While a bathroom remodel is always a worthy investment, it can be a significant one, putting off many homeowners from taking advantage of it in the first place despite needing it. What a lot of homeowners also don’t realize, however, is that financing options are available to them. Walk-in tub conversion contractor LuxStone of Colorado discusses these options here:
Home Equity Loans
Home equity loans let you borrow a lump sum while using your home’s value as collateral. Typically, however, you can only borrow a maximum of 85% of the value of your home. They come with fixed interest rates and repayment terms, meaning you’ll be paying a fixed amount every month.
Home Equity Lines of Credit
Home equity lines of credit (HELOC) work similarly to credit cards, offering you a line of credit you can borrow against, plus you only have to repay what you actually use to hire walk-in bath companies. They use your home as collateral but come with lower interest rates compared to unsecured loan options. Overall, interest rates vary depending on who’s providing the HELOC and monthly payments are not fixed.
Personal loans are popular because they offer some of the advantages of home equity loans without as many risks. Unsecured, they don’t require collateral. Your credit score will take a hit, however, if you fail to repay your loan. Personal loans also have fixed interest rates, monthly payments and repayment timelines and can be take out numerous times, if lender requirements are met.
Financing Options from Contractors
The financing help you’re looking for may be more accessible to you than you realize! Bathroom remodeling contractors themselves offer a range of financing options from third parties you can take advantage of. Interest rates and repayment terms are generally flexible, making it easy for any homeowner to manage paying for a remodeling project.
LuxStone of Colorado is one of the best walk-in tub installation companies to trust for your bathroom remodeling needs. With our range of quality products and services, we are confident we have what it takes to ensure your 100% satisfaction.To learn more about what we can do for you, simply give us a call at (303) 928-6696 or fill out our contact form. Talk to us today!