Everything You Need To Know About Exterior Financing
They say the two largest purchase in life are a house and car and the latter seems to be almost the cost of a house these days, but if you are a home owner then you may have a couple more large purchase’s as your home ages. Replacement roofs, windows, siding and gutters can range from thousands to tens of thousands and sometimes even more. luckily though just like a house and a car there is options that make those big purchase’s not only possible but affordable. Read on to find the best options for you.
Everything You Need To Know About Exterior Financing
They say the two largest purchase in life are a house and car and the latter seems to be almost the cost of a house these days, but if you are a home owner then you may have a couple more large purchase’s as your home ages. Replacement roofs, windows, siding and gutters can range from thousands to tens of thousands and sometimes even more. luckily though just like a house and a car there is options that make those big purchase’s not only possible but affordable. Read on to find the best Finance options for you.
Home Equity Line Of Credit(HELOC)
If your a homeowner you are probably familiar with the term HELOC or Home Equity Line Of Credit. Many people just like yourselves take the equity in there home and use it for remodeling upgrades, purchasing vehicles, college funds, etc. While that explanation seems simple enough it is important to understand the different types of HELOC and which one is the best option or you. There are two primary forms of HELOC; Traditional and hybrid. read on to learn some of the pros and cons of both. We always recommend speaking with a bank or credit union that offer HELOC services for more detailed information before making your decision.
Traditional
A traditional HELOC (Home Equity Line of Credit) offers variable interest rates and a revolving line of credit, The interest rate fluctuates based on market conditions, potentially leading to higher or lower monthly payments. You can draw funds as needed, repay them, and draw again, similar to a credit card for a defined period of time. During the draw period interest is typically accrued based on what is borrowed. After the draw period, is the repayment period.
Hybrid
A hybrid HELOC combines a Traditional HELOC with the option to fix the interest rate on portions or all of the loan, providing both flexibility and predictability. The Hybrid HELOC has become a popular option in the last few years due to the predictability. Like a traditional HELOC, you can draw funds as needed, repay them, and draw again.
Personal Loan
The title is the explanation for this one. While always an option Personal loans can have high interest rates and low repayment terms causing payments to be much larger then other options. If contemplating a personal loan, it is best to talk with a bank or credit union as well as shop rates to make sure you are getting the best deal possible.
Third Party Financing
Last but certainly not least is third party financing. Generally a specialized financing company focused on interior or exterior remodeling. Companies like Upgrade and Watercress offer low rates, long term repayment periods and large approval amounts. They work Directly with the Homeowner and the Contractor allowing you to complete your project hassle free. The best part is approvals are simple and generally require no hard credit inquiry. listed below is some options provided by our finacing partners
12 Month No Payment No interest
Same As Cash
15 year 7.99%
Long Term Low Payment
12 Month No Payment No interest
Same As Cash