Replacing a roof is a major expense for most homeowners. Unless you’ve planned ahead and started saving for your roof replacement well in advance, you’ll probably need to finance all or part of the cost. Here are some financing options to consider when you’re deciding how to pay for your new roof.
Apply for a Conventional and Government Loan
If you’re planning to refinance your home loan, look for lenders who offer either a conventional or Federal Housing Administration (FHA) 203(k) refinancing and renovation mortgage. If you don’t want to refinance your existing mortgage, there are FHA-insured Title 1 property improvement loans offered by various banks and other lenders. If you qualify, you can borrow up to $25,000 for a maximum term of 20 years.
Establish a Home Equity Line of Credit
Many lenders offer lines of credit that let you use your home as collateral. In contrast to loans with fixed terms and repayment schedules, lines of credit are similar to credit cards. You’re approved for a maximum amount, and you can withdraw funds as needed up to that amount. As you pay down the balance, your available credit increases again.
Use an Introductory Period Deal on a New Credit Card
A low- or zero-interest introductory period on a new credit card can be a viable option to finance your new roof. To avoid paying an exorbitant interest rate, it’s best to pay down the card balance monthly and make sure it’s completely paid off before the introductory period ends.
Use Your Income Tax Refund
If you’re expecting a tax refund, why not use it for a new roof? Depending on your personal tax situation and the type of roof you’re having installed, your refund may cover a large portion or all of the cost.
Apply Through Our Financing Partner
We offer roof replacement financing for our customers through Green Sky Credit. They have a number of loan options available, including a 12-month no interest, no payment loan that’s ideal if you plan to pay off the balance quickly, and a 7-year/ 9.99 percent interest term loan if you’d rather spread out the payments over a longer time frame.
For more advice about financing your roof replacement, contact us at Victors Roofing. And, don’t forget to nominate and vote for someone in your neighborhood to receive a free roof through our No Roof Left Behind promotion that’s ending April 18th.