3 Types of Financing to Consider for Foundation Repair Work
3 Types of Financing to Consider for Foundation Repair Work
Foundation repair work can be expensive, and if you don’t have the cash on hand to pay for it, you may need to finance the work. There are a few different options to consider when it comes to financing foundation repair work.
Keep reading to learn more about these 3 types of financing for foundation repair work!
Payment Plans
Foundation repair work can be costly, but there are a number of financing options available to help make the cost more manageable. Which payment option is best for you will depend on your financial situation and on the severity of the damage to your foundation. If the damage is extensive, you may need to finance the repairs in order to spread the cost out over time. You can speak with a foundation repair specialist to discuss your payment options and to find out which option is best for your needs. This will allow you to spread the cost over a set period of time.
Personal Bank Loans
Another financing option for foundation repair is personal loans. You can take out a personal loan from a bank or other lender or private financing. You will likely get a high chance of getting approved through private financing but you can get a better interest rate with your bank. This can be a good option if you have good credit and can qualify for a low-interest rate.
There are things that you can work on to improve your chances of getting approved for a personal loan:
- Find the right lender
- Don't ask for too much cash
- Rebalance your debt and income
- Work on improving your credit.
Credit scores are one of the major factors that a lender will consider when you're applying for any type of loan. If you think your credit needs fixing, here is a free DIY dispute kit that might help.
Home Equity Loan or Home Equity Line of Credit
A lump sum payment can be a good option if you have the money available to pay for the repairs all at once but not everyone can afford it. If you don't have many options, a home equity loan is much recommended. This is a type of consumer debt that allows homeowners to borrow against the equity in their residences. However, you should keep in mind the pros and cons of taking out a home equity loan. Here are some of them:
In conclusion, there are three main types of financing to consider when paying for foundation repair work. These include payment plans, a personal loan, and home equity. Each option has its own pros and cons, so it is important to compare and contrast before making a decision.
Stonehouse Foundation Repair- Get access to Financing
Foundation repair is a necessary expense, but that doesn't mean you have to pay for it all at once. Stonehouse Professional Services offers several financing options, so you can get the repairs you need without breaking the bank. Schedule a free consultation with Stonehouse Professional Services today to find out how we can help you get your foundation repaired quickly and easily. We'll work with you to find a financing option that fits your budget.
If you think you may need foundation repair, please don't hesitate to contact us. We will be happy to provide you with a free estimate and consultation.
Give us a call at 210-879-8521 if you have any questions, or book a free inspection online HERE.
8719 Business Circle Building #1, Converse, TX 78109
