If your home has been damaged either through repeated problems over the years or in a recent storm or accident, then your first inclination is to get it fixed. If the repairs cost much more than you can afford, then you might want to borrow money. Before doing that, there are other options you should try first.
Loans
In times of crisis it is good to know whether or not you have a good credit score. If you have been able to maintain good credit, then it is time to put that good credit to use when home repairs are needed.
A good credit rating can help you get a low-interest personal loan that you can use for your repairs. If you have equity in your home, then consider a home equity loan or a home equity line of credit.
If your credit is not enough to get you an unsecured loan, then discuss the possibility of a secured loan with collateral from your lender. You can also try to apply for a credit card that may cost you more in high interest, but at least you will get your home repaired.
Insurance Claims
Your homeowner's insurance may be a much more comprehensive piece of protection than you realize. Even if you have incurred the damage over the course of years, you may be able to put in a claim on your insurance and have them pay the bill. Contact your insurance agent first, because your agent will review your policy with you and give you the option of opening a claim or not.
Grants
Your city or town may have a grant program in place that will help lower income families with repairs on their homes. The federal government can also help with a grant from the Department of Housing and Urban Development. You will have to meet the criteria of the program before you can be considered, but if you are unable to secure your home-repair financing anywhere else and your income cannot help you cover the bill, then a public grant could be your home repair solution.
Tags: good credit, your home, home equity, much more, your insurance
