Financing Options For Roofing In The USA
Roof repairs and changes are necessary not just for the safety of your home but for increasing the value and making sure you’re up to date with new “green” standards and energy efficiency. One of the main reasons homeowners in the USA invested over $4 million lies in benefits they are entitled to get, such as tax refunds and government-backed solar panel installation programs.
Therefore, if you want to participate but don’t have any funds ready, we will give you a few options for financing roofing.
Options For Roofing Financing
If you’re already into construction and home improvement, some companies are offering you an easy way to get finance to switch or repair your roof. Most of these companies work with banks and recommend homeowners for fast-approved loans. This can be beneficial since your home renovation will go straight in line, and the same contractor will do everything at once. However, if you get a dedicated credit card instead of cash, you may be obliged to finalize the job with the same contractor who helped you with the loan.
If you have a personal credit card or want to apply for one, you may be able to use it for financing roofing. Yet, make sure to check with your contractor the limit you can pay using a credit card and check with your bank about interest and fees you’ll have to spend on top. This is a fairly good option for those who can repay the loan within 12-20 months.
In some cases, you can apply for a Home equity loan and get larger sums of funds than when applying for a personal loan. Usually, you’re entitled to 80% of your home’s equity (value of your house minus any debts, such as a mortgage). However, if you cannot repay the loan, you’re exposing your home to risk.
Besides, there’s a Home equity line of credit or HELOC. It’s a credit card that allows you to reuse the funds you repaid as long as you stay under the card’s limit. The draw period is usually 10 years, and you are only paying interest when funds are taken. Yet, the interest rate is variable and may constantly rise.
If none of this works, you can try with Cash-out refinance option. This implies taking a mortgage that’s higher than the one you already have for the costs of your roof. Basically, you will be repaying the old mortgage and have funds to finance your roof, increasing your current mortgage for this expense.
Conclusion
The costs of your new roof depend on whether you need repairs or roof change, the kind of roof you want, size, area of living, and more. However, as mentioned, it increases the value of your property and your own safety, so we believe it’s worth every penny.