Originally posted 3/19/20; updated 10/22/20
There are times when financing your home repairs makes sense:
- Maybe you just bought a house, and you don’t have the funds right now. Many times, foundation repairs are part of the negotiations- you may be waiting on the check to be cut by the title company.
- The stock market often fluctuates, making investors nervous about depleting their cash reserves.
- You may have the funds in your savings account, but you’re not sure you want to use them. (I always hesitate to let my emergency fund drop below a certain threshold- it feels too much like tempting fate.)
- You’re on a limited budget. Or a limited income. Or you’ve just hit a rough spot and your emergency fund is tapped out. (Murphy’s Law: what can go wrong, will go wrong.)
Whatever your personal circumstances, financing can be a great resource. Acculevel is a family-owned and operated company that specializes in foundation repair and waterproofing. We’ve been helping homeowners preserve their homes and restoring peace of mind since 1996. We provide options through both GreenSky and Hearth, to offer our customers the best financing plans available.
What Options Does Greensky Offer?
If you need no interest and no payment options, they have 6 month and 12 month options. These are often a great fit for customers who don’t have the funds in hand, but will receive them within a few weeks or months.
If you want to make payments without paying interest, check into 12 month and 18 month options. For both of these, you only pay interest (and you will pay it on the amount financed) if you go over the specified time frame.
And for anyone who wants to finance their repairs gradually, there is an 84 month plan with monthly payments. The interest rate for this is currently 7.99%, but that can vary. To get the specific rate, you can visit GreenSky’s website.
Why Do We Use GreenSky?
GreenSky is an excellent finance partner for our customers because:
- Once you apply, you have 120 days to complete the purchase. So if you need to schedule your repairs a few weeks after the estimate, this is not an issue.
- There are no activation fees or closing costs.
- There are no application fees.
- You are not charged any penalties if you pay off the balance ahead of schedule. (These are sometimes called prepayment penalties.)
- The paperwork is minimal; most application processes are completed in 15-20 minutes.
What Types of Rates Does Hearth Offer?
Hearth has three rate plans, as illustrated below:
|Credit Range (FICO)||Est. APR Range||Loan Term||Lending Partners|
|Excellent (700-850)||4.99% – 15.24%||2-12 years||8|
|Good (640-700)||15.85% – 29.09%||1-7 years||8|
|Building (below 640)||22.48% – 34.7%||1-5 years||5|
How Do You Apply for Hearth Financing Plans?
- Use their secure form to check rates quickly- without affecting your credit score.
- The application process is easy, requiring only the usual information: income, loan amount needed, FICO score, etc.
- Once you’re approved, funds are deposited directly into your account.
- The loans provided through Hearth have fixed rates and terms, so you’ll know your monthly payment total upfront.
- There are no prepayment penalties.
If You Have Additional Questions
In addition to helping you apply with GreenSky or Hearth, your project manager is an excellent resource for you. He or she is familiar with your home and the issues that you need addressed, and can help you navigate the entire repair process.
If you don’t have an account manager yet, you need to schedule an appointment with us! We offer free estimates; give us a call and our friendly office staff will help find answers to your questions and make an appointment with one of our local project managers. He or she will evaluate your foundation concerns and recommend the best course of action for you, to keep your home strong and healthy for years to come.