The Homeowner’s Guide to Financing Home Improvement Projects

The Homeowner's Guide to Financing Home Improvement Projects

As a homeowner, you will come across various home improvement projects that you want to launch as you live in your home for any length of time. Home improvement projects are exciting because of the prospect of something new on the horizon. However, finding the best financing options for the projects can be challenging. Here is the homeowner’s guide to financing home improvement projects to get you on your way to successfully selecting a lender.

Peruse the Possibilities

First, know that there are numerous possibilities for financing home improvement projects. If you are new to home ownership, you want to be sure to consider all of your options before making a decision. Here are some of the most common types of financing options you will encounter.

Coveted Cash on Hand

Some projects can be covered with cash on hand, depending on the work that needs to be done. However, the more extensive the project, the higher the cost will be. Depleting your savings or cash on hand is not ideal. Unexpected expenses can come up at any time, and you do not want to put a project on hold while you figure out alternate funding. 

Convenient but Changing Credit Cards

A credit card is a quick and seemingly easy way to pay for home improvements. But this is not usually a wise choice. High interest makes its presence known quickly, and you are left paying way more than you should be for materials and labor. Credit cards also have limits which can reach their max all too soon, leaving you with no other options. 

High-Risk Home Equity Loans

A home equity loan is an option that requires you to put your home on the line. This might not be advantageous if the extra amount of equity in your home is not enough to cover your home improvement project or if interest rates are high. Your financial situation could change unexpectedly. If you are unable to make the payments, the bank can take your home away to get their money back.

Helpful Home Improvement Loans

A home improvement loan is absolutely the best option there is for this situation. The full amount is funded to you at a set interest rate for a specified term. You make monthly payments until you pay the loan back in its entirety. 

Partner with the Pros

This homeowner’s guide to financing home improvement projects has taken you right to the experts. The more you know about HFS Financial, the more confident you will be in choosing to partner with us for all of your home improvement needs. We specialize in only home improvement loans. From a new pool loan to an extensive bathroom renovation loan, we can help you find all of the money you need to get the job done right. Call one of our knowledgeable customer care team members at 1-800-254-9560. Or, apply online today with our convenient 60-second inquiry to set your dreams in motion. With HFS Financial, “You Dream It, We Finance It.”

The Homeowner’s Guide to Financing Home Improvement Projects

HFS Financial solely operates in the home improvement lending space which means we can confidently say that we are THE HOME IMPROVEMENT LOAN EXPERTS. When you apply at HFS Financial you will get a customized loan experience tailored to ensuring you get the best personal loan to meet your home improvement loan needs.