Roof Company Financing
If you don’t have enough money saved up to pay for a new roof outright, and you don’t have any equity in your home to use as payment, you may want to look for a contractor that offers in-house financing.
Although most homeowners would like not to have to come up with the full cost of a major home repair job in one lump sum, several reputable roofing firms will work with their customers to arrange to finance, either through the company itself or a third-party provider.
As much of the work is done in-house, this method can be considerably easier and more streamlined than getting a personal or home equity loan. Most people don’t consider it, but a roofing business that can assist you secure financing is almost certainly more trustworthy than one that cannot.
Because of their high reputation with their own lenders, you may have confidence in the quality of the roof replacement they will perform on your home. If you and I are looking for a local roofing company that offers payment plans, we should inquire about the loan’s monthly interest rate, term length, and any extra fees.
Calling around to several roof repair businesses to check which in-house financing arrangement is best is typically the only way to get roofing financing alternatives around your comfortable pricing range (whether that’s $99 a month, $199 a month, or more).
We encourage you to get in touch with us directly if you are interested in obtaining financing for your roof through Roof Hub, and we would be pleased to assist you in filling out the necessary basic financing application paperwork.
A Mortgage Refinancing Program Offered by The Government
In search of a free roof from Uncle Sam? You may be able to get an FHA Title I Property Improvement Loan if you own a single-family residence, which may sound like a dream come true.
These loans are made available through the Department of Housing and Urban Development’s (HUD) network of preferred lenders, and there are a few requirements to complete in order to be approved. A single-family residence that has been lived in for at least 90 days is required, along with the other types of properties specified here.
Moreover, the loan must “significantly safeguard or improve the basic livability or utility of the property” and “be used in combination with a 203(k) Rehabilitation Mortgage,” as required by HUD. These loans may be paid back whenever you like without any additional fees.
Where do I start with the cost of a new roof?
You have to make the final call. We recommend using cash for the entire payment if you have enough savings to do so. It will be the quickest and most convenient option, and once it’s finished, it will be finished. One of the most cost-effective choices is to take out a home equity loan from a reputable lender if you have sufficient equity in your home and if you are comfortable using your property as collateral. If you aren’t able to use either of those options, your next best bet is to inquire about financing options from the roofing company that provided you with the best estimate.