I need to put a new roof on my home sometime in the next year. I've gotten a couple estimates and the range is from $4000 - $6000. What are my best options for a loan for this amount? I have no equity in the home yet, as I bought it with 0 down and haven't lived there long enough to build much equity, so I can't get a home equity loan. Do banks do loans for "home improvement" without having equity? I don't really want to put this on a CC, as then the interest is outrageous. Thanks for any ideas.
How long have you lived there? In some areas, values are skyrocketing. You don't build equity just by paying off the house, you also build equity by the home increasing in value. Check with a real estate agent to see what houses like yours are selling for in your area. You may have more equity than you think!
are you a member of a credit union by any chance, they can offer very good deals. As far as credit cards go, you can try to get the ones that give your very low percentage for up to 6 months if you transfer your existing balance. Another option, try to open Home Depot or Loews store credit cards, they, at least used to give you 6 months grace period. Bad Credit Repair Bad-Credit-Advisor.com
With little or no equity in the home, you're options will be limited - likely personal unsecured loan or credit card.
