Finance your new HVAC unit with Home Equity
If paying $10,000 out of pocket for a new HVAC unit is a challenge, consider financing the work. Some banks offer credit cards to help you pay for your new HVAC, but be cautious of these. Though they may offer you a low rate (or 0%) for the first 12 months, your rate may jump very high after the first year….almost 30%! And if you miss even a single payment, interest as high as 28% may accrue from your date of purchase. Borrowing $10,000 for 1 year at 28% interest = $2800 of interest, for missing one payment.
More credit card debt might not be the best way to go. Our Home Equity loans give you peace of mind with a low rate that never changes, for repayment up to 30 years. We can get you approved in just 2 days and we charge no upfront fees. Plus, because an HVAC unit is a home improvement, you may qualify for tax savings.
We can also help you pay off any credit card debt you may have, actually helping you save money by paying off that debt at a 20% rate. Our rates range from 7-15%, depending on credit and are fixed for up to 30 years. No surprises! You’ll need a 620 minimum to qualify.
Home Equity Financing 101
If you have a mortgage on your home now, you probably have a very low interest rate. That’s why you should not refinance. A Home Equity loan allows you to access a small portion of your equity, without losing the low rate on your current loan.
You’ll need at least a 620 FICO credit score. And your home must be your Primary Residence. If your current mortgage is an FHA or VA loan, we won’t be able to provide a Home Equity loan, per Texas law. But we may have other options to consider (including a refinance).
Why get a Home Equity loan with us?
Paying $100 per month may be easier than paying $10,000 cash for your new HVAC unit. Our application takes 5 minutes. We can give you an approval in 48 hours. You pay $0 out of pocket costs to get approved for funding since we pay your fees for you. Our lending partner has provided $8 billion in funding to over 80,000 home owners nationwide, and we know you will love our fast approval process.
Tax Savings with Home Equity
If you are replacing the HVAC unit on your Primary Home (not a rental home), then you may qualify for tax savings. If you itemize your deductions on your tax return, then you may qualify to itemize the interest that you pay for your HVAC loan. That would mean getting a rebate on your tax return. Using a loan that is not secured to your home means missing out on this benefit. Talk to the person (or company) that helps you file your taxes to confirm if you are eligible.
Be careful with “too good to be true” credit card offers
Elizabeth took out a credit card not reading the fine print. She was very surprised when the initial 0% period was over, after the first year. She wrote this in her Consumer Affairs review
