You need foundation repairs. You don’t have a big ol’ pile of money laying around to pay for it. OR you don’t want to spend your big ol’ pile of money on this and would rather reserve your cash for something else. Financing is in order. So what options do you realistically have?
At Anchor Foundation Repair, we have been helping Brazos Valley homeowners make informed decisions about their home issues since 1985. We can extend our educational efforts to fill you in on financing options too.
This article will list the viable options you have for financing your bigger-ticket home repairs, whether it’s for foundation repair, one of our other services, or if you’re in another area and are just looking for basic info.
Most options presented will be general and could apply to anyone, anywhere. But we will also detail the specific financing program available through Anchor.
Comments on Construction and Repair Costs In General
You might be needing one of our services such as mud jacking to raise and level your concrete, foundation repair for your slab or pier and beam home, or tunneling to reach your under-slab plumbing issues.
You might be using Anchor for repairs, services from another foundation repair company, or some other higher-cost home repair project. It doesn’t matter what you are looking to finance, you just don’t have the cash on hand. We understand that big-ticket repairs cost real money that you might not be prepared to pay outright and you are not alone.
The thing to remember is that construction and repair costs are always going up. You might feel hesitant about financing or think it’s a bad thing. But really financing is an option that we’re all lucky to have available when we need it – especially in emergency-type situations.
Getting the big home project done sooner rather than later will save you money even if financing is part of the picture.
In other words, if you really need this done, do it as soon as you can and take advantage of available financing options. It’s a tool that is there for you to use (especially in more urgent situations) and you don’t have to feel bad about it.
4 Possible Financing Options for Foundation or Home Repairs
Here are the most viable and commonly used options available for covering foundation work or other large home repairs and improvements:
- Use personal loan options through your bank, credit union, or the Bank of Mom & Dad.
- Take out a fixed Home Equity Loan or establish a Home Equity Line of Credit (HELOC) to cover the known and expected costs.
- Refinance your home and pull out some of your accumulated equity.
- Use construction financing if offered directly through your chosen repair company.
- Use 3rd party home repair financing if offered via your chosen repair company.
We’re a foundation repair company and consider ourselves to be at least a little business savvy, but we’re not financial experts. Links are provided under the options above to help explain these options better than we can. You definitely have choices when you have established equity in your home and at least a decent credit rating.
Follow the links above if you’re interested in options 1-3. For options 4 and 5, we have sections elaborating on those below.
Financing Through Your Foundation Repair Contractor
Some foundation repair companies offer direct financing, meaning the company itself is offering and administering the loan or allowing you to pay over time. If the company is doing the financing directly, then they are the ones who would set the terms and rates and determine if you qualify for the financing. That repair contractor is taking on the risk and responsibility of fronting you the money.
Some foundation repair companies, like Anchor, offer 3rd party financing through a partnership or registration with an outside financing institution. That means that the repair company is only a referral source and the 3rd party will determine your qualification and set the terms, rates, and conditions of the loan.
The 3rd party essentially pays the full bill for your project to the repair company, and then you pay back the funds to the 3rd party. This keeps the repair company out of the financing business and risk but still gives you a means of financing your repairs.
Financing with Anchor Foundation Repair and Hearth
The 3rd party partnership that we use at Anchor Foundation Repair is with a company called Hearth. If you are interested in qualifying for a Hearth loan, the contractor you are using must have a pre-arranged and established relationship with Hearth.
According to Hearth info, here are the details:
- Minimum FICO score accepted is 550
- Financing rates start at 7% interest
- Financing terms from 2 to 12 years
- Financing amounts from $1,000 up to 250K
Provide your name, email, and your phone number to the repair contractor (Anchor in this case), and request Hearth financing. A personalized link is sent to your email that you are to click and follow to complete Hearth’s preliminary online financing form.
Hearth will show you their financing options/offers without affecting your credit score. You would then select the option that makes the most sense for you. Then you will be asked to complete a full application to move forward with the financing terms you choose.
Once that’s done and approved, then *BOOM* your repair project can get scheduled with repairs underway as soon as possible.
Using the Hearth Financing Option is Best For . . .
Just in case you’re not sure if using Hearth is right for you, here’s who will benefit most from choosing this 3rd party financing option:
- You know you have an issue that needs to be fixed *pronto* and you have no time to explore other more tedious options,
- You want easy-to-manage monthly payments that don’t increase your stress in an already stressful situation,
- You would rather do a no-hassle finance so as not to deplete your cash reserve (in the case that you do have the money, but don’t want to let go of a big chunk at once).
- You want to get your project going quickly and plan to convert to a more conventional form of financing later. Hearth will just buy you that time to do the other work needed to get something else going.
Ready to Get Your Anchor Foundation Repair Project Financed?
Now you know all the viable options for financing your foundation repair project. Which one did you decide on? If it’s financing your Anchor project with Hearth, then we’ll let you know what’s next.
At Anchor Foundation Repair, we don’t fix things that don’t need fixin’, and we don’t try to sell you stuff you don’t need. After 35+ years in business, that’s what’s best for our Brazos Valley community and for exceptional homeowners like you. We’re here to help guide you through the foundation repair process, but you’re the one in charge.
We don’t make any money or kickbacks from using Hearth financing for our customers, it’s just something we do to make this already stressful home issue a little easier for you. All you need to do is call or email our office and request Hearth Financing and watch your email for that link.