Leverage Your Equity
Regular maintenance and minor repairs are a part of homeownership. But if your home needs more costly repairs, like a new roof or floors, using your home equity could be a smart choice. To qualify, you’ll need enough equity to borrow against, good credit history and qualifying levels of other monthly debt payments.
Understand the Benefits
Home equity interest rates are usually lower than other options, such as personal loans or credit cards, which could translate into a lower monthly payment or a savings in total interest paid over the life of the loan. You can choose a loan or line of credit and repayment terms that work for you. And interest payments on your home equity loan may be tax deductible. Consult a tax advisor.
Start with a Plan
Figuring out how much repairs will cost is the first step. Get quotes from multiple contractors, and to be safe, add 20-30% to the total to account for potential overages.
Explore Your Loan Options
Next, determine how much you're eligible to borrow. PNC is able to lend up to 89.9% of the value of your home. If you have available equity, options include installment loans or lines of credit. A PNC Mortgage loan officer or Branch Banker can help you determine what option best meets your needs.