Financing
Financing for Home Remodeling and Additions
Many homeowners scale a project down to fit what they have saved, then live with the compromise. Financing lets you build what you actually wanted and pay for it monthly.
Why it comes up on a remodel
Remodeling budgets are usually set by what is in an account rather than by what the house needs. That is how a kitchen loses its island, a deck loses its stairs, and an addition becomes a smaller addition that nobody is quite happy with.
The work that gets cut first is rarely the finish. It is the structural allowance, the drainage, the electrical capacity — the parts that are invisible when finished and expensive to add later. Spreading the cost is often the difference between doing the job once and doing part of it twice.
How it works
Financing runs through a lending partner, not through Stonevale. You apply to the lender directly, and the application, the decision and the agreement are all between you and them.
Stonevale does not see your financial details. We are not told your income, your credit history or your account balances, and we are not part of the decision. What we see is whether a project is going ahead.
The lender sets approval and terms. Any figures, rates or repayment periods come from them.
You do not have to use it
Plenty of clients pay directly, some use a home equity line they already hold, and some finance one part of a project and pay for the rest. You are welcome to pay however suits you, and the scope and the price are the same either way.
Financing is an option we make available because it is often useful. It is not a condition of working with us.
Questions people actually ask about financing
- Will applying affect my credit score?
- This is something the lender can clarify before you apply. Many lenders can show you offers with a soft credit check that does not affect your score, and only run a full credit check if you decide to go ahead. We are glad to help you plan the project around whichever option you choose.
- What happens if I am declined?
- Nothing changes between us. Your estimate stays the same, and we are glad to talk through other ways to pay for the project — many go ahead paid directly, in stages, or through a home equity line the homeowner already has. The details of your application stay between you and the lender. A lender’s decision is about the loan, not about your project.
- Can I pay it off early?
- That is set by the loan agreement, and it is worth asking before you sign rather than afterwards. Whether early repayment is allowed, and whether there is any charge for it, varies between lenders and between products from the same lender. It is one of the more useful questions to ask and one of the least often asked.
- Does financing have to cover the whole project?
- No. Financing part of a project and paying the rest directly is common, and it is sometimes the more sensible arrangement. What you finance is between you and the lender; it makes no difference to the scope, the schedule or the price.
- Do you get paid differently if I finance?
- The price is the price. Your written scope and your estimate are the same document whether you pay directly or through a lender, and nothing in them changes based on how you choose to pay.
- Who do I talk to about the loan itself?
- The lender is the right place for questions about rates, terms, eligibility and repayment, since those are set by them. We are glad to guide you through everything around it — how financing fits your project, when project payments fall due, and how a payment schedule lines up with your written scope.
Free Estimate
Start with the scope, not the payment
The useful order is to find out what the work costs before deciding how to pay for it. The site visit and the written scope are free either way.