How Do You Finance A New Roof?
If your roof needs replacing or repairing, it can be more costly to wait. Although it can be expensive, repairing or replacing the roof of your Chattanooga home is not something we can always afford to put on hold. Thankfully there are ways that you can afford a quality roof even if you can’t pay upfront.
If you have homeowners insurance, you may be able to use your policy to cover the cost of your new roof. First, contact your insurance agent to discuss your current policy to see if they are willing to pay for any roof damages.
Choosing a contractor such as Armor Xteriors that offers to financing is a great way to start a necessary roofing project. Financing usually only takes a few minutes and can be done virtually. With our finance options, you can afford any of our roofing services, multi-family roofing, and residential roofing services in your time of need.
Home Equity Loan
Another way to finance your roofing project is by applying for a home equity loan. Equity is the amount you could sell your home for minus how much you still owe on a mortgage. When applying for a home equity line of credit, banks consider the amount of equity that you have in your home. Once the line of credit is established, you can control how much you are borrowing.
Property Improvement Loan
If you don’t qualify for a home equity loan, an FHA Title I loan may be the next best thing. To obtain an FHA loan, you need to own the property or have a long term lease. Insured by the government, these fixed-rate loans are designed to fund home improvement projects that improve your home’s livability.
Personal loan interest rates are typically higher than other financing options. You don’t have to offer any collateral with this option, therefore, you don’t have to worry about putting your home at risk. Because these loans are unsecured, lenders generally charge higher interest rates.
With the average APRs around 17% considering using a credit card should be your last resort. If you are going to use a credit card to replace your roof, try opening an account with a card that offers a promotional rate of 0%. By dividing your total cost into monthly payments, you can avoid any additional interest and finance the project yourself. The risk of not paying your bill within the first 12-21 months can result in skyrocketing interest payments and fees.
Finance Your New Roof With Armor Xteriors
When you have roofing problems, you should not wait until the last minute to address them. Using these resources can help you get the help you need to keep your family safe. Take the next step and schedule an appointment to find out more about our finance options!