Home repair financing
Question: Someone suggested that I get a Home Equity loan of some sort but I don’t > know a lot about that kind of thing.
Answer: can you not borrow from your 401(k) for this sort of thing? i know many 401(k)’s permit withdrawals/loans for this sort of circumstance, and this seems that it might be better than a home equity loan … I bought a house 5 years ago and just recently discovered that my roof is in worse condition than I previously thought. I need to do some serious repairs (New roof and wood repair) and frankly I just can’t afford it right now. Someone suggested that I get a Home Equity loan of some sort but I don’t know a lot about that kind of thing. I was hoping to get some advise about where to look for information about the best way to go about it.
I will appreciate any input. I will probably only need about $3-5000 but I need it before the rainy season starts. Due to an injury I am out of savings and just barely back on my feet. I cannot afford the payments of a regular loan and would probably need to replace or modify my home loan….
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Filed under: Home Equity Loan
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