Loan

About a month ago it became obvious I was running short of funds to finish up my home repair projects and winterize. I applied for a loan, knowing it was a long shot at best. I had no credit rating since I had never used credit before, and my income is just two thirds of the minimum amount my credit union usually requires for recipients of a loan. The initial answer was no, based on those factors and not being able to use my home as collateral because it isn’t insured.

My bother offered to cosign, but was ultimately rejected by the credit union.

Then, out of the blue, I got a call from the loan officer saying she had reconsidered and would offer me the loan without a cosigner.  I am really curious what could have prompted such a decision, but I didn’t ask. To make a long story short, I got the loan!

Not having a credit rating of any kind — good or bad — can be a problem. Not too long ago I tried to get satellite TV, but both providers serving my area refused to accept me as a customer because I had no credit rating. Another example: while shopping for the best rate on auto insurance, some companies quoted an astronomically high rate based on my lack of credit history. I have no idea what sort of rating I will end up with on the basis of having just this one loan on my credit history, but at least it will be something.

I have 18 months to repay the loan, but barring any financial disasters I expect to have it paid off in 12 months or less.

Now I must prioritize what gets done. It would be nice to install siding this year since that would represent a major milestone: all exterior work finished. But, as mentioned in previous posts I have some challenges to figure out how to winterize the place with the interior so torn up. Winterizing obviously must be a higher priority. What I need is some good ideas, so I can calculate what that will cost.

I also have to do some further work with the new windows. I ordered vinyl windows without the adjustable wood jambs because the supplied jambs only come primed white, while I wanted to stain the wood. However, the lack of jambs is causing the windows to bow in the center, which results in gaps that will let heat escape (and/or cold enter) along the sides of the upper and lower sash. I’m probably going to have to put temporary jambs in, only to replace them a few years from now when I am able to do the interior wall finishing.

If that’s not enough, I recently found out the old ceiling tiles contain asbestos. They are in poor condition and now several are broken from the work this summer. The damage to my health is probably already done, as I’m sure I inhaled asbestos microfibers when I was working two months ago. In all likelihood, however, asbestos is continuing to slowly contaminate my living space! I don’t like that, but removing the rest of the tile would be a hazardous job and would cause much larger winterizing challenges — no doubt, challenges far beyond the current budget even with the loan. I feel as though I am between the proverbial rock and hard place. There is no path to escape!