Spring and summer are upon us. That means more time in the sunshine, vacations, gardening, and for many homeowners – it means remodeling that old kitchen or bathroom! Spring and summer are popular seasons for home upgrades and with great financing options available, you can get it done quickly.
Here are the four top ways to finance your new kitchen or bathroom:
Home Equity Loans
When it comes to bank financing, home equity loans are among the best choices on the market. A home equity loan uses the value of your property as collateral for the amount you borrow. This makes it an easy loan for homeowners to qualify for and they typically come with a great interest rate. The amount you can borrow is based on the appraised value of your home minus any amount you owe on your current mortgage. This makes it a great choice for most homeowners, although people who have brand new mortgages may not qualify. The logic of this sort of borrowing is certainly sound because the improved kitchen or bathroom will improve the value of the house.
Signature Loans
A signature loan is a personal loan given to an individual based upon their credit history. Banks and independent lenders give signature loans. Although the interest rates are sometimes higher than home equity loans, these loans are quick and easy. Applicants can often have the funds on hand within 24 hours. Customers with stronger credit histories will get a better rate, but competition for customers means nearly anyone with a job can secure one of these loans.
Credit Cards
This choice might seem a little bit taboo at first, but when used correctly, credit cards can be a great way to finance home improvements. Credit cards are the only method of borrowing that can sometimes come with a rate as low as zero percent. This means careful consumers can get financing for free. Many credit card companies offer cash back deals and points programs that incentivize card use even further. Finally, there is no method of borrowing more convenient than a credit card. This choice is best for customers who plan to pay off the balance they borrow in less than two years.
Cash
Of course, cash is still king when it comes to spending. Customers who use savings can rest assured they get a solid return on investment when making improvements to their home. Furthermore, using cash eliminates the middlemen and protects customers from any additional charges and financial risks. Even homeowners without savings can consider a cash option by using their yearly income tax return. In fact, income tax return season is perfectly timed for spring and summer home improvements!
Need More Financing Information? Contact Us Today!
With so many good options for financing your new kitchen or bathroom, there is no need to wait. Are you still unsure about how to proceed?
KitchenCRATE and bathCRATE can help! We have financing options specific to your location. We have the knowledge and experience to help you find the best option for you!
Call 888-995-7996 or schedule a free phone consultation automatically by clicking here.
Scott Monday is co-founder and CEO of kitchenCRATE and bathCRATE. Follow him on Facebook or Linked-In.
