Here’s Why You Should Finance Your New Roof
Whether you’re remodeling your kitchen, reroofing your home, or tackling a smaller project, having the funds available to pay the full cost upon the project’s completion isn’t always practical, especially if you’re dealing with urgent repairs. However, there’s good news for homeowners: You have more home improvement financing options than ever before. Before deciding whether financing your new roof is right for you, consider the possible advantages.
Borrowing Options
Not too long ago, homeowners had to go to a bank and meet with a loan officer to apply for home improvement loans. Today’s technology broadens your financing capabilities. In many cases, you can apply online and get approved or receive more information about your options within minutes. You can still go to your local bank. You could also apply directly to your chosen home improvement company.
Loans to Meet Your Budget
Although you still need to consider how your loan payments will fit into your budget, you’ll have the ability to choose loan terms that meet your needs. For a lower payment, consider extending the life of the loan. To pay it off faster, choose a loan with a shorter borrowing period.
Fixed, Low-Interest Rates
Many people shy away from financing because they’re worried about the interest they’ll have to pay. In the past, loans with variable rates have created balloon payments that wreak havoc on a household budget. Today, you can opt for secured loans that have relatively low-interest rates that you lock in for the life of the loan. A home equity loan, for example, uses your home as collateral, which provides the bank with greater assurance that you’ll pay it back. In return, you get lower rates and a fixed payment, so you know exactly what to expect and what you’re working with.
Increased Flexibility
With a home improvement loan, you’ll have access to funds for a variety of projects. You can choose to replace your roof with that gorgeous style you’ve always wanted or redo the cabinetry in your kitchen. You’re in control of how you use the funds.
Faster Start Times
Completing home improvement projects infuses you with a pride of ownership that’s tough to beat. Without financing, you’ll be relying on money you’ve already saved or held off on the project until you can save for it. When you opt for financing, you bypass your piggy bank in favor of fast access to funds, which typically translates into faster start times for whatever project you’re considering.
Still unsure of whether financing is right for you? No matter if you’re considering small repairs or large-scale renovations, there are options available for financing your new roof. Talk with a Carroll Bradford Roofing construction solutions expert today to get more information or apply for financing to get the ball rolling.
References:
https://www.thisoldhouse.com/ideas/heres-how-to-finance-your-remodel
https://www.mortgage101.com/article/benefits-secured-home-improvement-loan
