Understanding Your Financing
You’ve decided to finance your next home project, great! Now it’s time to choose which financing plan is best for you, but how do you know? With all of the financing options out there it may be overwhelming for homeowners to know which option is best for them. Whether you are financing your first home project or have financed a project in the past, there are important factors that all homeowners should look at when financing a home project.
Not sure what to look for? Keep reading for three important questions that will help you with financing your next home project!
How long will it take to pay back?
The loan term you choose will determine how many months it will take you to pay back the entire amount of the loan. Longer loan terms allow you to lower your monthly payment amount, while shorter terms allow you to pay the loan off quicker without paying more in interest. Loan terms can range from 12-120 months.
Important terms to know:
- APR: annual percentage rate of interest applied
- Loan Term: the purchase window period plus payback period
- Monthly Payments: the monthly amount that will be payed on the loan
- Deferred Interest: interest charges are deferred unless loan is not paid in full during the payback period
- Accrued Interest: the amount of interest being incurred on a loan
What is the interest rate?
The interest rate on a loan will depend on what you are approved for and other credit factors such as your credit score, payment history, etc. Lower interest rates make borrowing less expensive, which allows you to plan that next window, door or bath project without breaking the bank.
Look for 0% interest or same as cash financing options when financing your home project. At New York Sash, we are proud to offer financing options with low and competitive interest rates.
What are my monthly payments?
Your monthly payments will be based on the amount of the loan, interest rate and the loan term. Longer loan terms will lower your monthly payment amount, while a loan with fixed payments will be the same amount each month, making long term budgeting easy. Monthly payments will vary between financing plans, so choose the financing plan with payments that will fit your budget.
At New York Sash, we offer various financing plans with low monthly payments that will fit your budget and needs!
Tip: Use a payment calculator to determine what your monthly payments could be based on varying loan amounts and types.
What options are available to me?
At New York Sash, we are proud to offer financing options for all types of buyers, including those looking for low monthly payments, low interest rates, etc. The first step is to get pre-approved to see what options are available to you!
Get pre-approved today!
At New York Sash, getting pre-approved is practically painless! Our system uses a soft credit pull, which is an inquiry into your credit report that does NOT affect your credit score! If you do not decide to move forward, there is no harm done.
Getting pre-approved for a home loan will allow you to know how much you will be able to borrow and what plans are available to you – including the loan term (the purchase window period plus payback period), APR (annual percentage rate of interest applied) and monthly payment.
Financing options for all financial situations
There is no such thing as one size fits all financing, which is why we offer homeowners financing options that will fit their budget and needs. Whether you are looking for low monthly payments, a longer loan term or want 0% interest, we offer it all! Start the pre-approval process today to see what options are available to you.
