Money for home repair: savings, bank loan, or?

[Anonymous]

In this economy, I'd negotiate a lower rate w/ the roofing company - get at least 3 quotes, then get a loan.

[Anonymous]

OP here, thank you for your opinions, we will look at interest rates and get quotes from roofers. If the rates are too high for us, we will eat into our emergency fund. It has to be transferred from another country, and the exchange rate is not favorable right now.

The house is a fixer-upper, and after repairing what the inspector and contractor pointed out to us, we opened up the roof from the inside to check for insulation, and that is when we saw that some beams were all rotted from water damage, and yesterday the rain actually leaked all over the kitchen floor.

[Anonymous]

Can you get a HELOC? If your home's market value is more than you currently owe on it, you can get one at a very low rate these days (our HELOC is below prime, which is what, like 3.25% this week?). It might be worth looking into.