Roof Financing Options
Everyone has the right to a roof over their head, but sometimes unexpected problems occur that necessitate repair or replacement. Roofing projects can be a major investment, and it’s important to understand your options going into financing.
When it comes to financing your roof repair, there are a lot of options to choose from. Make sure to always analyze your own situation and be informed about potential costs, benefits, and risks of each financing option. While this is not a comprehensive list, these are the most common ways we see people approach roof financing.
The first thing you should do when preparing for roof financing is contact your homeowner’s insurance. All homeowners are required to have homeowners insurance, and this coverage protects you from financial loss due to many things that could damage your roof such as weather or natural disasters.
When you are eligible to pay for roofing repairs through your insurance company, get in touch with your insurance provider to figure out coverage and the payment process. At Stone Creek Roofing, we proudly host our own in-house insurance experts to make sure you can get the most coverage out of your policy for financing.
When strapped for cash but in need of repair, a loan can be a viable option to cover your roof financing. Loans come in many different forms, but these are the most common ones to cover your roofing costs.
A home equity financing option lets you borrow with available equity your house has built over time. In other words, this is the difference between the market value of your home and the balance you owe on your mortgage. If you have a loan-value ratio less than 85%, a home equity loan could be a good roof financing option.
With this type of loan, a lender from either online, a traditional bank, or credit union offers you a lump sum upfront. The amount offered and the interest rate is dependent on your credit score and history. Be sure to thoroughly review the terms of your roof loan, including the interest rate and monthly payment, before signing on. This way, you can compare lenders and find the option that best fits your needs.
You may even have the ability to finance roofing repairs with an FHA Title I home and property improvement loan. This financing option is made available through lenders insured by the Department of Housing and Urban Development. The loan amounts will vary based on the need and the credit history of the homeowner. They offer fixed interest rates and long repayment terms, and qualify for use on properties that have been occupied for at least 90 days.
We work hard to make sure roofing is available to all who need it. Our insurance experts work hard to ensure you get the best deal from your homeowner’s insurance, and help you plan out financing for anything that might be left over. At Stone Creek, we guarantee that you’ll never be left out to dry.
We get it right by prioritizing your needs and questions before we ever climb on the roof. Let’s start with a free inspection and consultation scheduled at your convenience.