Personal Finance

need advices to borrow money

  • Last Updated:
  • Apr 9th, 2015 1:01 pm
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Deal Addict
Jul 23, 2008
1245 posts
338 upvotes
Montréal

need advices to borrow money

Hi,

here's our situation, we need some money to make renovations on our house (roof and shed). We're gonna need about 10k. We havent clear enough money on our mortage to be able to put that money on a home line of credit )or whatever you can call this).

We have an ok credit score (780-785 both of us), ok salary (135k familial income). The only thing we got, besides credit card, are a line of credit at 5.4% interest. There's 6k avaible on that line of credit (tortal avaible is 15k but 9k on it is for the car of my wife).

What are our options ?

Oh and sorry for my so-so english !
4 replies
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
Don't borrow to renovate your house. Saving 10k out of a 135k income shouldn't take you too long, what's the urgency?
Deal Addict
Mar 3, 2009
1913 posts
1221 upvotes
Ottawa, ON
^ Agreed ... I would save and do the roof first and then the shed. The rate on the LOC is not bad though, so if the roof really needs doing this minute you could chat with the bank to see if they will increase the credit limit.
Deal Fanatic
Dec 31, 2007
5252 posts
1905 upvotes
Richmond Hill
If you need to make emergency repairs to your roof, you can get the work done through Home Depot and use their credit card. They have promos where no interest if paid in full within 6-12 months.
Deal Expert
Aug 22, 2011
41788 posts
30051 upvotes
Center of Universe
Renovations as in upgrades or as in repairs; in which the roof is leaking and needs immediate attention.
If the latter, you can try to setup a monthly payment plan; provided the contractor/company does not charge some ridiculous interest rate.

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