5 Financing Options When Upgrading Your Home’s Security System

Home security is often taken for granted by most homeowners. Your home is your sanctuary that needs not only to be a place of comfort and relaxation but security as well.

This year, make sure to prioritize home security when improving your home. You’ve got lots of options to choose from, some that are smarter than the others. If you want to make your home a safer and more secure place for you and your family, then consider upgrading your home security system.

 

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Good Read: 12 Easy Ways to Improve Your Home’s Security

The thing is, not everyone can go ahead and make the upgrade due to the lack of funds. Luckily, homeowners who want to save money have the option to improve their existing home security system. But how can one finance the upgrade?

There are different ways on how you can make your dream home security upgrade a reality. The following are financing options to consider if you want to make the upgrade this year.

Cash

Your first choice is cash financing. No need to apply for a loan or credit just to acquire funds. However, if you haven’t got enough cash at hand, it may take you a while – months or years, even to gather enough money.

Credit Cards

Others choose to apply or use their existing credit cards. However, the interest rates are generally higher than other financing options.

Personal Loan

Some choose to apply for a personal loan. If you have a good enough credit score and don’t want to put up anything as collateral, you can use this as a source of funds for the upgrade. However, you will need to pay off the loan within 5-7 years with interest fees that are much higher than other loan options.

Home Improvement Loans

If you’re the traditional type, then consider a Home Improvement loan. Banks, lenders, and credit unions offer unsecured loans to homeowners who want to improve their home. You will need to provide collateral to get approved. As for the interest fees, it will depend on your credit score.

Home Equity Loan Or HELOC

If, however, you’ve got enough equity in your home, you get to apply for either a HELOC or a Home Equity Loan. One only needs to shop for mortgage lenders Houston Tx that will approve your mortgage application. You will need to have enough equity, a good credit score, a stable income, and a good DTI and LTV ratio to qualify. If you qualified, you can tap on your equity and use it for home improvement projects, such as upgrading your security system back home.

If you get approved for a HELOC, you get to draw the funds as needed. One only needs to pay for the interest fees during the draw period. This allows you to save enough money to pay the capital loan amount once the draw period ends. However, if you need a lump sum of cash, then consider applying for a Home Equity Loan. Both options are offered by mortgage lenders Houston Tx, allowing you to tap on your home equity, using your home as collateral for the loan.

Good Read: The pros and cons of a home equity line of credit

There are other ways on how you can finance your plan to improve your home’s security. However, the abovementioned are the common ways most homeowners tackle when improving their homes. It pays that you keep your home safe and secure at all times. Don’t take home security for granted. Choose to upgrade and sleep better at night, knowing your home is safer and more secure.