There are a variety of ways to finance a new roof. Some homeowners opt for a Home Equity Line of Credit (HELOC), some use a new no-interest credit card, some refinance an existing mortgage. Obviously, the best way to pay for any roof is by using your savings. Still, other options exist.
Credit Cards for Thatch Roof Financing
If you qualify for a new no-interest credit card, that might be an option. You wouldn’t want to charge anything else to the card though. Figure out how long the zero percent interest lasts and determine the monthly payment you’d need to pay it off in time. The downside of this option is getting off track on the monthly payments. The credit card company won’t set your monthly payment to be high enough to pay it off by the time the promotional period ends. So, you will have to be diligent about staying on track.
HELOC for Thatch Roof Financing
A HELOC is a line of credit uses your home as collateral. People usually only use these for a large expense. A home equity line of credit is usually much faster than actually refinancing your mortgage, but a bit more time consuming that opening up a new credit card. If your interest rate on your existing mortgage is already good, it is probably better to go with the home equity line.
Refinancing a Mortgage
Let’s say your interest rate is at 5% on your current mortgage and you have a bunch of equity. Refinancing could be the smartest way to go. If you qualify for a lower interest rate, you might not even feel the expense of using up some equity and refinancing while pulling cash out for the new roof.
Talk to your credit union, bank or mortgage broker to get more information on what might be the best way for you to finance a new home improvement project such as a new Endureed roof.
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