Inquire Now

Financing Your Home Remodeling Project: Cash vs. Loan

Using cash to finance your home remodeling project may seem like an attractive option. Paying one lump sum in cash sure seems easier than taking out a home equity line of credit, a second mortgage, or a home improvement loan. However, one thing many people don’t consider when weighing paying for their project in cash is the potential for future lost interest. Taking out a large sum of money from a savings or other account will curtail your interest gains for a significant period of time, which in the long run is not a smart investment.

 

Home improvement loans, on the other hand, won’t require you to withdraw big sums from your accounts as you’ll be able to pay back the loan over time. The interest you pay on the loan will be offset by the fact that you’ll continue to earn good interest on your investments which you left alone instead of withdrawing to pay for remodeling. Depending on your situation, a loan may even save you money over time compared to paying in full in cash. Furthermore, according to the National Association of Homebuilders’ website, “Interest payments on a home improvement loan may be tax-deductible, while the expenses of a remodeling project paid for in cash cannot be written off.”

 

 

 

Your Project Loan has over 55 years of experience helping homeowners get the loans they need to make their remodeling dreams a reality. Is your kitchen aging faster than you’d like it to? Is the bathroom in need of a facelift? We’ve got you covered. No matter what kind of remodeling you want to do, we can get you the loan to finance it. With new low 4.99% APR financing available in all 50 states and up to $100,000 with no equity required, now is the perfect time to go to our website and fill out a 60 second loan application.

 

Are you a home improvement dealer? Want to increase your sales?! We can help you provide financing for your customers as well. Please fill out our dealer application and you will be contacted within 24 hours by one of our Home Improvement specialists.

 

As the old adage goes, time is money, and for an investment of just 60 seconds you could be looking at a great loan for your home remodeling project. In less than the time it took you to read this blog, you could have been on your way to a loan today. So don’t delay, head over to our application and get started! And be sure to follow Your Project Loan on FacebookTwitterGoogle + and LinkedIn.

 

Source

 

http://www.nahb.org/generic.aspx?sectionID=715&genericContentID=321#equityequity

This entry was posted on Friday, September 20th, 2013 at 9:39 pm . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.