Tuesday, May 7, 2013

Financing your home renovation

Now that the warm weather has (finally!) arrived on the Prairies, thoughts may turn to major purchases such as a new home.
But if you are a homeowner, before checking out the real estate market you might first weigh the benefits of investing time and money on improvements to your current residence. Remaining in the comfort and familiarity of your home and neighbourhood may appeal to you and the cost of home improvements may be reasonable. 
Work can range from painting the house exterior to renovating the entire interior or constructing an addition. For the cost of smaller jobs, such as painting a room, you may find that your credit card, line of credit or personal savings can come in handy. But when the project is too expensive to be paid for in this way, you may consider a loan. And if you decide on a major home renovation, you may find it more economical to add the cost to your existing mortgage.
Whether your home improvement is simply cosmetic or a major upgrade, your credit union can provide information to help you make the best financial decision.

Line of credit can make purchases possible

If you need to purchase items such as household appliances or furniture but find that your funds are tight, why not approach North Winnipeg Credit Union about a line of credit?
Set at a pre-determined limit, a line of credit has a much lower interest rate than credit cards. However, the limit is established much in the same way, starting off low and increasing as you prove your ability to pay it off. You can pay off the full amount at any time and interest accumulates only on the outstanding credit. Deposits made to your account immediately go toward paying off any outstanding balance on your line of credit.

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