Getting a new roof or having your roof replaced is a necessary investment for your home. Unfortunately, roof replacement isn’t exactly cheap. Luckily, however, there are many financing options available for you if you want to have your roof replaced. It is essential that you check out these options immediately, as broken roofing that isn’t fixed immediately can lead to further problems for the structure of your house. Before checking out roof companies, look at the financing options available to you—and choose which ones fit your finance capability.
Cash and credit card payment
Cash payment is the ideal payment option when you want to avail of the services of roofing companies. As the term implies, it means paying for the roofing replacement in full in an out-of-pocket payment. While this is the best option, since it means you won’t incur any additional payment, not everyone can afford it. Some people opt to take out personal loans as well. This means getting a lump sum cash loan. This may not work for people with bad credit scores as it could entail higher interest rates, which would defeat the purpose of paying for the service in cash.
Roof servicing companies allow credit card payments, but this should be your last option when it comes to financing. The interest rates for credit card payments are high—and definitely higher than the other options available to you. Therefore, it is best to consider other financing possibilities before deciding on this payment option.
Home equity loan
Some homeowners opt to choose home equity loans. This means placing your home as collateral for the loan that will finance your roof replacement. This both its pros and cons; this works best for people with less than stellar credit scores, but you could end up risking your home if you default on your loan payments.
Another similar option is the home equity line of credit, which means you will have a revolving open credit with your home still the collateral for the money you are borrowing for the roof replacement. This is the best option for those who will work on other parts of the house in a span of several years.
Contractor financing option
Perhaps the best option available is contractor financing. This means the roof companies will help you finance your roof replacement. The company is usually partnered with a service financing company. This is perhaps the most flexible among all the options available. The rate will depend on the size of the job, and you normally will know if you’re eligible for financing within days (or sometimes, just hours) after your application. You won’t need to use your home as collateral as well.
Roof companies usually offer several term loan options, so you can find one that fits your needs and your budget. Some even accept credit card payments too, giving you flexibility with how you pay for your term loans for your roof replacement services. Choose from the right roof companies so you can find the best financing option for you.
WF Schmidt Construction Company is one of the best roof companies in PA today. We make sure we do the job efficiently and make sure we exceed your expectations.