Financing Options to Pay For Your New Roof
Purchasing a new roof is a significant expense. Most homeowners don’t have that kind of money sitting in savings, leaving them to stress and lose sleep over how they’re going to pay for it. Luckily, there are financing options out there to help you fund the cost of your new roof.
Roofing Company Financing
Look for a roofing company that offers flexible financing to fit any budget. Armorvue Home Exteriors provides top-quality products at affordable prices. By dealing directly with the factory, we’re able to pass those savings down to you, and we’ll work with you on financing too.
They offer several different financing options, including:
- No payments for up to 12 months.
- Revolving credit accounts with fixed monthly payments.
Choosing to go with your local roofing company with a solid reputation is an excellent way to get a quality roof at a price you can afford.
Check Your Insurance Coverage
It’s always a good idea to check with your homeowner’s policy to see if they will cover any of the cost. There are some circumstances when insurance policies will cover roof repairs or replacement if the damages were caused by a fire, storm, or theft. However, if your roof has degraded because of age or lack of maintenance, then your insurance policy likely won’t cover the cost.
Home Equity Loan
Another financing option is a home equity loan which allows you to borrow cash against the value of your home. You still keep your existing mortgage but take out a new loan with a fixed interest rate that’s usually lower than credit cards or personal loans. The main risk associated with a home equity loan that homeowners must be aware of is if they default on the loan, they could end up losing their home.
FHA Title I Loan
If you don’t have enough equity to borrow against your home, you may qualify for a Federal Housing Administration (FHA) Title I loan instead. These fixed rate loans are insured by the government and designed to fund home improvements that improve the home’s basic livability. You can apply for these types of loans through FHA-approved lenders.
Another financing option is to take out a personal loan. You’ll pay more interest compared to a home equity loan, but still less than a high interest credit card. Personal loans are unsecured, meaning there’s no asset backing them, so lenders typically charge a higher interest rate. If you have minimal debt and a great credit history, you may qualify for a reasonable rate. If you’re approved for a personal loan, you’ll receive the funds in a lump sum, and pay it back in fixed monthly installments.
Credit cards are also an option, but due to higher interest rates, they should be considered a last resort.
Ready for a New Roof?
If you need a new roof but aren’t sure how you can afford to pay for it, call your local, trusted roofing professionals at Armorvue Home Exteriors first. Our financial specialists will help guide you through the process of selecting a financing option to best fit your budget. We understand that a new roof isn’t the ideal way you want to spend your money, but you’re going to love your new roof and all of the benefits it will provide for years to come, including a boost in your home’s overall value. Contact us today.
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