Obtaining and installing replacement windows for your home is a difficult task and a significant investment for any homeowner. Not only will it require a large amount of time to complete, but one will also need a large sum of funds. Unfortunately, not every homeowner has those funds on hand. Not to worry, however, as there are actually a number of ways you can fund a window replacement project.
Credit Cards – If you don’t have the required amount in cash to finance your window replacement project, there’s always the option of using a credit card. A lot of people opt for this option because some window companies can offer them a large amount of time to pay in installments, and you won’t even have to apply for a new credit line. However, keep in mind that having too much debt on your credit cards can also easily harm your credit score.
Manufacturer Financing Programs – Some window replacement service providers will offer homeowners their own payback plans to help them pay for their window replacement products over time. One of the advantages of this is that you know exactly how much you’ll be borrowing, and the process is a lot smoother as well. Unfortunately, some dealerships may have high interest rates so carefully consider if this is the option you want.
Federal Housing Association Loans – Loans from programs like the Federal Housing Administration (FHA) can help provide loan schemes for homeowners who need to borrow money for renovation projects like window replacements, which can cost up to $25,000. These loans usually have lower interest rates compared to credit cards, but you’ll have to deal with a lot of red tape to get the loan. Apart from that you may also have to put up your mortgage deed as collateral if you’re borrowing an amount that exceeds $7,500.
Bank Loans – Bank loans are another popular financing method that homeowners gravitate to if they’re in need of funds to replace their windows and other small scale home improvements. An advantage of getting bank loans or personal loans is that you won’t have to offer your home as collateral. However, the interest rates may be higher, and in order to be eligible, an outstanding credit may be required.
For assistance in your home window replacement plans, simply turn to Renewal by Andersen® of Southwest Missouri. We are your number one provider of various door and window styles. Give us a call at (417) 351-2801, or fill out our contact form to schedule a free consultation.