Depending on the design of your home, the siding you have may be a big visual aspect of your home’s exterior. With the siding making up such a large portion of the look of your home, ensuring that it’s in good condition will impact your home’s curb appeal, energy efficiency, and longevity.
With such a large home improvement project on the horizon, you may wonder how you’ll even begin to pay for it all. Have you thought about learning more about what financing options might be available to you? Let’s look at what it’s going to take to replace your home’s siding and how siding financing can help you out.
How Much Does It Cost to Replace Your Siding?
If your home has quite a bit of siding on the exterior that needs to be replaced, your cost will obviously be much higher than a home that is only accented a little with siding. Your siding replacement average cost will run anywhere from about $2 – $28 per square foot, depending on what siding materials you choose and how much you will need to replace. A high-quality vinyl siding, for example, will cost between $5 – $7 a square foot.
Talk to Magnolia Home Remodeling Group to measure your home and pick the type of siding you want to use. You will get a more concrete idea of the costs and time it will take to complete your project when you consult with an experienced professional.
6 Financing Options for Replacing Your Siding
Financing new siding will often be the only way many people can accomplish a siding replacement. However, there are several ways you can go about siding financing and achieve the beautiful home exterior you desire and need for the safety of your home and family.
1. Finance Through Your Siding Contractor
Magnolia Home Remodeling Group has a great working relationship with several different lenders, making your siding financing options easier to navigate. There are so many loans and other financing opportunities out there to help with your vinyl siding financing or other siding financing options.
2. Cash-Out Refinancing
A cash-out refinance loan is an entirely new mortgage loan you take out. This new home loan will be larger than your original loan, and you’ll receive the difference between your new loan and your original loan in cash.
With this type of refinancing option, you typically have to pay closing costs, and it can take quite a bit of time and effort to get approved. Plus, if you currently have an amazing mortgage interest rate, you may end up with a much higher rate on your new loan. There is a lot to think about before taking out a new home loan, but the benefits may outweigh the disadvantages.
3. Take Out a Home Equity Loan
A home equity loan is one of the most popular kinds of siding financing. This type of loan gives you cash and then uses your home’s equity as collateral. Home equity loans usually have a longer repayment period, allowing you to easily use the money for home improvements and other necessary expenses.
Talk to a loan officer at your bank or credit union to learn more about the approval process and if you have enough home equity to make it worthwhile.
4. Try a Home Equity Line of Credit (HELOC)
Another way to use your home equity is through a home equity line of credit (HELOC). The way this line of credit works is much like a credit card, in that it allows you to borrow and pay back over time within your line of credit. The money you can borrow is based on the available equity in your home.
Some of the biggest advantages of a HELOC are that you can borrow higher amounts than a credit card, and the interest rates are usually much lower. Don’t put yourself in a bad spot, though – remember the collateral for this loan is your home. Make sure you can pay it back!
5. Use a Personal Loan
A personal loan is a quick way to get money for home improvements like siding replacement. Personal loans do tend to carry higher interest rates, making your monthly payments higher, and you may even be charged a fee if you repay the loan early. Make sure you know all the details before signing on the dotted line.
6. Put it On Your Credit Card
It can feel so easy to just “put it on your credit card.” It’s convenient to use but may take you years to pay off and quite possibly thousands of dollars more after interest. Only use a home improvement credit card if you must act quickly on a repair or know you have the means to pay off the credit charge quickly.
Magnolia Home Remodeling Group Can Help You Finance Your Siding Replacement
Magnolia Home Remodeling Group will guide you through your siding choices and siding financing. The exterior siding you choose will be on your home for years to come, so you want to be sure your choice is something that you love and are happy with. When hiring Magnolia Home Remodeling Group you can have peace of mind that all exterior remodeling is performed to exceed your expectations. Additionally, we offer affordable payment plans for all qualified buyers with our 100% Home Improvement Financing for all exterior remodeling projects. Please call us anytime at 855-624-6655 or contact us by filling out the request for an estimate, and we will schedule a free estimate, explaining all the product options and prices available. We appreciate you considering our company to remodel your home!