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Your Home Remodeling Loan and Financing Options
Are you considering a remodel and would like to learn about your loan and financing options? There are a few ways to obtain the cash or capital needed to fund your remodel project. In order to make that easier on our clients, Square Deal Construction has partnered with EnerBank USA and Finance by Cambria and have an extensive referral network of trusted vendors who we and our clients have worked with such as: The Bowers Team, RenoFi, and US Bank.
The most common financing options are as follows: Cash-Out Refinance, Home Equity Line of Credit (HELOC) Same-as-Cash (SAC), Reduced Interest Loans (RIL), Traditional Installment Loans (TIL), and Zero Interest Loans (ZIL). Click below to learn more about each financing or loan type.
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 and each has at least one loan code. We would suggest the DEL2722 code option – 12-month with 6.99% APR up to 10 years.
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%-14.99% APR. It’s designed for customers with a wide range of FICO scores. Customers pay off the loan through equal monthly installments.
Loan code = DEL2622
The Zero Interest Loan offers equal monthly payments combined with a 0% fixed APR throughout the full term of the loan. This loan has 7 different code options, each with a different length ranging from 1 year to 7 years.
Learn about our Financing Partners
Don’t Put Off Until Tomorrow What You Can Afford to Remodel Today
Visualize your completed project without the distraction of worrying over the dollar amount. Finance by Cambria allows you to apply for up to $75,000 for all the remodel products and services your Cambria dealer offers. It’s a quick-and-easy, paperless application and you’ll receive a credit decision in minutes.
With Finance by Cambria, you can bundle virtually everything together for your kitchen, bath, or other remodel project. Just start with beautiful Cambria natural stone surfaces, and then add other interior remodel products and services we offer. With convenient payment plans to match any budget, Finance by Cambria makes it easy and affordable to start your dream project today. Stop imagining and start planning how Cambria natural quartz surfaces will look in your home today!
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How Home Improvement Lending with Enerbank Works
The focus at EnerBank is on delivering the best home improvement lending products and services. They are a reliable home improvement lender, standing strong and consistently growing — always striving to create an exceptional customer experience. EnerBank knows what it takes to create an exceptional experience in home improvement lending for consumers like you.
Their focus on the home improvement industry and proven track record of helping contractors grow their businesses mean you can count on Enerbank to deliver quality loan products with a top-notch customer experience. They balance their depth of experience with a constant push to innovate.
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Understanding Cabinet Terminology
There are many decisions to be made when selecting cabinets for your kitchen. The main choices most people think of are painted versus stained, and door styles. Before you even get to those choices, there are two other big choices to be made: how they are built and how the doors & drawers sit on them. In this blog post, we will review framed versus frameless cabinet construction, and three different styles of door & drawer installation.
Design Review: The 1911 Update
In early 2021, we were contacted by the owner of a McMinnville home that was built in 1911 to update some of the interiors. We remodeled both bathrooms and the kitchen. This kitchen project is an amazing example of how important it is to have a properly sized kitchen triangle.
Read This Before You Remodel Your Bathroom
Whether you have remodeled many bathrooms, or are taking on your very first project, this guide will help walk you through the process so you can clarify what you want, understand the process of remodeling, be able to explain your plans to your contractor, and know how to move forward.
