Construction Firm
HEX Offers Financing Options for Your Sacramento Home Renovation
At Hex General Contractors, we personally know that a home remodel is an exciting opportunity to create the space of your dreams. We’ve gone through the process ourselves!
Despite the excitement, sometimes homeowners can be intimidated by the costs of a home renovation, not knowing what their best options are. Given that we are constantly working on home remodels throughout the greater Sacramento area and we’ve also done financing on our own projects, we’re extremely well-versed on the subject and can offer you some tips. Keep in mind, we’re not professional financial planners (we prefer tool belts over suits and ties) so take this simply as neighborly advice (from the neighbor who frequently deals with the matter).
Whether you're updating your kitchen or transforming your bathroom, a remodel is an investment that adds comfort, functionality, and value to your home. To help make your project achievable, we offer several financing options through GreenSky, GoGreen Financing, and also can walk you through the steps of using a Home Equity Line of Credit (HELOC). Here, we’ll walk you through these options to help you make an informed decision.
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GreenSky Financing
GreenSky is a leading provider of home improvement loans, offering flexible and accessible financing solutions tailored to your remodeling needs. Hex General Contractors is proud to partner with GreenSky to help you fund your project in a fast manner that is very simple to navigate.
Key Features:
Loan Amounts: Borrow up to $100,000 to cover a wide range of remodeling expenses, from materials to labor costs.
Fast Application Process: GreenSky’s application process is quick, easy, and entirely paperless. Most homeowners that we’ve worked with get their credit decision within seconds!
Flexible Repayment Options: You get to choose from a variety of plans, including deferred interest promotions or fixed monthly payments. Whatever is preferable to you, they can likely make it work!
How It Works:
Step 1: Speak to our team at Hex to begin the financing process.
Step 2: Apply for a loan through GreenSky online or via phone.
Step 3: Once approved, you’ll receive a loan number to use for your project expenses.
Step 4: Sit back and enjoy your coffee while Hex gets the ball rolling for your dream renovation.
All in all, GreenSky is an excellent option if you want fast approval and flexible terms that align with your budget. We enjoy working with them and have seen that our customers like their options as well.
GoGreen Financing
GoGreen Financing is a state-backed program designed to make energy-efficient home improvements more affordable. If your remodeling project involves upgrades like new windows, insulation, or efficient appliances, this program could be perfect for you.
Key Features:
Loan Amounts: Finance up to $50,000, with up to 30% of the loan eligible for non-energy improvements, such as that new cabinetry you’ve been eyeing.
Competitive Rates: Enjoy low-interest rates, often below traditional personal loans, thanks to support from the California Hub for Energy Efficiency Financing.
Longer Terms: Loan terms can extend up to 15 years, offering manageable monthly payments. This can make your renovation project very doable and affordable!
Eligibility and Process:
You must be a customer of a participating California utility company like PG&E or SoCalGas.
Work with a qualified contractor—like Hex General Contractors—to ensure your project meets GoGreen’s energy-efficiency requirements.
Apply through a participating lender approved by GoGreen Financing.
At the end of the day, it’s all made to be very simple to use!
This program is ideal if your remodel includes upgrades that enhance your home’s energy efficiency while reducing long-term utility costs.
HELOC (Home Equity Line of Credit)
Another popular way to finance a home remodel is through a Home Equity Line of Credit (HELOC). A HELOC allows you to borrow against the equity in your home, providing a flexible and often cost-effective way to fund major renovations.
What is a HELOC?
A HELOC is a revolving line of credit secured by the equity in your home. It works similarly to a credit card—you can borrow as needed and only pay interest on the amount you use. Given rising home prices in Sacramento and the resulting equity growth in many homes, we’ve seen it’s an extremely popular option for home renovations!
Key Features:
Borrowing Limit: Typically allows you to borrow up to 85% of your home’s appraised value minus your existing mortgage balance. Quick math - Your home is valued at $1,000,000 and you’ve got $600,000 remaining on your loan. Of the $1 million value, 85% would be $850,000. Subtract your $600,000 existing mortgage balance from that, and you’re possibly eligible to receive $250,000.
Low Interest Rates: Since it’s secured by your home, HELOC rates are usually lower than personal loans or credit cards.
Flexibility: Borrow and repay as needed during the draw period, which typically lasts 5-10 years.
How to Use a HELOC:
Evaluate Your Equity: Contact your mortgage lender or bank to determine your home’s current equity.
Shop Around: Compare HELOC offers from different financial institutions for the best rates and terms.
Apply for the Line of Credit: The approval process may require a home appraisal and financial documentation.
Plan Your Spending: Use your HELOC to pay for remodeling expenses as needed. Hex will work with your budget to ensure you stay within your limits.
A HELOC is a great choice if you have significant equity in your home and prefer a flexible financing option. Since this is done directly between you and a lender, Hex would not be involved but we can definitely answer any questions you might have in navigating through it.
Which Option is Right for You?
Choosing the right financing method depends on your unique needs, budget, and the scope of your project. Here’s a quick comparison to guide your decision:
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Best For:
Fast Approval and Large Projects
Key Advantage:
High borrowing limits, flexible terms
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Best For:
Energy-efficient remodeling
Key Advantage:
Low rates, state-backed support
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Best For:
Homeowners with significant equity
Key Advantage:
Low interest, flexible borrowing
At Hex General Contractors, we’re here to help you work through these options and find the best solution for your remodeling project. These are our recommended options, but in case these don’t work there are other financing solutions out there. Let us know if you’ve got questions about any of it and we’ll be happy to guide you through it!
Start Your Home Remodel With Hex Today
Ready to transform your home? With financing options from GreenSky, GoGreen Financing, or a HELOC, your dream remodel is closer than ever. Contact Hex General Contractors today to schedule a consultation and explore your financing options. Together, we’ll bring your vision to life.
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