Buying A Home
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Need home repair immediately.

Been thinking of remodeling our home. Wanted to do it some months, later but noticed some damages on the roof last week. Would probably have to fix it soon. Since the financial condition right now is not that great, was thinking of getting a loan. A friend suggested me to take the loan from Aspire Federal Credit Union, here in New Jersey. Have anyone heard of them before. Would love to hear some suggestions. 

Re: Need home repair immediately.

  • I'm not from NJ, so haven't heard of that particular Credit Union.  But credit unions, in general, are usually good options for loans.  They still check your credit score/report and all that, but are a bit more personalized at the same time.

    If you have any equity in your house, I strongly recommend looking into a Home Equity Line of Credit (HELOC).  Any bank will have this product.  It's basically a line of credit with the equity in your home as the collateral.  It does not have to be with the same bank that has your primary mortgage.  There are credit/income requirements but, generally speaking, these are fairly easy lines to get if you have the equity.  The interest rates are also low.  Usually about the same as what a home mortgage interest rate would be.

    You can usually get a line for up to 70-80% of your house's equity.  So, for example, if you have $50K in equity, you could get a line for $35K-$40K.  They are also very flexible.  You only pay interest on what you pull out from the line and can borrow/pay back as much as you want.

  • Was your roof damaged in a storm recently? If so, is this covered under your home owner's insurance? If yes, and you pay your deductible, then the rest of the roofing repair should be covered by the insurance company. If you have the funds to cover the deductible, then you won't need a loan.
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