How financing works with Tier One Builds
Bring up financing when we schedule your free consultation. Once we have agreed on the scope and you have your free quote, we will walk you through the financing options available for a project of that size and how payment is scheduled.
Other ways homeowners pay for projects
- Cash or savings for smaller projects
- A home equity loan or line of credit (HELOC), through your bank or credit union
- A cash out refinance, for larger renovations
- A renovation or construction loan, for additions, ADUs and new homes, arranged through a lender before work starts
Talk with your lender or a financial advisor about which option suits you. We can provide the scope and quote a lender needs.
Questions to ask about any financing offer
- What is the interest rate, and is it fixed or variable?
- Is there a promotional rate, and what happens when it ends?
- How long is the term, and what is the monthly payment?
- Are there origination fees, closing costs or a prepayment penalty?
- Is the loan secured by your home?
Comparing offers on the same terms makes it easier to see which is really cheaper over the life of the loan. Ask each lender for a written estimate so the numbers can be compared side by side.
Making the budget go further
The quote shows what drives cost, so you can choose where to spend: for example, keeping a kitchen layout and spending on cabinets and counters instead of moving plumbing, or phasing a whole home renovation over two stages.