Financing Available

Another option you have if you have equity in your home is a cash-out refinance. It essentially is a new loan that pays off the existing loan you have (if you have one) and puts the additional money in the increased value of your home in your pocket. Sometimes, depending on your current interest rate, and how long you have had the original loan, the monthly payment could either be the same and sometimes it may even be less than what you are paying right now! Make sure you ask your banker the differences in interest rates, closing costs, and duration of the loan to see what makes the most sense for your scenario.

If you have equity in your home, you more than likely will be able to get a home equity line of credit, sometimes called “HELOC” for short.  This usually has minimal closing costs and has a set interest rate for a period of time. It is almost like a credit card, but with a much lower interest rate and doesn’t have to be paid off each month. Many times you will have a set interest rate for 3-5 years.

The Same-As-Cash Loan is a short-term lending solution with no interest required if paid in full within the “same-as-cash” period. EnerBank offers 6-Month, 9-Month, 12-Month, 18-Month, and 24-Month.

The Reduced Interest Loan is a fixed interest rate loan that’s set up for a longer-term. Customers pay back the RIL through easy monthly payments.

The Traditional Installment Loan is a longer-term loan with risk-based interest rates ranging from 8.99%-24.99% APR. It’s designed for customers with a wide range of FICO scores. Customers pay off the loan through equal monthly installments. 

The Zero Interest Loan offers equal monthly payments combined with a 0% fixed APR throughout the full term of the loan.