For many people in Portland, OR windows projects are unavoidable, especially when their energy bills have gone through the roof because of damaged windows. But these projects cost a lot of money if they involve replacing multiple windows in your home. The only solution if you lack funds for the project is to consider other financing options. Here are some replacement window project financing options.
If you take the value of your home minus mortgage debt or other debt, what you get is your home equity. It is the value that you own and no one has a claim on. You can use your home equity to borrow a home equity loan. This kind of loan is a low-interest loan that is secured by your home. You don’t have to pay high-interest rates because home equity loan interest rates are fixed and won’t change. Home equity loans have lower interest rates than credit cards or personal loans.
If a home equity loan is not feasible in your situation, go for a personal loan. You don’t need collateral for a personal loan, only a good credit score. It is also great if you qualify for low-interest rates. Just like home equity loans, personal loans have fixed interest rates and repayment terms. That means it’s easy to budget for your monthly payments.
An EEM loan is a type of mortgage meant for people that want to do energy-efficient improvements to their homes. Energy efficient improvements are supposed to lower utility bills. For example, double-pane replacement windows are energy efficient because they help lower energy bills. But you are highly likely to qualify for these loans if you are doing other energy-efficient home improvements in addition to replacing your windows. The amount of savings you are going to make with those improvements will determine the loan amount and the interest rates you get.
While these loans are quick to obtain, they come with higher interest rates. They are an option you should consider if your card has a low-interest rate or a promotional offer. You could choose the 0% APR credit card which offers no interest for the first 21 months. But you need to repay the loan within those 21 months to avoid the higher interest rates that come after the no-interest period expires.
A federal housing Administrative title 1 loan is a loan meant for home improvements such as replacement windows and for repairs. While FHA loans can be used for home improvements, you can only borrow to a certain limit because there are maximum loan amounts.
If you are looking for quality Portland, OR windows we can help you get the financing you need to finish your project. So, come to our showroom and choose what you like so that our trained and certified installers can get to work on your windows.