Home repairs are one of the most common issues a homeowner must contend with. Regardless of how you feel about it, pipes will leak, electrical fittings may falter, and air conditioning systems are prone to developing faults, this is part of a house’s lifecycle. The problem, however, is that securing financing for repairs can prove to be hectic, especially when you consider the fact that they can occur without warning.
How then do you source for funds? Banks, are an option. While banks can quickly process your home loan applications, getting a bank to finance your home repairs, may not happen. This is why look around to summate the essentials and all there is to know about getting loans for home repairs – the easy and stress-free way.
Firstly, you could apply for a consumer loan product
As far as convenience and ease of access go consumer loan offerings, the kind we provide to our numerous clients, are the gold standard. The process is as simple as can get; Fill an online form, await a response from one of our in-house loan financing experts, complete the application and voila! Your loan is processed in no more than …
What ’s more, consumer loan offerings from clnfinance come with the best rates obtainable in the market today. Our goal is to provide competitive financing options that strengthen the financial standings of our clients rather than compromise it.
Filling an insurance claim
Most homeowners insurances provide a degree of cover to home repairs, and while this might sound like we’re stating the obvious, a handful of homeowners are oblivious to this fact. For instance, homeowners are entitled to receive replacement costs from insurance providers for new roofs damaged by storms or any other natural hazard. Make sure to check your policy to see if it covers your repairs before exploring other financing options.
Apply for a second mortgage
Although this option comes with a risk of overstretching your debt profile, it’s still a relatively good way to fund not too expensive home repairs. Expect a higher interest rate, so, it’s in your best interest to keep the loon sum as sizable as is possible.
Your credit card
Three words – use with care. While your first instinct might be to jump on your credit card, remember that interest rates can be pocket-crunchily high. Plus, you card allowance might be insufficient to offset the whole cost of repairs. All things said, however, credit cards are perfect for low-cost emergency repairs like fixing a damaged wall socket or bulb.
Finally, take it from your RRSP
If your employer allows it, you can take a loan out of your RRSP account to cover home repairs and associated expenses. Like consumer loan offerings, RRSP derived loans are relatively stress-free and easy to process. In fact, there’s practically no paperwork involved. You’re only required to refund the borrowed sum into your RRSP account before exiting the organization.
So there you have it, the stress-free and easy ways to get financing for your home repair. Now it’s time for you to make a decision and get on with that long due home repair.