Tackling home improvement might be a better investment choice for you, but that doesn’t mean it will be cheap. If you are looking to do away with your current windows or pursue a new siding material, you’ll have to be ready to find ways on how to finance it.
Woodbridge Home Exteriors, one of the leading home siding contractors in the local area, shares the best ways you can finance your home improvement project.
Home Equity Loans
This type of loans uses the value of your home as collateral, allowing you to borrow a lump sum of cash. Though you can only borrow up to 85% of the value of your home, it comes with a fixed interest rate and repayment term, which means the amount you’ll be paying off every month never changes. If you decide to choose this approach, consider researching so you can find the best offer.
Home Equity Line of Credit
Also known as HELOCs, this method is suitable for homeowners who are not sure how much they’ll need to borrow for the project. It comes with variable interest rates that can change over time, similar to a credit card. It’s the same as the above approach where the value of the home is used as collateral, but you only repay the amount you actually used. You can even be eligible for tax deductions if you use the borrowed cash for exterior siding replacement and other major home improvement projects.
Also used as a financing approach in many home improvement projects, a personal loan has a fixed interest rate and monthly payment, just like a home equity loan. The only difference is that it doesn’t use the value of the home as collateral. With this, you may be able to borrow more cash regardless of how much you’re owed on your mortgage.
At Woodbridge Home Exteriors, pursuing siding repair or any other exterior home improvement is made easy with our 100% financing. We work to create a custom plan to meet your budget. Payments can be customized to fit your financial situation.
Find out more by calling (972) 217-7585 if you are in Texas, (405) 252-1548 if you are in Oklahoma, or (316) 226-8011 if you are in Kansas. You may also fill out our contact form to request a free estimate. We serve Salina and Hutchinson, KS residents.