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 that 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 or reasons for using it, financing can be a great resource.
Acculevel provides financing options through both GreenSky®, a Goldman Sachs Company, and Service Financial®, a subsidiary of Truist. These partnerships give us the ability to offer the best financing plans available on the market.
What Financing Options are Available?
As the market fluctuates, new promotions become available, so your project advisor is going to be the best source of information on financing your home repairs. However, financing plans usually feature one of the following term option plans:
“No Interest and No Payment” Deferred Financing
These financing plans usually feature either 6- or 12- month promotional periods. During that promo period payments can be deferred and/or interest that is charged during the promo period is waived as long as the loan is paid off by the end of that promo period. If a balance remains at the end of the promo period, however, the full interest accrued during the promo period is owed.
This is a great fit for customers who don’t have the necessary funds for their repairs immediately available, but will receive them within a few weeks or months. For example, it’s frequently how homeowners who are moving to a new home that requires repairs can get them done before their current home is sold.
Deferred Interest with Payments
Again featuring a promotional period, this type of plan offers the opportunity to have the interest that is charged to your account during the promotional period waived if the loan balance is paid in full by the end of the promo period.
Unlike the first plan, however, a minimum monthly payment is required during the promotional period. It should be noted however that paying only the minimum payment each month will not pay off the purchase balance within the promo period. So, unless you make monthly payments greater than the minimum, you must ensure you make a payment for the entire remaining balance by the end of the promo period. If there is a balance remaining at the end of the term, you will then be charged the deferred interest accrued over the course of the promotional period.
This is a great choice for people whose budget is temporarily limited, but have funds that will become available once an investment matures, or a property is sold.
Fixed Monthly Payments
These plans don’t include a promotional period, but instead offer customers a fixed monthly payment over a longer loan term, typically 84 or 96 months – or longer.
These are the best option for anyone who won’t have the full loan amount within a promotional timeframe and require a budget-friendly option with a more competitive interest rate. The interest rates available vary based on terms and creditworthiness or the applicant.
Frequently Asked Questions
Whenever you’re evaluating financing options, you want to make sure you’re not missing any of the fine print.
How long do I have to get my repairs done after I’m approved for financing?
Both financing companies give you time to make arrangements for home repairs. So regardless of how busy Acculevel’s repair schedule is or if your situation requires you schedule your repairs a few weeks after getting your estimate and applying for financing, your financing period will begin once the work is completed.
Greensky: Most of the GreenSky financing options we offer have a 4-6 month purchase window.
Service Financial: Does not finalize your contract until the work is completed.
What Does it Cost to Apply for Financing?
Neither financing partner charges application fees, activation fees, or closing costs.
What if I Pay Off My Loan Earlier than Planned?
Neither financing partner will charge you a “prepayment penalty.” You are required to make the minimum monthly payment (if your financing stipulates one). However, all of the financing plans allow you to make above-minimum or multiple payments without incurring additional costs.
How Long Does the Application Process Take?
Like most programs, there’s an app for that! Your project advisor can complete your application and have an answer during your in-home assessment.
If You Have Additional Questions
In addition to helping you apply for financing, your project advisor is an excellent resource for answering all your questions related to your home repairs. Your PA is familiar with your home and the issues that you need addressed and can help you confidently navigate the entire repair process.
If you don’t have a project advisor yet, you need to schedule a free home inspection appointment with us! 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 advisors.
Your PA will evaluate your foundation concerns and recommend the best course of action for you. Because we specialize in whole-home solutions, our goal is to address both the symptoms you’re experiencing and the root cause of the problem. We want to completely resolve the issue that threatens your home’s integrity and stability to keep your home strong and healthy for years to come!
Want more information about your home and its issues? Use our free diagnostic tool!