Financing Available

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

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