Currently, Synchrony offers low monthly payments and many financing options. You can have your home repaired now and pay later with one of Synchrony's six monthly payment programs.
Many homes in our area, including the best-designed ones, are bound to run into foundation problems at some point. Typically caused by differential settlement, seasonal weather changes, expansive soils, and/or poor drainage, serious foundation problems are quite difficult and costly to fix. But considering that these problems can cause major structural damage to your home, fixing them is of paramount importance in order to keep your home in top shape.
Depending on the type and extent of the damage, repairing a foundation can be an expensive job. While minor repairs may cost several hundred dollars to fix, repairing major damage, like deep cracks orfoundation sections that are sinking, can run into thousands and even tens of thousands of dollars. If you cannot afford to repair your foundation, there are a few financing options you could pursue.
Home Equity Loans and HELOCs
Home equity loans and home equity lines of credit (HELOCs) are two of the most popular ways to finance different home improvements, including foundation repairs. Because home equity loans and HELOCs are secured exclusively by real property, you need to have enoughequity built in your home in order to be eligible for these financing options. The main difference between these two types of loans is that a home equity loan provides a single lump sum that you’ll need to repay with equal monthly payments over a fixed term, while HELOC provides a revolving line of credit that allows you to borrow money repeatedly, as you repay the principal, up to a specific credit limit. Unlike home equity loans, HELOCs have variable interest rates, which means that your payments can decrease or increase over time, based on market conditions.
Cash-Out Refinance Loans
If you don’t want to take out an additional loan, you could opt forcash-out refinancing. While a traditional refinancing alternative replaces an existing mortgage with a new one for the same balance, a cash-out refinance loan will replace your mortgage with a higher loan amount than your outstanding loan balance. You could use the extra money to cover different expenses, including foundation repairs and other home improvements.
In general, cash-out refinance loans offer borrowers the flexibility to borrow up to 90% of the home’s value, based on the LTV ratio. For example, if your home is valued at $250,000, your mortgage’s outstanding balance is $150,000, and the lender is willing to offer you a cash-out refinance loan with an LTV value of 90%, the most cash you could obtain is $75,000.
If regardless of the reason, the aforementioned financing options don’t fit your situation, there are a few other financing alternatives you could opt for, such as:
Personal Loans: These types of loans are excellent options particularly for the homeowners who don’t have sufficient equity in order to qualify for a home equity loan, HELOC, or cash-out refinance. Because these loans are recommended for mid-sized home improvements, getting a personal loan could help you cover the entirecost of foundation repairs. In addition, personal loans provide a few advantages over other types of loans. First and foremost, they’re available from a high number of financial institutions. Intense competition among lenders often translates into quick payouts, lower interest rates, and convenient repayment terms for borrowers. Additionally, personal loans don’t require you to use your home as collateral. These loans are typically granted based on the creditworthiness of each applicant.
Home Repair Loan Programs: If you can’t afford to pay for foundation repairs in full and don’t want to take out a personal loan, you can find different foundation repair companies that have partnered with financial institutions specializing inhome repair financing. A home repair loan will allow you to pay for foundation repairs over a specific timeframe, without putting any money down initially. Some companies offer a variety of convenient home repair loans, which often have flexible repayment terms, very low-interest rates, or no interest. As well, it’s important to know that the lending standards of home repair loans can vary greatly among financial institutions, depending not only on the lender but also on the borrower’s credit score and financial situation.
To qualify for a home repair loan, you need to have afoundation inspection performed by a qualified contractor and get afree estimate. If you’ve identified any problems with your home’s foundation and don’t know what to do, Allied Foundation is a good place to start. To learn more about the foundation repair solutions that we provide and the financing methods that we accept, please get in touch with our friendly professionals, who will do everything they can in order to make your foundation repair project as painless and affordable as possible.
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Do I call a foundation repair company if my house is leaning?
If your house is leaning, it’s crucial to call a foundation repair company. A leaning structure often indicates serious foundation issues that require immediate assessment and repairs to ensure your home’s safety and stability.
Are foundation repairs covered by insurance?
Foundation repairs may or may not be covered by insurance, depending on your specific policy and the cause of the damage. It's essential to check your homeowner's insurance policy or consult your insurance provider for clarification.
Can a foundation always be fixed?
Foundations can often be repaired; however, the specific circumstances and extent of damage will determine the feasibility and cost of repairs. Consulting a professional is essential for a thorough assessment to explore viable solutions.
Do foundation cracks need repair?
Foundation cracks need repair to prevent further damage to your home. Ignoring them can lead to structural issues, water intrusion, and costly repairs down the line. Addressing cracks early ensures your foundation remains stable and safe.
Can foundation cracks be repaired?
Foundation cracks can be repaired effectively. Various methods, such as epoxy injections and piering, are used to restore structural integrity and prevent further damage. Timely repairs are essential to protect your home and maintain its value.
Are foundation repairs tax deductible?
Foundation repairs may be tax deductible if they are necessary for maintaining the property or if they improve the value of your home. It's advisable to consult a tax professional to understand your specific eligibility and requirements.
Does foundation repair decrease home value?
Foundation repair does not decrease home value; in fact, addressing foundation issues proactively can enhance property value and attract potential buyers by ensuring a stable and safe living environment.
Are foundation repairs expensive?
Foundation repairs can be costly, but the expense is often necessary to prevent further damage to your home. The total cost will depend on the severity of the issues and the methods required for repair.
Are contractors needed to repair foundation?
Contractors are essential for repairing a foundation, as they have the expertise and tools necessary to accurately assess the damage and implement appropriate solutions. Professional contractors ensure the repairs are effective and comply with local codes.
Are foundation repairs permanent?
Foundation repairs are designed to be permanent solutions. When properly executed by experienced professionals, these repairs effectively address underlying issues and help maintain the structural integrity of your home over time.
Can foundation repair cause more damage?
Foundation repair can potentially cause more damage if not performed correctly. However, when carried out by qualified professionals, the process is designed to stabilize and protect your home's structure, minimizing any risks of additional issues.
Can foundation be repaired?
The foundation can indeed be repaired. Experienced professionals can assess the issues and implement effective solutions to restore stability and prevent further damage, ensuring the safety and longevity of your home.
Are foundation repairs worth it?
The worth of foundation repairs is significant, as they prevent further structural damage, enhance property value, and ensure the safety of your home. Investing in repairs can save you money in the long run by addressing issues early on.
Are foundation repairs covered by home insurance?
Foundation repairs may be covered by home insurance, but this depends on the cause of the damage and your specific policy. It's essential to review your coverage details and consult with your insurance provider for clarity.
Are foundation repairs covered by homeowners insurance?
Foundation repairs may or may not be covered by homeowners insurance, depending on the cause of the damage. If the foundation issues arise from a covered peril, such as a natural disaster, they are likely to be included in your policy.
Do foundation repairs last?
Foundation repairs can last for many years when performed by professionals, provided that underlying issues are properly addressed and maintained. Regular inspections and maintenance can further ensure the longevity of your foundation repairs.
Does foundation repair increase home value?
Foundation repair can increase home value by addressing structural issues that may deter potential buyers. A stable foundation is essential for safety and market appeal, making it a worthwhile investment for homeowners.
Do foundation repair companies fix leaks?
Foundation repair companies often address leaks as part of their services. They can identify the source of water intrusion and implement solutions to repair foundational issues, preventing further leaks and damage.
What signs indicate foundation issues?
Signs indicating foundation issues include cracks in walls or floors, doors and windows that stick, uneven or sloped floors, gaps around windows and doors, and water pooling near the foundation. Addressing these signs promptly can prevent further damage.
How long do foundation repairs take?
The duration of foundation repairs varies based on the severity of the issues and the methods used. Typically, repairs can take anywhere from a few days to several weeks to complete.
Can DIY methods fix foundation problems?
DIY methods may provide temporary relief for minor foundation issues, but they often lack the effectiveness and durability of professional repairs. For significant problems, it’s best to consult experts to ensure long-lasting solutions.
What causes foundation cracks to develop?
Foundation cracks develop due to various factors, including soil movement, insufficient drainage, and extreme weather conditions. These elements can exert pressure on the foundation, leading to cracks that compromise the structural integrity of a home.
Are structural engineers involved in foundation repairs?
Structural engineers are indeed involved in foundation repairs, as they assess structural integrity, recommend appropriate solutions, and ensure compliance with safety standards during the repair process.
What is the cost range for foundation repairs?
The cost range for foundation repairs varies significantly based on factors such as the type and extent of damage, ranging from $2,000 to $7,000 on average. For specific estimates, it’s best to schedule an assessment.
How can I prevent future foundation issues?
Preventing future foundation issues involves maintaining proper drainage around your home, ensuring gutters are clean, and grading the soil to direct water away from the foundation. Regular inspections and addressing minor repairs promptly can also help avoid major problems.
What techniques are used in foundation lifting?
The techniques used in foundation lifting include slab jacking, piering, and foam injection. These methods effectively raise and stabilize the foundation by addressing the underlying soil issues and providing the necessary support.
Is financing available for foundation repairs?
Financing is available for foundation repairs. At Allied Foundation Repair, we offer various financing options to help homeowners manage the cost of essential foundation services.
What documents are needed for foundation repair estimates?
The documents needed for foundation repair estimates typically include the property deed, any previous inspection reports, photographs of visible issues, and structural plans if available. These help ensure an accurate assessment of the foundation's condition.
How often should foundation inspections occur?
Foundation inspections should occur at least once a year, or more frequently if you notice signs of foundation issues, such as cracks in walls or uneven floors. Regular assessments help prevent severe damage and costly repairs.
What warranties are offered on foundation repairs?
The warranties offered on foundation repairs typically include both a workmanship warranty and a material warranty, ensuring long-term protection for homeowners against defects or issues that may arise post-repair.
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