Whether you have an expensive home repair or you’re planning a remodeling project, how you cover the costs ultimately depends on your financial situation.
Emergency home repairs can cost you thousands of dollars and easily break your budget. That’s why our viewer Chris reached out to Rossen Reports , asking, 'What's the best way to pay for an emergency home repair without draining your savings?'First, always check your homeowner's insurance to see what's covered. Also, see if you're eligible for any government assistance programs, especially programs managed by your town or county.
With a home equity loan, you take out a lump sum and then make fixed payments. A home equity line of credit gives you a revolving line of credit, which could give you more flexibility. Both typically come with lower interest rates compared to traditional loans, and offer tax benefits, but require you to put up your home as collateral.Personal loansYou could also apply for a personal loan from a bank or credit union.
Rossen Reports Jeff Rossen Emergency Home Repairs
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