Placing the perfect fence to complete your yard seems exciting — until you get the quote and realize you are going to need to find fantastic fence financing.
While we know the sticker shock for customers who experience the process of buying a fence for the first time, HFS Financial can also assure you that our experts are not on their first go around where fence financing is concerned. We want to help you find the perfect financing option so that you can enjoy your space for years to come.
Fence Financing: Home Equity Loan or Refinancing
The first financing option you have is to take out a home equity loan or refinance your home. This means you will have your mortgage lender appraise your home for its current value and subtract what you have paid on it to find the difference. That is what you will get in a loan.
This can be a good option if you have been in your home for a long time and have paid a lot on it. For many people looking to place a fence, though, they purchased a home and are just recently moving in. There is no equity!
A home equity loan can also be a dangerous risk, as it puts your home up as collateral. If something happens and you can’t pay the loan, it may spell trouble for you in the future.
Why Credit Cards Aren’t the Best for Fence Financing
Another obvious option is a credit card, but these come with high-interest rates. You could end up paying thousands of dollars more than what your fence actually costs if you can’t pay that credit card off quickly.
These high-interest rates can also make your monthly payments sky high as well.
It would be terrible to end up paying so much extra money when there are many other better options out there for you to utilize.
Saving for Years and Going Without a Fence
The next fence financing option you have is just to save up and wait until you have the cash to pay for the fence outright.
If you think you can save up the money quickly, this might not be a bad idea. However, many people aren’t going to be able to save thousands to tens of thousands of dollars quickly.
You also need to keep in mind that waiting may cause safety issues. For example, if you are placing the fence around a pool, you are putting lives at risk by not having it there. This type of fence can also be required legally.
Even if it is just a fence for your backyard if your pets or kids play there, will they be safe without the boundaries a fence creates?
Get a Personal Loan for Fence Financing
Your final option is to take out a personal loan. These loans are great because they have lower interest rates than credit cards and don’t cause you to place your home in jeopardy by using it as collateral. Plus, you don’t have to worry about safety risks while waiting to have money.
HFS Financial can help you find the perfect personal loan to meet your needs today. Simply fill out our rate checker to see if you conditionally qualify. Our experts will reach out to you, help you finish the loan application, and explain your options for fence financing.
Don’t wait any longer to make your home everything you have wanted. With HFS, “You Dream It. We Finance It.”