A home improvement, no matter how big or small, is a significant investment. Preparing for it is the key to its success and this includes determining the best financing method that best suits your situation. Before you tackle this head-on, you need to first check your financial standing and your credit history.
Sentry Exteriors, one of the top roofing and gutter companies in the local area, shares the best ways you can finance your next home improvement project.
A form of unsecured loan, this financing option requires you to maintain a good credit standing. It has a fixed interest rate and set repayment plan, with funds available to you as early as the same day you were approved of the loan. It doesn’t use the value of the home as collateral, which means you can borrow more cash regardless of the mortgage you’re owed.
Home Equity Loan
One of the many financing options offered by roofing contractors, it is a type of secured loan that uses the equity of your home as collateral. The amount that can be borrowed, however, is only up to 85% of your home’s value. Like a personal loan, it has a fixed interest rate and repayment term.
Home Equity Line of Credit
This financing method works best for homeowners who are not sure about the amount they’ll require to get their home improvement project going. Interest rates are not fixed and can change over time, just like a credit card. It uses the value of the home as collateral, but you only get to pay back the amount that was actually used for the project.
For your exterior home improvement needs, turn to Sentry Exteriors. You can rely on us to install the best roofing systems and high-quality gutter guards and windows. Call (434) 333-7753 today for $500 off all gutter services. You may also fill out our contact form to get a free estimate. We serve residents of Lynchburg, VA.