Ways to Pay For Residential Windows: Perks and Drawbacks

From time to time, almost all homeowners have to replace the windows in their houses. Sometimes, windows get old and require replacement. Other times, they are broken in household accidents or during inclement weather. Regardless of why you are thinking about purchasing replacement windows for your North Carolina or South Carolina residence, figuring out how to pay for this investment may be a challenge, especially if you weren’t planning for the expense ahead of time. 

There are several different ways to pay for residential replacement windows if you don’t have all of the necessary funds upfront. As with most things in life, there are perks and drawbacks to each payment option. As you read the next several paragraphs, you will be able to work through which choice best meets your needs from a financial standpoint. 

Home equity loans – Not all Carolina homeowners will be eligible for home equity loans. These can be taken out when the current value of your home exceeds what you originally paid for it. 


    1. Low interest – The main benefit of choosing a home equity loan to pay for your new windows is that you should receive a very favorable interest rate. These sorts of loans generally have lower rates than almost any other type of financing.


    1. You could get foreclosed on – Although nobody ever has the intention of letting a loan default, unforeseen circumstances sometimes occur. In the case of a home equity loan, the result of not paying promptly could be foreclosure. 
    2. Your mortgage payments will extend – Because home equity loans require homeowners to borrow against their property value, they end-up adding months or years to their mortgages. Depending on your personal circumstances, this may be a dealbreaker. 

Credit cards – Depending on how high your credit limits are and how many windows your Carolina residence needs to have replaced, credit cards you already have may be an option to help you pay for this renovation project. 


    1. No applications – Most financing options require Carolina homeowners to submit applications and have their credit run, ultimately lowering their credit scores for a period of time. This is not, however, the case when people choose to use existing credit cards to pay for their replacement windows. 
    2. You may earn rewards – If the credit cards you currently own have reward programs, using them for a large purchase may give you a lot of reward points you can redeem toward something fun. 


    1. Higher monthly payments – If you’re someone who doesn’t pay the total balance on your credit cards every month, your minimum payment is likely to increase if you put a large purchase, like new windows, on one of your cards. This could be detrimental to your household budget. 
    2. Potential hit to your credit score – If you start missing payments on your credit card because your finances change, your credit score will decrease and, in most cases, takes quite some time to build back up to where it was. 

Personal loans – Personal loans are available in widely varied amounts, from a few hundred dollars to tens of thousands of dollars. If you are thinking about going this route, apply through your bank, not a payday lender, for the best interest rate. 


    1. Your home won’t serve as collateral – One of the primary differences between a personal loan and a home equity loan is that personal loans do not require applicants to put their homes up as collateral. 


    1. You may have high interest – Since personal loans are unsecured (meaning there is no collateral), your credit score will play a major role in your interest rate. If you don’t have pristine credit, you can expect to pay more interest than you might prefer. 
    2. Your credit needs to be good – While most banks will grant personal loans to those whose credit scores aren’t perfect, your credit history will need to be nearly unblemished in order to qualify for this sort of loan. 

Once you’ve figured out how you are going to pay for your Carolina replacement window job, give the Hatch Homes crew a call to schedule a free consultation. Our team of experts can handle any window installation, no matter what sort of window you’re interested in having put in. From complex bow and bay window projects to standard double-hung window replacements, we are here to make sure your house has the best windows for your family’s lifestyle. 

More than just a contractor.

Hatch is your partner for exterior remodeling.

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