Obtaining and installing replacement windows for your home is a significant yet worthy investment. However, as most homeowners know, you’ll also need a significant amount of time and funds to do so. While time isn’t much of a problem for most, it’s possible for some homeowners to lack the necessary funds to have their windows replaced, especially if it’s an emergency. Thankfully, there is a way around this dilemma for every homeowner.
In this post, Renewal by Andersen® of Connecticut discusses the four different methods you can use to finance a window replacement project and their advantages and disadvantages.
Federal Housing Administration Loans – A Federal Housing Administration Loan is aid offered by the U.S. Government that offers loan schemes for homeowners who need to borrow up to $25,000 for their home improvement projects. The advantage of this financing project is the lower interest rate compared to credit cards but keep in mind that you may have to deal with a lot of red tape and delays. You may also have to put up your home as collateral if you borrow over $7500.
Credit Cards – If you don’t have cash on hand, credit cards are one of the most popular alternatives to finance a window replacement project. While you won’t have to apply for a new credit line to do so, your credit may be damaged if you carry too much debt on them so make sure to consider the number of replacement windows you’ll need as well as their type first. It’s also often recommended that you only use 30% of your credit line to keep it in good health.
Manufacturing Financing Programs – Depending on the window company you choose, they may offer you some financing programs and their own payback plans to help you buy and install your new windows. By choosing this financing method, you’ll be able to know exactly how much to borrow but the disadvantage is that the dealership may have high interest rates.
Personal Loans – On the other hand, if you don’t plan to replace all of your windows, a personal loan may be the best option for you. With personal loans, you won’t have to offer your home as collateral, meaning that you won’t be putting your home at risk even if you can’t pay back the loan. However, as it is an unsecured loan, the interest rates may be higher and you’ll need outstanding credit to be eligible for one.
Turn to Renewal by Andersen of Connecticut for your home improvement needs. We are your leading provider of replacement windows and door installation services. Give us a call at (860) 341-4210 or fill out our contact form to get a free consultation. We serve homeowners in CT, and other nearby areas in the state of Connecticut.