Hurricane / Impact windows and doors are a great investment to protect your family, increase your homes energy efficiency and may also reduce the wind portion of your property insurance cost by up to 77% depending on the age of your home and the type of improvement.
So what are your home improvement financing options if you do not have the liquid cash to spend?
One option is to take a traditional home equity loan. Sometimes these loans can take several weeks to secure, but this will not make sense if your repair or upgrade is needed quickly. Also, if you have an impaired credit score that could exclude you from qualifying for a home equity loan.
A great financing option for eligible Florida property owners is through Ygrene’s Property Accessed Clean Energy (PACE) financing program. Homeowner’s can receive up to 100 percent financing to make energy efficiency and wind resistance home improvement and repairs. Financing is based upon available home equity, ability to pay, along with other factors. The funding is repaid through an assessment included on the annual property tax bill. Wind resistant improvements include wind-rated / hurricane resistant windows, doors and storm shutters. The PACE program is not based upon credit score, pays the contractor directly, stretches payments out over terms up to 30 years and is at a fixed interest rate.
The PACE program was made available by the state legislation and approved by local governments, but is not a government incentive or subsidy program. It is a long-term, fixed rate source of financing that allows homeowners to do energy conservation and hurricane hardening improvements to their property. PACE financing was specifically designed to fill the gap when financial institutions were reluctant to finance these types of home improvement projects.
PACE assessments can be paid off at any time and residential PACE programs do not have any early prepayment fees. The PACE program makes it easy for homeowners to make home improvements by eliminating up-front cash payments and provides a competitive interest rate. In addition, there are no interest rate adjustments and no balloon payment.
The PACE assessment is attached to the property, rather than the property owner, so if you sell the property before the assessment is paid off the balance of the assessment remains with the property. At the time of sale you can pay off the assessment or negotiate with the buyer to pay off the balance.
Call GM – Door, Window and Screen to set up a free estimate.