Replacing a roof is usually not on the top of anyone’s wish list and when it has to be done, we tell clients to never cut a corner when buying a roof. You may get a roofing contractor that can save you a few dollars but the quality of their products or services won’t be there.
Remember a new roof should last you upwards of 20 years. So don’t think of this as a huge purchase but more as an investment. Sometimes this investment comes at the worst of times and we are left struggling with the thought of, “How do I pay for this investment?”
Luckily there are ways you can get assistance for roof replacements, and we want to help you with that today. Below you are going to find some of the easiest ways to get the finances for your roof replacement.
Paying with Insurance:
If you are a homeowner with a monthly mortgage, you are required to have insurance on your home. This is coverage that protects you from financial loss if something should happen to your home. With that being said, there are some cases insurance will pay for your replacement roof or repair. In the case your roof was damaged by weather; such as wind or hail caused by tornados or hurricanes, a homeowner is usually responsible for a deductible and insurance will cover the rest.
Weather isn’t the only reason they will pay for roofing updates. This is why we offer free Roof inspections. If you suspect your roof was damaged by something other than wear and tear, contact us today and let us help you get an estimate over to your insurance company.
There are some instances where customers have been able to get a personal loan to help assist with paying for their roofing investment.
Check with your traditional bank or credit union and see if they offer a personal loan that can be used to replace your roof. When looking into a roof loan you can sometimes find lenders willing to work with you online as well. Keep in mind loans are based on your credit score and credit history. Not everyone will be approved for this option.
Home Equity Line of Credit, Also Known as HELOC
Sometimes a personal loan is not easy to obtain and insurance won’t always pay for our roofing repairs. This is when we recommend customers looking into a Home Equity Loan or Home Equity Line of Credit (HELOC).
This is a financing option that allows you to borrow against the available equity you have in your home. A home equity loan usually comes with a lower interest rate than other financing options since you are using your home as collateral to back it.
If you have a steady income and strong line of credit and don’t think a personal loan would be best for you, you may find this option to be more suitable for you.
Roofing Financing Options
Some reputable roofing companies will have financing options available for customers needing to replace their roof. These third-party companies usually have higher rates but are sometimes easier to obtain than other loans.
Coastal Roofing uses Enhancify Lending Partners for our customers who are looking to finance through us. Enhancify works with everyone no matter your credit score or equity in your home to try and get you the finances you need to repair your roof.
Replacing Your Roof Comes with Options
Not many people have the finances to replace a roof 100% on their own with just a moment’s notice. This is why knowing your options are important. If you find yourself in the market for a new roof, roof replacement or roof repair make sure you’re asking all the right questions.
Start with finding out how your roof was damaged. By figuring this out you can eliminate if going through insurance is going to be the best option for you. Once you are left looking at your other options you can see which would be best for you and your family. Remember what’s important is you choose something that is best for you.