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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » What kind of options do I have to get a loan to fix my home but don’t have any equity in the home?

What kind of options do I have to get a loan to fix my home but don’t have any equity in the home?

I am refinancing my home this month from a 30 year 7.25 to 15 year 4.34 saving $86,000 in interest. Problem is that any equity I had in the 3 years I’ve been paying, I’ll lose when I tie closing costs back in. My wife and I have excellent credit and no credit card debt (only student loan, home mortgage, and 2 car payments). Looking for about $10,000. Should I go to a bank or put it on a couple cards??

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3 Responses to "What kind of options do I have to get a loan to fix my home but don’t have any equity in the home?"

  1. textraders says:
    Depending on where you live you may be able to do a home equity loan or a home improvement loan. Different states have different maximum values that can be lent. If the loan can be made you might have a higher interest rate than someone who did have the equity. You do have the option of using a credit card or two. Or your bank may offer an unsecured loan. You also might have the option of using a 401(k) or some other savings account to secure a loan.
  2. jlf says:
    How about deferring the work until you save up the cash?
  3. STEVEN F says:
    NO, you will NOT lose your equity when you refinance. If closing costs are anywhere near your equity, you don’t qualify for refinancing.

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