Home repairs are inevitable, and sometimes they happen when you least expect them. According to a recent survey, homeowners collectively spent $522 billion on home improvement projects. But what happens when emergency home repairs arise, and you don’t have enough savings to cover them?

Luckily, several financing options can help you manage unexpected house repair costs, including title loans, home equity lines of credit, and government assistance programs. Let’s explore the best ways to get the funds you need.

Options To Pay For Your House Repair Costs

1. Home Equity Line of Credit (HELOC)

When it comes to needing help paying for a big house repair, the first option you have is a Home Equity Line of Credit. Also known as HELOC, a home equity line of credit lets you use your home’s value, so it’s a great house repair payment method for those coping with unexpected major repairs. It comes with a big caveat, though. If you can’t repay what you borrowed, you risk foreclosure.

2. Homeowners Insurance Claims

Another form of help for home repair costs is a homeowners insurance claim. When you have a real house repair emergency, it may be beneficial to file for a homeowners insurance claim to help you pay for it. They may take a little bit longer than other methods, but it’s worth it if the repair is covered by your policy, you have time to wait, and you can cover the deductible.

3. Emergency Savings for Home Repairs

By tapping into your emergency savings to cover house repairs, you can avoid some of the financial obstacles that come with it otherwise. Your emergency savings can really get you out of trouble if your home is damaged by something like a natural disaster. You don’t even have to wait for loan approval or spend time comparing financing options if you have emergency savings.

4. Home Improvement Loans

A form of a personal loan, a home improvement loan is designed to help cover everything from remodeling and upgrading to emergency home repairs. Such loans are usually unsecured, which eliminates the need to put your property equity up as collateral to qualify. The amount you receive depends on your credit, and the interest rates are higher than average. However, you usually have the same monthly payments during the entire loan period.

5. Government Assistance for House Repairs

Federal loan programs like the Limited 203(k) and the FHA 203(k) lets homeowners either refinance or buy a property and then have more funds added to the loan amount to cover repairs. Another option is the Title I Property Improvement Loan program offered by the Department of Housing and Urban Development.

Insured by the FHA, this approach is good for those who need to pay for major repairs but have a small amount of home equity. Even the U.S. Department of Agriculture has a Section 504 Home Repair program that is geared to those with low incomes living in rural areas needing emergency home repairs.

Federal grants are also available for those 62 and over. Local and state governments, financial institutions, and agencies oversee community development programs that use Community Development Block Grants for emergency repair loans. Disabled or senior homeowners may qualify for other forms of community development assistance plans.

6. Disaster Relief Assistance

If your house repair costs stem from a natural disaster (hurricane, flood, earthquake), you may be able to get help from:

• FEMA (Federal Emergency Management Agency)
• The Red Cross
• Local disaster relief organizations

These programs can provide financial aid if your homeowners insurance doesn’t cover your repairs.

Cash-Out Refinancing for Home Repairs

Another form of paying for a house repair involves cash-out refinancing. A popular payment approach is cash-out refinancing, which means your current mortgage becomes a bigger mortgage – and a new loan to cover repairs. This method gives you up to 80% of your home’s market value and gives you the difference in cash.

8. Use a Title Loan to Cover House Repair Costs Quickly

If you need fast cash for emergency home repairs, a title loan is one of the quickest funding solutions.

What Is a Title Loan?

A title loan lets you use your car title as collateral to secure a loan—without giving up your vehicle. At Tennessee Title Loans, Inc., you could get up to $2,500 in as little as 30 minutes.

How to Qualify for a Title Loan for House Repairs

To get a car title loan, you only need:

• Your lien-free car title
• A valid state-issued ID
• Your vehicle for inspection

Benefits of a Title Loan for Home Repairs

• Quick approval – Get cash the same day
• No credit check required
• Keep your car while repaying the loan

Need urgent home repairs? Apply for a title loan online today.

How to Get a Title Loan for House Repairs

1. Fill out the online title loan form on our website.
2. A loan representative will contact you to review the required items.
3. Bring your vehicle and lien-free title to the nearest location for a quick inspection.
4. Get up to $2,500 in as little as 30 minutes!

Start your title loan application now and get fast cash for your house repairs!

Get Help Paying for House Repairs Today

As a homeowner, you know that you will likely eventually have to deal with a significant emergency home repair. These options will help get you through your expensive house repairs in a quick and simple fashion. And if you need even quicker help, a car title loan online may help. Get started by filling out the online form on our homepage.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.