How to finance major home repair (like in the $25,000 range)?
Sunday, June 28th, 2009 at
4:29 pm
Tagged with: Home Repair • Loans
Filed under: Do it Yourself Repair
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If not covered by insurance, get a home equity loan — cash out from your home and do the repairs, tax deductible for next year, as well.
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Home equity loans work – here’s another option or something you can use in combination depending on what you are doing and if you plan to do some of the work yourself. Both Lowes and Home Depot now have a product called a project card for amounts up to 25,000. The card becomes activated with your first purchase (minimum $1000), then you have six months no interest nad six months to use the card. Pay it off with your home equity loan (that you take out near the end of the six months)and you’ve bought yourself 6 months interest free.
Also, you could apply for a home equity line of credit instead of a home eqity loan. The difference? Home equity lines are revolving credit, like a credit card. You pay interest and owe money only on what you spend and when you spend it, and there is a minimum payment based on your balance, just like a credit card.