your needs. Call us at (888) 892-7939 or fill out our contact form to schedule a free consultation.