Every roof has a lifespan, and if yours is on its last legs, then it’s probably time for a replacement. We know how expensive it is to purchase a new roof. Fortunately, some ways can help you control the expenses, which will make it easier for you to pay off. For starters, there are plenty of roofing companies that offer financing. Legacy Service is one of those companies. They offer replacement and installation for all types of home exterior projects, from roofing and gutters to siding and windows.
Some of the most effective roof financing options are mentioned below:
Insurance
With or without a monthly mortgage, all homeowners are required to have homeowner’s insurance. This helps protect owners from financial loss that’s due to theft, fires, or other types of damage, including some natural disasters.
In some instances, your insurance company can help pay for your roof repair or replacement. However, this is only possible when your roof has been damaged from a reason other than traditional wear and tear that happens over time. You can find out if you’re eligible for coverage by contacting your homeowner’s insurance provider. If you are eligible, you can also find out how much they’ll cover and the process for receiving payment.
Home Equity Loan
If the repair or replacement of your roof can’t be covered with homeowner’s insurance, then you may have an option with a home equity loan or home equity line of credit. Home equity loans are perfect for large expenses and home renovations, including roof replacements. However, you’ll need to have a steady income and strong credit as well as available equity in your primary residence to qualify.
Home equity loans are beneficial because you can typically get a relatively low-interest rate compared to other financing options. This is due to the fact that the home itself is used as collateral to back the loan.
Company Financing
Many roofing companies also offer financing options to help homeowners with their payments for their roof repair or replacement. These professionals understand that the cost to repair or replace a roof is too high to pay all at once, which is why they allow payments to be made over time.
Many roofing companies will charge interest with their financing, but it’s a sound choice for homeowners who have less than ideal credit or little home equity. Legacy Service, a Southampton, PA roofing company, offers financing with 0% for five years after the project. If you’re thinking about going with financing, make sure to read the fine print and the required payment fits with your monthly budget.
Personal Loan
Another possibility is getting a personal loan at a competitive rate. When you get a roof loan, the lender, which is either through a bank or credit union or online, will offer you a lump sum upfront. The amount you’re allowed and the interest rate you’re charged will depend on your credit score and history.
As usual, make sure you review the terms of the loan, including the monthly payment and interest rate.
Credit Card
If you’re a homeowner with strong credit, then you may qualify for a 0% APR credit card. Many credit cards have a higher spending limit than personal loans, and since they have no interest, you can save money in the long run. You’ll need to keep in mind, though, that credit cards with 0% interest have a shorter timeframe for full repayment compared to personal loans, home equity loans, and roofing company financing.
Select Your Financing Option
It may feel overwhelming at first to pay for a roofing project, but if you select the right financing option, it’ll help make it much more affordable. If you’d like to learn more about the various options, you can contact the team at Legacy Service. Call 215-798-9790 for more information.
