{"id":670,"date":"2022-12-22T12:00:35","date_gmt":"2022-12-22T17:00:35","guid":{"rendered":"https:\/\/dwwindows.com\/windows-blog\/?p=670"},"modified":"2022-12-15T10:19:07","modified_gmt":"2022-12-15T15:19:07","slug":"finance-home-repair","status":"publish","type":"post","link":"https:\/\/dwwindows.com\/windows-blog\/finance-home-repair\/","title":{"rendered":"Finance Your Home Repair"},"content":{"rendered":"

In a perfect world, you\u2019d be able to fill the rainy-day fund and have it cover a much-needed home repair in a pinch. Unfortunately, rainy-day funds get depleted more than we\u2019d like. Sure, you can scrimp and save for a new window or tub if you just want the upgrade. If you need to take some out for, say, a flat tire, you can fill your rainy-day account back up over time.<\/p>\n

But what if a repair catches you unawares, and you need it now? Storms knock trees into houses and smash windows<\/a>, roofs<\/a> have leaks, and bathrooms<\/a> get water damage that require a major repair. You just spent your rainy-day fund on an auto repair, a surprise bill, or even the holidays and now you\u2019re scrambling for funds!<\/p>\n

If you gave everyone a happy holiday or directed your savings to another emergency and there\u2019s not much left in the till for home repairs, not to worry! There are tons of easy ways you can finance an upcoming home repair or replacement. If you need a surprise, emergency home repair, here are some ways to finance your home repair.<\/p>\n

Homeowner\u2019s Insurance<\/h4>\n

First thing you should do is check your homeowner\u2019s insurance policy. Many of these policies allow you to file a claim and cover property damage. Review your policy so you can be sure what repairs are covered or not covered under your plan. Speak to your representative and they\u2019ll help you file a claim.<\/p>\n

Pay now, or pay later<\/h4>\n

Let\u2019s assume some worst-case scenarios. Your insurance won\u2019t cover your entire, or even a part of your claim. Or maybe you don\u2019t have homeowner\u2019s insurance; in that case, we hate saying that you probably learned a hard lesson in why it\u2019s important to invest in this insurance. Either way, if you have no funds on your own to cover the repair, you\u2019re going to have to weigh the pros and cons of waiting or getting a loan.<\/p>\n

If you don\u2019t have funds, with or without insurance helping you out, you\u2019re going to have to weigh the costs of borrowing as soon as possible, or waiting until you have enough money saved. For smaller repairs, you can \u201cbandage\u201d the damage for a short time. However, you need to factor how long until you can save for your repair versus how long until the damage becomes worse.<\/p>\n

Loans<\/h4>\n

If you need a loan and can\u2019t wait, there are options. We\u2019re home repair experts, not financial experts, so if a loan is the way you need to go, consult your mortgage broker, insurance provider, or a financial expert to walk you through all of your options.<\/p>\n

One of your options is a home equity loan, also called a second mortgage. If you\u2019ve been a homeowner for a while, you have equity in house. That means you can borrow a certain amount of money against the cost of your home, mainly, what you already paid toward your mortgage. You will have to pay back this loan in fixed installments over a set period of time.<\/p>\n

If you don\u2019t have enough equity, there are federal and state loans you can apply for to help with the costs. The U.S. Department of Housing and Urban Development outlines your options in a repair situation here<\/a>, including the Title 1 Property Improvement Loan Program. This is for people who don\u2019t have a lot of equity in their homes, or don\u2019t want to take out a second mortgage.<\/p>\n

If you\u2019re in a tough spot with an emergency repair, we can help. Contact us today<\/a> and we\u2019ll help you walk through all of your options. Before signing up, you can even receive a free estimate<\/a> so you can arm yourself with a ballpark estimate. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

When an emergency catches you unawares and there’s not enough money in your emergency fund, your home repair can seem daunting. Here’s how to finance. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","footnotes":""},"categories":[1],"tags":[201,199,200,202,203],"class_list":["post-670","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-home-equity","tag-home-repair","tag-home-repair-cost","tag-homeowners-insurance","tag-insurance-repair"],"yoast_head":"\nFinance Your Home Repair - D&W Windows Blog<\/title>\n<meta name=\"description\" content=\"When an emergency catches you unawares and there's not enough money in your emergency fund, your home repair can seem daunting. 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