Replacement windows are a significant investment, and not all homeowners liquid enough to pay for them upfront. Luckily, there are several ways to finance your window replacement project. Renewal by Andersen® Midwest, your go-to contractor in the state for replacement french patio doors, lists the pros and cons of some of these financing methods below.
Home Equity Loans
The maximum amount you can borrow on a home equity loan or a second mortgage depends on the value of your home minus your remaining mortgage balance. If you’ve managed to build up a lot of equity in your home, you can borrow a large amount for extensive remodeling projects at competitive interest rates.
Just keep in mind that there’s not a lot of flexibility when it comes to paying off a home equity loan. You’ll most likely pay off the loan in fixed monthly payments. And if you fall behind on your monthly payments, creditors can foreclose your home. To get the best deal, make sure to compare offers from different banks.
If you’re thinking of taking up this loan and doing more extensive remodeling, we recommend replacing your doors along with your windows. This will ensure the interior and exterior design remain consistent. From sliding french doors to patio doors, you have a lot of options. To pick a style that will complement the rest of your home, consult a contractor.
Taking out a personal loan is preferable for minor home improvement projects or if you’re just replacing one or two windows. Unlike a home equity loan, you won’t have to put your home up as collateral. However, you’d need to have a higher credit score to secure a personal loan. And if you do take out a personal loan, you’ll most likely get charged higher interest rates.
Sometimes, however, you need to replace your windows as soon as possible. Air leaks might be letting in cold, dry air or warm air inside, raising your power costs. If this is the case, you can use your credit card to pay for a window replacement. You can get funds faster since there’s no approval process. Just remember that accumulating too much debt on your credit card can hurt your credit score.
To ensure your windows are installed properly, only hire reputable contractors. Whether you need a window or patio door replacement, you’ll have a wide variety of options to choose from in Renewal by Andersen Midwest’s catalog. To schedule a free consultation, call us at (866) 997-8537 or fill out this form.