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6VV SUNDAY, FEBRUARY 23, 2020
ADVERTISING SUPPLEMENT TO THE RIVER VALLEY & OZARK EDITION / THREE RIVERS EDITION OF THE ARKANSAS DEMOCRAT-GAZETTE • HOME & GARDEN SHOWCASE
ATVs • HARLEYs • JAPANESE • SALES • PARTS • REPAIR • UTVs
CONWAY CYCLE SHOP
1523 MILL ST. CONWAY 327-2917 conwaycycleshop.com
To finance a home renovation project, there are a number of options available, including personal loans, home-equity loans and many more.
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HOME-EQUITY LOAN
Individuals also can borrow against eq- uity in their homes with a fixed interest rate through a home-equity loan. Most lenders will calculate 80 percent of the home value and subtract a homeowner’s mortgage balance to figure out how much can be borrowed, according to the finan- cial advisory site The Simple Dollar.
PERSONAL LOAN
Homeowners can shop around at vari- ous financial institutions for competitive personal loans to be used for home-im- provement purposes. Funds may be ap- proved within one business day, which can be ideal for those who want to begin their improvements soon.
PERSONAL LINE OF CREDIT
A personal line of credit allows bor- rowers to borrow only the money needed
at the time and offers a variable interest rate that is generally lower than fixed loan rates. Again, like a credit card, a PLOC gives a person a maximum borrowing amount and is ideal for ongoing purchases.
CREDIT CARDS
In a pinch, credit cards can be used to finance improvements, but they do come with the cost of very high interest rates if the balance is not paid in full by the time the bill comes due. However, for funding smaller projects and maximizing reward points through home-improvement retail- ers or specific credit-card-company pro- motions, credit cards can be a way to earn various perks, in addition to the benefit of improving a home. Homeowners look- ing to finance their next improvements should speak to a financial adviser and shop around for the best types of funding for them.
— Courtesy of MetroCreative