Some home improvements can wait a little longer until you finally have the budget to get them done. But in certain situations where emergency repairs are needed, you might not have enough funds to cover for the services you need. In such cases, you might want to consider the financing options available to you.
There are several ways that you can finance a home improvement project. To know the option that best suits your needs, roof replacement expert Lexington Blue® discusses some of them below.
It’s common for home improvement companies to offer their own financing schemes. The biggest advantage of this is the convenience of dealing with your contractor directly. It also helps that you are transacting with just one business, making the processes for your entire project more streamlined. Typically, approvals for contractor financing are faster and the terms are more flexible.
Home Equity Loan
A home equity loan is a reliable way of financing home improvements. This type of loan allows you to borrow a lump sum of up to 85% of your home’s value. It is also generally regarded as a safe choice for homeowners because of its fixed interest rates and fixed repayment terms. If you are planning on replacing your siding and a few other major changes in your home, this could be a good option to consider.
With a home equity line of credit (HELOC), you can borrow against an approved line of credit, much like how credit cards work. That said, you only have to pay for the amount that you have used within the initial draw period, which usually spans 10 years. After this draw period, you will enter a repayment period wherein you can’t borrow any more money as you pay for the total loaned amount.
Lexington Blue® is one of the most positively reviewed roofing contractors in the area. We handle a variety of home improvement projects, and we can guarantee top-notch workmanship no matter the job size. Call us at (859) 368-6346 or fill out our contact form to request a free estimate. We serve customers in Richmond, KY, and the surrounding areas.