Tag: Equity

Home Repair Contractors

Smart Ways To Use Your Home Equity For Remodeling

Your home equity represents the share of your home that you own outright — either paid for in cash or repaid on your mortgage. If the value of your ownership stake is substantial,  you could utilize that equity to fund repairs or upgrades to your home: Use your home’s worth to further enhance its worth. Nevertheless, it’s important to carefully evaluate the advantages and disadvantages before accessing your home equity for remodeling purposes.

Key takeaways

  • If you want to tap into your home equity for a home improvement project, it’s important to understand how home equity financing works.
  • Two popular
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Home Repair Contractors

Should you use home equity to finance emergency repairs?

In certain circumstances, it may make sense to use your home equity to pay for emergency repairs.

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When you own a home, unexpected repairs are likely to happen. Whether it’s a failed water heater, broken pipes or something else, the repairs can be costly to the tune of thousands of dollars and become a significant financial burden.

Consequently, many homeowners turn to high-interest credit cards or personal loans to cover emergency repairs. Alternatively, you could cover home repair expenses using a home equity line of credit (HELOC) or a home equity loan. According to CoreLogic, the

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Home Repair Contractors

One City’s Attempt to Bring Racial Equity to Home Repairs

As the nation continues to confront the affordable housing crisis, there are big questions around how to address housing challenges equitably and sustainably. In Detroit, one such approach is interest-free home repair loans. 

Established in 2015, Detroit’s 0% Interest Home Repair Loan Program offers 10-year, interest-free loans from $5,000 to $25,000 to help homeowners make repairs such as replacing windows, removing lead and fixing structural issues. The idea is to help residents—particularly residents of color—not only stay in their homes but also maintain safe homes. 

Indeed, while the program requires that applicants live in their homes for at least six

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