Author Topic: Financing new roof  (Read 944 times)

brotatochip

  • 5 O'Clock Shadow
  • *
  • Posts: 99
Financing new roof
« on: July 27, 2015, 03:42:27 PM »
Hello my fellow MMMers!  I started a thread inquiring about a new roof about a week ago and after four estimates, the verdict is in....this new roof is going to cost me some money!  The company I want to go with quotted me with an $11,300 estimate, which is right in the middle compared to the other 3 contractors.  So my question is how should I pay for it?  I have $11,500 in my emergency fund  and I don't really want to get a personal loan.  I don't have 20% equity on my FHA loan just yet so a HELOC is out of the question.  So should I deplete my emergency fund or take out a personal loan at 8.99% (USAA).  What would MMM do? 

chasesfish

  • Magnum Stache
  • ******
  • Posts: 3035
  • Age: 37
  • Location: Texas
    • Years in the making, I created a journal!
Re: Financing new roof
« Reply #1 on: July 27, 2015, 06:47:57 PM »
What would MMM do?  Replace the roof himself.

That being said, use the emergency fund. 

brotatochip

  • 5 O'Clock Shadow
  • *
  • Posts: 99
Re: Financing new roof
« Reply #2 on: July 27, 2015, 07:22:22 PM »
What would MMM do?  Replace the roof himself.

That being said, use the emergency fund.

Trust me, if I could do the roof myself I would!  Thanks for the input.