Exterior home improvement projects like replacing windows, siding and new roof installations are some of the biggest investments you’ll probably make as a homeowner. Because of its scale, a lot of experts advise saving up for these upgrades to minimize debt as much as possible. Unfortunately, this is simply not an option for many. In these cases, financing can help you turn your remodeling dreams into reality.
When it comes to financing home improvements, you can choose from several options. Each of these financing options has its own advantages and disadvantages and it helps to compare them with each other so you choose the best one for you. Our experts at Winfield Builders recommend using the following criteria to judge the merits of different financing options.
Loan Terms
In accounting parlance, the term means the duration of the loan. When you finance a brand-new roof complete with new gutters and downspouts, your loan will have either a long or short term. Longer terms mean you’re paying more in interest payments, but you’ll have lower monthly payments. Conversely, shorter terms mean higher monthly payments but lower interest rates overall.
Interest Rates
Speaking of interest, take note of the different interest rates for the loans you are considering. Look up what constitutes usury in your state and use that as a benchmark to determine which loans you should steer clear of. Low-interest rates don’t necessarily mean the loan is better. You have to balance this with the term of the loan to really know how good a specific financing option is.
Lending Institutions
Lastly, you have to choose who to finance your project with. For roofing jobs, specifically, it’s often best to go with roofers who have in-house financing options. This means you’re minimizing the number of people you have to deal with when it comes to payments.
At Winfield Builders, we offer great financing options to help you get started on your roofing or siding replacement. Give us a call at (410) 401-5045 or fill out our contact form to request a free estimate today. We serve homeowners in Silver Spring, Rockville, Annapolis, and other surrounding communities in MD.