You may want to do a home improvement project, or you may need to do a home improvement project, but either way, you will probably need some financing. TH Remodeling wants the path for funding your project to be as easy as possible and we want everyone to be fully aware of their options.
Getting a Personal Home Improvement Loan
There are several ways to secure home improvement funding. One method is a traditional bank loan. TH Remodeling works with a financing company that will help our customers find affordable financing for their project. There are a few things that you should know about the loan process before you begin.
This Old House recommends that you can make the process easier by:
- Knowing how much money you need and understanding how much you can get from the start.
- Narrowing your loan options down to those that match your specific needs and financial reality.
- Concentrating on lenders that are most likely to provide the loan you need.
You can get a detailed estimate of how much you will need from your contractor. This Old House advises adding at least 10 percent for unforeseen expenses, perhaps as much as 20 to 30 percent.
Factors that will affect how much financing you receive include:
- Your credit rating
- Your income
- The monthly payments on your home
- Loan-to-value-ratio, which is a percentage of the appraisal value of your home.
Alternative Ways to Finance Your Home Improvement Project
There are alternatives to personal loans for financing your home improvement project. One option, according to NerdWallet, is to refinance your mortgage, which can lower your monthly payment and free up money for your project. You can tap into your home’s equity by getting a cash-out refinance, which allows you to pay off your current mortgage loan while taking out more cash.
One option to consider is a Home Equity Line of Credit (HELOC). Unlike a refinance, it won’t be added to your mortgage. Instead, you get a line of credit which can usually be up to 80 percent of your home’s value, minus the value of your loan. Another way to attain funds for your home improvement project is to take out a home equity loan, which involves receiving a lump sum of money instead of a line of credit.
Financing Help for TH Remodeling Customers
TH Remodeling customers who need financing for home improvement can turn to the financing experts from GreenSky. They are not a lender, rather they are a service provider and program administrator for lending institutions that provide loans that take part in GreenSky’s programs. Among the financing programs that TH Contracting offers through GreenSky is an 8-year loan with limited interest or a 1-year financing plan that requires no interest payment.
If you have a home remodeling project, trust the professionals at TH Remodeling. We only use quality products like GAF roofing, Marvin Windows and Doors, and James Hardie fiber cement siding. Give us a call today at (845) 567-9743 and let us create the home of your dreams.
