Stop dreaming about your new kitchen and start remodeling today with the help of our flexible financing options.
Working a remodeling project into the household budget is one of the biggest concerns homeowners have when they start to plan for a new kitchen. It is a major decision and upgrade to renovate a kitchen, one that impacts everyday living. And why wouldn’t it be? After all, your kitchen is the heart of your home. That said, a big question still remains for many people.
How often do people pay for a brand-new car with all cash? How about a new master bedroom set or major appliances? Most people choose to make these purchases utilizing financing options that work within their budget. The same is true for your dream kitchen. When you think about it, your new kitchen will probably be with you longer than your current car, so financing it shouldn’t be any more stressful or confusing.
You can qualify for affordable financing plans when you remodel your kitchen. These plans allow you to design, install and enjoy your kitchen now, with a comfortable payment program that fits your needs.
With GNC Kitchen, you have several easy payment options available to finance all or part of your kitchen project. Based on your credit score and down payment, your kitchen design consultant can help you determine what works best with your budget.
Your financing options will be based upon your credit rating, regardless of which plan you choose.
No. Whether you finance all or part of your new kitchen remodeling project is up to you. Many homeowners find it helpful to take the time to work out a budget for their new kitchen project.
Your credit score is based on your personal credit history, and it is used by banks and other lenders to determine your “creditworthiness.” Your score is mostly based on information obtained from credit bureaus. Various types of financial institutions use these scores to determine the potential risk they might have when lending money to consumers. Interest rates and credit limits of loans are also impacted by your credit score. (You can check your credit score at : Equifax Canada.)
Paying off your kitchen remodel financing plan regularly and on time can actually help your overall credit score. According to US News Today, your track record of paying back loans and credit cards is kept in your credit report. Your FICO credit score (the most commonly used score) weighs factors as follows: your payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).
If you have enough equity and good credit, a home equity line of credit (HELOC) may be a good option for financing your new kitchen. According to Consumer Reports, the term of the loan is typically 10 to 20 years, which is often referred to as the “draw period.” You can typically borrow 75 – 80 percent of your home’s appraised value, minus what you owe. HELOC interest rates are usually variable, and you may be charged an appraisal fee along with a possible annual fee of about $100 or less.
