@dennis_rogue I think you're doing all the right things by gathering information and comparing. A lot of homeowners unfortunately just jump at the first financing offer they get without comparing. One neighbor of mine ended up paying a ton in interest because they signed up for a 10-year loan at 10% without checking other sources. Meanwhile, their credit was fine and they could have gotten a 6% loan easily. So definitely shop around financing like you shop around the window installers.
Honestly, with Karoly and ProTech as your choices, you probably can't go wrong with either quality-wise. So you might decide based on who gives a better price or financing. If one offers a better financing deal that might sway you.
Let us know who you end up picking!
If you go with a personal loan or HELOC, watch out for insurance that some lenders try to add (like optional credit insurance). It's usually not worth it in my opinion. Also, if going the HELOC route, check if there's an annual fee or if the rate is introductory. My credit union's HELOC had a 1-year intro rate then adjust. I ended up using it just as a short-term bridge and then paid it off with a refi later. But that was back when rates dropped.
In today's environment, honestly those 0% offers are golden if you can handle the payoff. It's like free borrowing. So I lean towards that for manageable amounts. For larger amounts that you need longer for, a fixed rate loan is safer.
I'm in Orlando area, but similar hurricane issues. I did impact windows and financed through a PACE program. Just want to add, one benefit of PACE I found is that you can write off the interest on your taxes (since it's part of your property tax, it counts as deductible mortgage interest usually). I ended up refinancing my house later and paid off the PACE in the refi anyway. But in the few years I had it, it was tax-deductible interest which saved a bit. That said, a normal HELOC or home equity loan interest is also tax-deductible if used for improvements, up to certain limits.
So if someone is deciding between, say, a personal loan (interest not deductible typically) vs a HELOC (interest might be deductible), factor that in too.
@soniccoder Thank you for mentioning the My Safe Florida Home program. I'm definitely interested in that. Quick question: do you know if they're currently taking new applications? I recall at one point the program ran out of funds and paused, but then I heard they got more funding.
Also, how does it work if you have financing? Like, say I get a loan for the full project amount, and then I get a $5k grant from the state afterward – I guess I could just put that $5k straight into paying down the loan, right? I wouldn't want to borrow $5k more than I needed.
I'm considering doing the same (applying for the grant and financing the rest). I'm just unsure of the timing. Do I apply for the grant first and wait for approval, or get the windows done and then apply? It would be cool if the contractor could maybe delay charging that portion if they know a grant is coming, but I doubt it since it's not guaranteed.
If you or anyone else has insights on coordinating the grant with financing, I'm all ears. It's a bit like threading a needle, but free money is worth the effort.
@film495 Great questions. As of a couple months ago, the My Safe Florida Home program was indeed taking new applications again (they got additional funding from the state). It's wise to double-check their official site or even give them a call, as the status can change if they run through funds.
Regarding timing: The way I did it was
applied for the program and got the initial wind mitigation inspection done (they assign an inspector who comes out and evaluates your home).
Once I got the inspection report and found I was eligible for improvements, I went ahead and got quotes and chose my window contractor.
I then submitted my grant application with the chosen quote to the program for approval of the matching funds.
I received a conditional approval letter saying I was approved for up to $5k matching, but I had to complete the work and pay in full first.
I proceeded with the installation (I did end up using a short-term credit line for that).
After the work was done, I submitted all the invoices and proof of payment to the state program.
A few weeks later, they reimbursed me the $5k via check.
So yes, in my case I did have to upfront the entire cost. If you're financing via a loan, you basically finance the full amount and then when the grant check comes, you just apply that to your loan principal as a big early payment. That's what I did with my credit line.
It would be nice if the grant could offset the cost immediately, but they require proof of completion and payment to avoid fraud or incomplete projects.
Some contractors might float that amount or delay final payment if they are very familiar with the program, but I wouldn't count on it. Most will want to be paid in full and let you handle the rebate.
In short: apply early, get approved, do the work, then get reimbursed. And yes, if you end up financing, just use the reimbursement to pay down the loan. It effectively lowers your financed amount after the fact.
Hope that helps!
I know we're focusing on local contractors (which I strongly prefer as well), but I'll mention that big box stores like Home Depot and Lowe's also have window installation services with financing options. They often have their store credit cards which might offer 0% for 6 or 12 months on home projects above a certain amount.
I personally replaced one window through Home Depot a couple of years back (it was an emergency replacement for a broken window). I used a Home Depot card that gave me 6 months no interest. It was a small job ($800), so it was easy to pay off. The installation was fine for that one window, though I think a dedicated window company might be better for a whole house project.
For a full project, I'd still go with a specialized company like Karoly or ProTech for the expertise and likely better product selection. But if someone is already shopping at a big box and has their credit card, it's an option.
Just tossing it out for completeness: any place that sells windows might have some kind of financing, but as always, check that you're getting a good quality product and install, not just a good financing deal.
The lengths we go to for funding improvements can be amusing. A friend of mine actually did something very unconventional: he refinanced his car to pull out cash for windows. He had a car that was paid off, and a bank offered to refinance it giving him a lump sum and then he had a new car loan (basically using the car as collateral). The rate on the car loan was like 4%, which was lower than the personal loan rates he was being quoted (~9%).
So he essentially used his car to finance his windows. He got about $10k from the car refi and used it to pay for the windows. Now he’s making car payments for a few years, but hey, at a good rate and his house has new windows.
I’m not necessarily recommending this approach, but it shows how people find creative ways to leverage assets for home improvements. If someone has a car with value and no loan, banks/lenders do offer auto equity loans like that with decent rates.
The key caution is, of course, now his car is collateral. If something went wrong, he could risk losing his car. But he was comfortable with the risk (steady job, etc.).
It worked out for him, and he didn’t have to mess with any contractor financing or HELOC paperwork.
Just sharing as an out-of-the-box example. For most of us, the common routes (loans, credit cards, etc.) are likely enough, but I found it interesting.
One thing I'd emphasize, which @rockysinger and others mentioned: timeline. If you want those windows in before hurricane season, factor in the timeline. Once you sign a contract, it can take anywhere from 6 to 12 weeks (sometimes more) to get custom windows manufactured and installed, especially if there's a backlog or supply chain delays. So don't wait too long to decide just because you're mulling financing. The financing you can sort out relatively quickly, but the windows themselves take time. Last year, supply chain was still catching up, I waited almost 4 months.
So I'd say, weigh your options but don't lose momentum. It sounds like you have two good companies in mind; either one will likely do well, so might as well get it going once you're comfortable.
I know we've said "read the fine print" a lot, but I want to underline how important that is. When I got my window financing contract, I sat down and actually read all the terms (even though it's tedious). I found a clause that said if I was late by more than 15 days on a payment, the promotional interest waiver would be void. Essentially, even one late payment could have triggered all the back interest (similar to what happened to @leadership561).
After seeing that, I immediately set up automatic payments from my bank for that loan. No way was I risking a late payment due to oversight.
Also, there was a small $39 processing fee for the loan that the salesperson hadn't mentioned. Not a big deal, but it was there in the contract. Sometimes these little fees slip in.
So yeah, read every line of that financing agreement. And if something is confusing, ask about it. The salesperson or loan officer should be able to clarify. It's part of their job to make sure you understand what you're signing.
By catching that stuff, I avoided any surprises. My loan went smoothly and I paid it off exactly as planned.
If you're the type who finds contracts mind-numbing, just remember it could save you a lot of money to catch a detail. Even better, have someone else (spouse, friend) read it too – a fresh set of eyes might catch something you miss.
This might not apply to everyone, but another financing route is borrowing from family (if you're lucky enough to have that option and a trusting relationship). When I did my windows, my parents lent me $5k interest-free to help out, and I paid them back over a year. It was kind of informal (we didn't sign anything, but I set up automatic monthly transfers to them to keep it professional).
I combined that with about $5k from my own savings, so I actually avoided taking a loan from a bank entirely. Not everyone has family who can do that, but it’s a route I’ve seen others take too. Some people even formalize it with a small interest rate or a written agreement so everyone feels secure.
Of course, mixing money and family/friends can be risky for relationships, so tread carefully. Only do it if you're confident you can repay and that both parties understand the terms.
In my case, it worked out great and I’m very grateful. I replaced all my windows and paid mom and dad back within the year.
For those who don't have this option, no worries – we have a ton of other methods covered here. But I thought I'd mention it because it does happen.