Planning to hire a roof coatings installation company to lengthen the lifespan of your roofing system? There’s one little problem.
Home renovation can dig into your savings. Unless you have been saving for a while, you have to figure out how exactly you’re going to finance your home improvement project, starting with getting to know the options available to you.
Not so fast! Before you borrow money, know that there are different types of loans you can take advantage of, including:
You can borrow money from local banks, online lenders, credit unions and even from your friends. These usually come with fixed interest rates.
A federal loan usually gives you two options for your home renovation project. FHA Title 1 loans don’t require home equity and have terms of up to 20 years. A FHA 203k loan, on the other hand, is used for new home purchase or as a refinancing loan.
Tap into your equity without the need for refinancing. With this, you will receive a lump sum of money to fund your home improvement project.
This one’s a good choice – if you’ve attained a credit score of 700 or more. With this, you can finance small- and medium-scale renovation, including hiring cedar roof companies for your roofing project.
Free up some of your burden through mortgage finance. How? Mortgage refinance can lower your rate and monthly payment to free up some cash.
Tap into some of your home equity through cash-out refinancing. However, this type of financing option is only appropriate if you plan to sell your home, therefore needing to boost your property’s value.
Home Equity Line of Credit
Unlike refinancing options, this one doesn’t pay off your original mortgage. Instead, you get 80% of your home’s value less the amount of your loan.
We Want to Work With You!
John Henderson Construction is one of the best local roofers and home improvement companies around. Need help choosing a financing option? Call us at (401) 615-2224 in Rhode Island or (860) 415-4055 in Connecticut to learn more about what we can do for you.