At Better Place Remodeling, we work with the best financing companies so our customers can find one that works specifically for them—because everyone deserves to be able to remodel their home.
We, at Better Place Remodeling, know that people want to improve their homes but may not have the funds available. We help them get the improvements they want without paying for them all at once. That’s why we offer financing options so that you can start your project today! We can help you get the kitchen or bathroom you’ve always dreamed of without waiting for payday. We’ll briefly discuss your options below:
Home Equity Loans
- Home equity loans, which allow homeowners to borrow against the value of their property, are a popular mortgage option. The purpose of these loans is to help homeowners pay for home improvements, such as adding a deck or new siding. If you’re considering getting one of these loans, it’s important that you understand what they entail.
- Another type of loan that homeowners can use for home improvements is the personal loan. Personal loans differ from home equity loans in that they require a down payment and have lower interest rates than credit cards or other types of loans—allowing you to pay off your balance more quickly.
- Homeowners can use their credit cards to make home improvements, but it’s important to remember that debt on a credit card carries high-interest rates. While it may be tempting to use a credit card to pay for a home improvement, try to avoid it if you can. The interest that you’ll pay on your balance will quickly add up and make the project far more expensive than intended. If you run into trouble paying back your debt, consider talking with a lender about refinancing or getting another type of loan.
Lines of Credit
- Another alternative for homeowners is a line of credit. These loans are similar to home equity loans but don’t require you to use your house as collateral. Line of credit loans can be used in any number of ways—for instance, to pay off high-interest debt or make renovations on your home.
Refinancing your mortgage
- Refinancing your mortgage can be another option for funding home improvements. When you refinance, you take out a new loan that replaces the current one—usually at a lower interest rate. You can get a lower interest rate on your new loan and save money over time, thus improving the equity position of your home.
Home improvement grants
- If you find yourself short of funds for home improvements, look into getting a grant—a type of financial aid that doesn’t have to be repaid. Grants can help pay for everything from roof repairs to new windows. There are many different types of grants available based on your income level, age, and other factors.
But these options may not be right for everyone. When you’re wondering how to finance your home remodeling project, here are some things to consider.
What kind of loan do you have?
If you already have a mortgage on your home, taking out another loan to pay for something else would increase the total amount of debt that you owe. This can make it difficult or impossible for potential buyers to acquire your home if they want to purchase the house from you later on. Homeowners can use home equity lines of credit—which allow them to borrow against the value of their property without taking on additional liens or making weekly payments like some other forms of financing—to help cover unexpected expenses.
How much do I need?
You can begin by getting estimates from several different contractors, then comparing their prices to get a general idea of what everything will cost before making any commitments. When you’re planning a home improvement project, look into whether any grants or low-interest loans are available. This can help lower the amount of money you need to borrow.
What are the benefits?
Home improvements can increase the value of your home and help it sell faster if you ever decide to move. Lenders also like borrowers who have made improvements, so you may be able to get a better interest rate on your mortgage.