Asked by trish  |  Submitted September 01, 2015

It looks like we are going to need a new roof soon, What is the best way of procuring a loan if we owe $20,000 more on our home than its estimated worth?

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  Answers  |  2

September 01, 2015

How about saving up the money instead of borrowing it?

$commenter.renderDisplayableName() | 09.29.20 @ 14:21


September 08, 2015

You won't be able to obtain a mortgage for those funds, given new lending restrictions. A roofer may have some funding sources who could provide financing (whether secured by the home or not), but don't expect the interest rate to be low, given your lack of equity. You could also inquire with a credit union for a personal loan, provided you meet their lending guidelines.

$commenter.renderDisplayableName() | 09.29.20 @ 14:21