A professional plumber is necessary for addressing issues like broken water heaters, burst pipes, blocked pipes, or plumbing installation or renovation projects. The plumber will find a safe solution to the problems in your home. Sufficient financial investment is usually required for plumbing repairs and replacements. If it’s not a plumbing emergency, you can save money and pay for the repair out-of-pocket. However, in the case of plumbing emergencies, you may need to get financing to cover the expenses. Now, let’s discuss some available financing options.
Obtaining a Personal Home Loan
Opting for personal loans proves to be a great choice for addressing emergency plumbing problems since you receive the funds immediately after loan approval. Approval typically takes a couple of days, with some individuals securing approval in less than 24 hours.
The interest rates for a personal loan, usable for home improvement, usually range between 10% and 20%, varying based on your credit. There is also a loan organization fee tied to the approved loan amount. Personal home improvement loans can range from as little as $2,000 to up to $100,000 in certain cases.
Most loan terms span between three and seven years. You may negotiate monthly payments to align with your budget. Individuals with a credit score under 640 might find it challenging to secure a personal loan. Unless confronted with a severe plumbing issue, consider saving up and paying in cash, as financing through a personal home improvement loan can be costly.
Real Estate Crowdfunding
Real estate crowdfunding is a newer trend in the project funding field. It’s getting a lot of traction. Like other crowdfunding options, the sites let people pool investments together to fund construction projects. The funds are usually held in a real estate investment trust. While this type of funding has been primarily used on commercial properties and multi-family properties, there are some sites that let investors be part of smaller residential projects.
Considering Credit Card Usage for Plumbing Repairs
Opting to put your plumbing repairs on a credit card presents the advantage of accumulating significant rewards. However, the downside lies in potentially devastating interest rates. Some homeowners choose a card with a 0% promotional period.
While assessing rewards, it’s crucial to maintain context. For instance, if your credit card offers a 2% reward rate and you spend $10,000 on plumbing repairs, you receive $200 back. Yet, failing to pay off the charges in full on time could result in paying more than $200 in interest.
Furthermore, although you may be able to use credit cards to purchase parts from home improvement stores, many contractors do not accept credit card payments. Even if they do, there is often a surcharge on credit card transactions, diminishing the value of your cashback or points.
Therefore, if you can promptly pay off the charge, consider using your card for plumbing repairs. However, if you anticipate making payments, the associated interest rates may outweigh the benefits, making it an unwise financial choice.
Home Equity Line of Credit
A home equity line of credit (HELOC) is generally used for remodels or renovations but not new construction. This could be an option if your home needs a complete plumbing overhaul. Home equity lines of credit are built up based on the equity found in the standard mortgage, and they provide funding for the project. A home equity line of credit works best if it’s used in conjunction with a project that is going to increase the value of your home.
There are several drawbacks to a HELOC being used for home repairs. One issue is that it’s basically a second mortgage. It’s important to understand that you are using your home as collateral for the loan. If you default on the payment, you risk foreclosure. You also need to have a significant amount of equity in your home before you can take out a home equity line of credit.
Attractive Lending Options Through Huff Home Services
Huff Home Services is committed to helping our customers get access to the financing needed to do home plumbing, HVAC, and electrical repairs. The following are two options that we are proud to offer our customers looking for financing.
Service Finance
Service Finance Company, LLC, is a primary lender that offers installment loan solutions to qualified borrowers. We provide favorable consumer interest rates and extended repayment terms, allowing you to invest in your home’s comfort or address unexpected heating and cooling needs without straining your monthly budget.
Homeowners can finance any service offered through Service Finance Company, LLC, with various plans available, ranging from 60 months with no interest to 180-month financing at a 6.99% interest rate.
When you choose financing from Service Finance Company, LLC, you can enjoy flexible promotions, competitive interest rates, and swift credit decisions and funding. Additionally, you’ll benefit from manageable credit lines for customers and high-quality, friendly service.
Service Finance Company, LLC, offers over fifty financing solutions for home improvement contractors enrolled in the SFC Financing Program, comprising promotional and standard installment terms. Our program aims to furnish contractors with the flexibility needed to enable their customers to finance purchases of various products, including HVAC, windows, doors, siding, sunrooms, flooring, water treatment, plumbing, solar, roofing, insulation, and more.
Synchrony Bank
Synchrony Bank (NYSE: SYF) is a top-notch company that helps people with their money needs. They’re really good at using digital tools to offer a bunch of different financial products. Synchrony has a lot of experience and works in various areas like digital services, health, retail, and more. They partner with national and local stores, manufacturers, and others. These partners and Synchrony Bank connect with customers through a digital system to provide different ways to pay for things. If you’re thinking about fixing your plumbing and need money, Synchrony Bank is a great choice. They make it easy to buy online and have different options to help you pay for plumbing repairs.
Huft Home Services offers promotional financing options through a Home Design credit card issued by Synchrony Bank, ensuring that a small budget doesn’t hinder you from obtaining what you truly want or need. Synchrony Bank, a premier consumer financial service company in the United States with over 80 years of retail heritage, is the largest provider of private-label credit cards in the country.
With Synchrony Bank, you can benefit from promotional financing options for major purchases, providing a budget-friendly way to acquire the items you desire. The advantages include eligibility for any heating and air conditioning equipment, a straightforward application process, fast credit decisions, unsecured revolving credit lines, an open credit line for future purchases, promotional financing options, convenient monthly payment choices, online account management, no application fee, and fixed payment options.
Huft Home Services: We Are Beyond Pros, We Are Heroes
At Huft Home Services, our commitment is offering high-quality HVAC services throughout the Sacramento, California, area. It is important for us that the people who live in the state capital have complete confidence in their HVAC system. We have a full team of NATE-certified technicians. Our company is BBB-accredited and NCI certified. We are locally owned and operated. Since 2004 we have been members of the ACCA. Our goal has been and will continue to be to offer exceptional heating and cooling services that exceed our customers’ expectations.
Our services include HVAC installation, maintenance, and repair. We offer general plumbing, water heater installation, drain cleaning, water filtration, sump pumps, and gas lines. Our electrical services include generators, surge protection, outlets and switches, and indoor and outdoor lighting. We also offer home-performed inspections and provide indoor air quality checks. Contact Huft Home Services today for exceptional home maintenance and repair services in Sacramento.
