Home Remodeling Finance Options through JSB Home Solutions

Money doesn’t grow on trees and home remodeling projects can put a serious dent in your bank account if you have to pay for the entire job upfront. Yet the commitment to another monthly payment may not be appealing either.

Honesty, transparency, and completeness of information are essentials in all financial discussions. You should be empowered to make a decision that best serves your family in building your dream home.

At JSB Home Solutions, we offer financing options that allow you to focus on the return you will get on your investment, not the upfront cost.  Whether you choose to entrust your home renovation project to JSB Home Solutions or not, we want you to feel comfortable and confident in the purchase you make to improve your home.

This article will cover:

• Benefits of Financing Your Home Renovation Project
• How to Sign Up for a Financing Plan with JSB
  • Do I qualify for financing?
  • Which financing option is right for me?
• Types of Home Renovation Financing Plans Offered by JSB

3 Benefits of Financing Your Home Renovation Project

Home remodeling projects can greatly improve the quality of your home but they also commonly come with a hefty price tag. There are three main benefits of opting for financing options as opposed to paying the full cost upfront.

1. Probably of the highest importance, financing your project allows you to spread out the financial burden over time. You can set aside a monthly amount that fits within your budget, making the large cost of a home renovation much more manageable. 
2. Financing options also provide flexibility in what your payments will look like. You can choose a plan that allows your family to be successful in making payments while minimizing the stress and anxiety around paying for a home renovation.
3. Finally, being consistent and responsible with your payment plan can enhance your credit score, putting future you in a positive position to apply for loans.

If you decide that financing your home renovation is the right choice for your family, JSB can work with you to set up a financing plan that fits within your budget.

How to Sign up for a Financing Plan with JSB Home Solutions

With JSB, there are two simple questions to answer to get the ball rolling in the financing department:

Step 1: Do I qualify for financing?

At your in-home consultation, your JSB design consultant will have you fill out a pre-qualification form with some general information. At this stage, there is no risk, no obligation, and no social security number required which means it will not impact your credit score.

JSB Home Solutions partners with the financing company, Upgrade, which requires certain criteria to be met to qualify for financing. These criteria include:

• You must be a U.S. citizen, permanent resident, or a U.S. resident with a valid visa.
• You must be at least 18 years old.
• You must have a verifiable bank account and a valid email address.
• You will need a FICO credit score of 615 or higher.
• You will need a decent debt-to-income ratio.

If you meet these criteria, all that is left is to choose which financing option is right for your family and your situation.

Step 2: Which financing option is right for me?

Once you have been approved for financing, your design consultant will show you the types of home renovation financing options available to you. This will also happen at your in-home consultation. This whole process only takes about 10-15 minutes. 

There are many details to consider when choosing a financing plan; length of the loan, if there is interest, and what the monthly payment will be, to name a few. Your design consultant will walk you through finding the plan that best fits you and your family based on the details of your project and your financial goals.

The 3 Types of Home Renovation Financing Plans Offered by JSB Home Solutions

JSB Home Solutions offers three different kinds of financing payment plans. While Upgrade offers other payment plans, we have found that these three types are the most beneficial for financing home remodeling projects. We will discuss the basics of the three plans that JSB offers and you can be armed with this information as you consider the next steps for your home renovation project.

Type 1: 0% Interest + No Payments for Promo Period

Type 1 financing is a 10-year loan that will not accrue interest and no payments are due during the promo period. Type 1 plans have a promo period (3, 6, 12 or 24 months), during which time you are not required to make payments toward your loan. However, if you choose to make payments during this promo period, you can. After the promo period, interest will begin to accrue and payments will be due monthly.

Type 1 financing plans have the benefit of providing a window of cushion when you can pay down your loan before payments are required and interest starts to accrue. However, these payment plans typically have the highest monthly payments.

Type 2: 0% Interest

Type 2 financing plans are a 5-year loan that will not accrue interest over the life of the loan.  This means that the cost of your project will be divided into 60 equal payments, due each month over the next 5 years.

Type 2 financing plans have the benefit of short loan times and slightly lower monthly rates than Type 1 plans. However, payments start right away as there is no promo period to delay the first payment.

Type 3: Reduced Rate

Type 3 financing plans are 10, 12, or 15-year loans that will accrue interest over the life of the loan, although at a lower rate than the standard. Your interest rate will be calculated by the financing company, Upgrade, Inc., and depends on your credit score, debt-to-income ratio, size of the loan, and loan payment length.

Type 3 financing plans have the lowest monthly payments of all the plans but your loan will accrue interest over the life of the loan.

Your design consultant will go over all the details of each financing plan that are specific to your project during your in-home renovation consultation and will help you make a decision with your best interest in mind.

Is a Home Renovation Financing Plan with JSB Home Solutions Right for Me?

Paying for a home renovation is often the scariest part of the entire project.  There are many factors that can influence the timeline of your home renovation in various ways. Material delays, timeline changes, and surprises are all minor hiccups in comparison to the daunting decision of how to pay for your project, regardless of the size of the remodel.

At JSB Home Solutions, our goal is to make your home remodel dreams a reality with the least amount of stress and anxiety possible. Making sure you are comfortable and confident in how you will pay for your project is no exception. With this information and the help of our design consultants at an in-home consultation, you will have resources available to help you make the best decision for your home remodel project.