How can you pay for an unexpected home repair?

There are a few ways to tackle the expense of fixing your home.

Before you dip into your savings, take a look at your home insurance policy. You might be able to take out an insurance claim. If your policy covers the repair you need, make sure you know what your deductible is.

Using your savings, if you have enough to cover the repair, could be a less expensive option in the long run. By not borrowing money, you won’t have to repay it with interest.

You can also borrow money. Several kinds of loans or lines of credit can be used for unexpected home repair assistance. A personal loan or line, or home equity loan or line of credit may be right for you.

Home repair financing options

Personal loan

You’ll pay the same amount every month with this one-time funding to cover your repairs.

Check your rate before completing a full application to see what you may be eligible to borrow. It won’t affect your credit score.

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Personal line of credit

Enjoy a little more flexibility with instant access to funds when you need them.

Before you apply you can check your rate and see what you may be eligible to borrow. It won’t affect your credit score.

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Home equity loan

Get fixed rates and payments when you use equity to help repair your home.

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Home equity line of credit

Use the equity you’ve built in your home and only pay interest on what you borrow.

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Unexpected expenses aren’t limited to home repair.

Rebuilding after a natural disaster

In the aftermath of a natural disaster, help exists. Resources like insurance, the government and your bank may be able to help.

Read about disaster assistance

A guide to saving for unexpected expenses

If you must make use of your emergency savings account, learn how to build it back up so you’re ready for the next surprise.

Strategize your savings

Common unexpected expenses and how to pay for them

It is possible to plan for the unexpected. Here’s a guide to common surprise expenses and how you can be ready for them.

Prepare for unexpected expenses

Get answers to common questions about loans for home repair.

There are a few ways to tackle the expense of fixing your home.

  • Your home insurance policy may cover the repair you need. But make sure you know what your deductible is.
  • Using a credit card may be an option. Keep in mind that credit card interest rates can be higher than interest rates for loans. It’s best to pay off credit card balances right away.
  • Different kinds of financing can be used for home repair assistance. A personal loan or line, or a home equity loan or line of credit may be right for you.

You can apply online, by phone or in person for a personal loan or line of credit, or a home equity loan or line of credit. The time it takes to process your application can vary.

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.