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If none of these reasons to get a new roof apply, then youre probably done here! If youre not sure about your roofs condition, hiring a home inspector or roofing contractor to inspect it can be a preventative measure before a roof failure and the extensive and expensive damage it can cause.
Personal Loans For A Roof
Personal loans are unsecured loans that provide a fixed amount of money that you repay over a period of two to seven years. Annual percentage rates range from about 6% to 36%, and qualifying depends primarily on your credit profile.
Borrowers with good to excellent credit have the best chances of qualifying and receiving low rates on a roof loan. For borrowers with lower credit scores, there are some lenders that offer home improvement loans for bad credit, but you can expect a higher interest rate.
» MORE: See estimated payments with a home improvement loan calculator
This type of roof loan is a good option if you dont have enough equity to borrow against your home and you dont want to max out a credit card. Consider these pros and cons of roof loans:
No collateral: Because personal loans are unsecured, you dont have to pledge your home or another asset and then risk losing it if you cant repay the loan.
Fast funding: With some online lenders, you may get your funds the same or next day after approval, while others may take up to a week.
Lower rates than credit cards: Especially for borrowers with strong credit, average personal loan rates are lower than average credit card rates.
Most online lenders allow you to pre-qualify to check the rate and terms you might receive on a loan. The pre-qualification process doesnt impact your credit score, so its smart to pre-qualify with multiple lenders to compare options.
Apply For A Title 1 Home And Property Improvement Loan
Title 1 property improvement loans are available through the Federal Housing Administration . These loans are an excellent way to pay for improvements and repairs to your home and property. When you receive an FHA loan, theyre essentially insuring your loan. This means theres less risk for lenders, and theyre more likely to work with you.
With these programs, you can borrow up to $25,000 with 20 years to pay back the loan. But, if you opt into a loan thats more than $7,500, youre backing it with the financial assets you own. This can be a solid option if youve tried other avenues without success.
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Other Things You Should Consider When Financing Your Roof
Before deciding on one financing option, there are several factors you will want to consider. One of these is that the expense of your repairs could make all the difference in terms of what finance options are available. The cost of your roof repair will be determined largely by the roofs current condition, its size and the time of year. Make sure you account for all relevant expenses when you apply for roof repair financing.
Its also important to consider a variety of roofing companies and compare them. Roofing contractors dont all charge the same for their services and they dont all perform the same quality of work but many will provide free quotes to help you budget for the project. Spend time getting referrals from homeowners, look over testimonials from customers and get references to determine which roofing company will be the best fit.
Whether it be through roof loans, financing from the roofing company or insurance coverage, there are many options available for paying for roof repairs over time instead of all at once. Always keep your budget in mind when you make a financing decision, and be sure to evaluate the repayment term, fees and interest rate before you make a choice for your project.
Cost To Redo A Roof With A Different Type
If you are replacing your existing asphalt roof with a roof type that is heavier, like slate or stone tiles, the potential exists where you may need some structural reinforcement for the rafters and joists in the roof framing structure to support the additional weight. The reinforcement alone will average between $500 and $1,500 depending on the size of the home and the amount of reinforcement needed. Add the cost for your chosen roofing material plus labor on top of that.
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Benefits Of Financing With Capitol Improvements:
- Payments from $99/month
- 15-minute phone or online application process
- Unsecured loans no collateral
- No prepayment penalties
- 60-120 month loan terms
- Low-interest financing
To learn more about all of our financing options, contact us to get your fast and free quote. Otherwise, read on to find out everything you need to know about your other Bowie roof financing options.
How To Finance A Roof
Many or all of the products here are from our partners that pay us a commission. Its how we make money. But our editorial integrity ensures our experts opinions arent influenced by compensation. Terms may apply to offers listed on this page.
A costly roof repair is a home improvement project most homeowners dread having to pay for. If your home requires a roof replacement, you may be wondering what financing options are available to help you with your project. Here, we’ll discuss ways to pay for a new roof and what you should consider before financing through a lender.
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Factors That Affect The Cost Of A Roof Replacement
Roof replacement is a major investment, so most homeowners are interested in finding ways to reduce the expenses associated with this project. To this end, you should be aware that there are a number of factors that influence the cost of a roof replacement.
- The time of year: Most roofing companies are at their busiest from late summer through the fall. If you want your roof installed during this time, expect to pay more. If you opt to have your roof replaced in early spring or winter, you may be able to do so at a reduced rate.
- Labor: Roofing companies generally charge by the hour, and their hourly rates vary widely based on factors such as location and the local environment.
- Materials: If you want an asphalt shingle roof, youll be paying significantly less than if you opt for a roof made of wood, slate or metal.
- The size of your house: Roofers generally charge by the square foot, so if you have a larger home, expect to pay more.
- Disposal: Remember that installing a new roof also requires disposing of the old materials. Roofers will often charge a fee for this service.
- Slope and Complexity of your house: Steep, complex roofs are much more labor-intensive than lower sloped and simpler-styled roofs.
Roof Tile Replacement Cost
Roof tile replacement costs between $1,400 and $1,600 per square on average for concrete tile, Spanish tile, and clay tile. Tile roofing tends to weight a lot and will cost $1,000 more if your entire roof framing needs an upgrade to support the extra weight.
Clay Tile Roof Cost
Clay roof tiles are right up there with entry-level copper in regards to price, which averages around $1,500 per square. The average cost to install a new clay tile roof costs between $15,000 and $45,000 depending on your roof size.
Concrete Roof Tile Prices
Like clay tiles, concrete tiles also carry a $1,500 per square price, with the average installation costing $22,500 to $30,000. Depending on the current structural integrity of the roof framing, it is possible some repair or strengthening work will need to be done on the rafters to support the extra weight of these heavier products.
Spanish Tile Roof Cost
Spanish roof tiles generally have a little more design to them than entry-level clay or concrete, and you can expect to pay in the region of $1,500 to $1,600 per square for the install, and around $1,000 first if your entire roof framing needs work to support the added weight.
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File A Claim With Your Homeowners Insurance Within 30 Days
Most states require a homeowner to make a claim within 30-60 days. Failure to make a timely claim is reason for claim denial.
When there is a high volume of claims, the earlier you file the paperwork, the sooner you will get your claim processed.
Step 3. Have the Roof Independently Inspected & Document the Damage
Were going to sound a little cynical, but we prefer to think of it as being a wise homeowner.
According to one experienced roofing contractor, Insurance companies heavily scrutinize claims for roof repair and replacement. They will want absolute proof that storm damage is the cause of the roof leak.
To determine this, insurance company will send out its own adjuster someone that works for the insurance company. If the storm damage is widespread, independent inspectors are brought in to handle the load of claims.
However, theyre hired and paid by the insurance company, too. Thats a strong motivation to find results favorable to the insurance company reasons why your claim isnt legitimate and shouldnt be paid.
What reasons might they find? Common reasons for denying a roofing insurance claim are:
In all of these scenarios, the result is the same: Claim denied!
This is where an inspection from a roofing contractor that you are paying is essential.
What a roofer should document for you:
Roof Financing Options: How To Pay For Roof Replacement
There are multiple ways to finance the repair or replacement of a roof. This article provides a detailed guide on how to compare the options available and get the best deal possible. Remember these steps when planning your next roof project:
- Collect quotes for your roofing project.
- Ask about repair versus replacement and inquire about hidden damages to the substructure.
- Shop around to secure the best rates and payment options
Does your roof need repairs or an outright roof replacement? If so, finding the right roof repair financing options can feel daunting. The good news is that there are several roof financing options available.
However, the rates and terms of these options vary. The best deal for you will depend on details like your budget, credit, income, and personal preferences. Well walk through each one, showing the pros and cons so you can find the right pick for your roof project.
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Get A Professional Opinion
In fact, one of the best pieces of documentation can come from a professional roofer. An inspection will get a professional assessment of the roof, and that can clearly determine that the roof needs attention.
You can certainly look around for free roofing consultations, but if youre in contact with your insurance company, theres a good chance that theyll set up an inspection. Even though theyd prefer to not have to pay you to fix the roof, theyd rather deal with that smaller claim than the huge one that occurs if the roof fails. Your insurance company isnt really an adversary in this venture they just come with a lot of bureaucracy. A professional statement can help you get through a lot of it.
The Most Practical Ways To Pay For A New Roof
So, youre ready to replace the most important component of your house: your roof. You did the research, weighed the options, and reviewed the top-quality products to put your dream roof over your head. But theres one thing left to figure out: how you want to pay for your new roof. Youve got options, from credit card to roof financing to reaching into your own back pocket or savings account. Consider the most practical ways to pay for a new roof.
Roof financing is a highly practical way to manage the cost of a new roof.
Smart roofers work with banks to secure special promotions and rates from volume lending and to pass those benefits along to you. Expect a better deal than other avenues of direct-lender financing complete with convenient and affordable rates priced to fit your budget.
At King Quality, we offer roof financing with competitive payment plans and interest rates as low as 0% for the first five years. You can finance your project for up to 12 years with payments as low as 1% of the total job cost per month. Approval in 30 seconds or less means your dream home is just a quick phone call away.
Paying with cash
Cash makes it easy to pay for a new roof without dealing with the bank. The problem: few American homeowners have thousands of dollars stashed between the couch cushions.
You dont have to shell out the full cost up front. Even paying a quarter or third of your new roofs total price with cash will make a difference to the final cost.
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What Happens If The Home Fails The Roof Inspection
Regardless of who requested it, if your home fails a roof inspection it could cause some issues with getting a mortgage. All lenders require home buyers to obtain homeowners insurance that will be effective at closing, and evidence of that policy must be provided. If your home fails the roof inspection ordered by the insurance company or lender, you will have a very difficult time getting a policy to cover the home, which will put your lender off.
But that doesnt mean that the home sale cant happen. Once it has been determined who will be responsible for the roof replacement costs and what that replacement will entail, the repairs can be made prior to closing with the roofer being paid at that time. You wont be able to actually start your homeowners policy until the roof has been repaired, so it is a good idea to make sure
Bay Window Roof Replacement Cost
To replace a bay window roof with architectural asphalt, you can expect to spend $398 for a 12 square foot perch.A typical bay window is 7 feet wide, and your bay window roof will extend 24 from your wall. Add another 6 inches for the roof to extend over the front of the window. The chart below shows the price for architectural asphalt shingles, clay tile, and copper roofing.
Bay Window Roof Replacement Cost
- Pay for permits
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Which Option Is Best For You
Theres no silver bullet to finance your roof repair or replacement. So, its important to consider all of your options for roof financing. Again, take a look at your financial profile before making a decision.
If you can quickly improve your credit or boost your cash holdings, consider putting off the roof job for a month or two. But if not, go with the option that best suits your needs and saves you the most interest. These five roof financing strategies are not all that exist, but they are a great place to start.
Cash works best if you have the money on hand to pay for your new roof. If you need more financing, check out personal loans, credit cards, and home equity loans. For replacing your roof as fast as possible, point-of-sale financing might also be helpful. No matter which option you pick, shop around, and youll save money on the deal.
How Often Can You Finance A New Roof For A Home
There are no state or federal laws that put limits on the financing time for a new roof for a home. It will depend on the lender and how often they are willing to loan you money. Some lenders and banks are not willing to give more than one loan at a time. In some cases, the second loan might have higher interest and terms that are not ideal.
You will also need to determine how long you can go between new financings. Having too many loans or too many payments at one time can hinder you financially and make it hard for you to save any money.
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As Low As $99 A Month
When you need a roof you need a roof fast and thanks to our easy financing process getting a quality roof at a payment plan you can afford is easier than ever. Mayhem Roofing understands the costs involved in installing a new roof on your home may come at a time when you least expect it. This is why we created our financing program. Our payment plans make it possible for homeowners in South Carolina to have a durable sturdy roof without the burden of paying for it all once. Contact us today and let us sit down with you and help you discover all the benefits and features of our roof payment plans and financing program.
Asphalt Shingles Types And Features
Since asphalt and metal own such a large part of the market, we want to take a closer look at each.
Fiberglass asphalt shingles are offered in three basic grades:
- Three-tab shingles are the most affordable and deliver the classic look of a shingled roof. 3-tab Shingle Roof on a House GAF Marquis WeatherMax Autumn Brown
- Dimensional/Architectural shingles feature a base layer with a top layer fused to it that is cut to resemble wood shingles and shakes. Timberline American Harvest GAF Shingles Roof
- Luxury Dimensional/Architectural shingles are built like standard dimensional but with more material and a higher profile that produces visual contrast and shadowing. GAF Premium Asphalt Shingles: Camelot Williamsburg Slate
Each type of shingles is available in an impressive range of colors. While the basic 3-tab shingles are only rated for 60 MPH to 80 MPH wind uplift, architectural/dimensional and luxury shingles are rated for 110 mph wind uplift, but with enhanced installation techniques, the warranty can be boosted to 130 MPH on many architectural shingle lines.
Solar/heat resistant cool shingles, impact resistant shingles and shingles treated to resist algae staining are worth considering if your climate conditions require it. Most residential roofing products come as dimensional shingles, but there are also a few basic three-tab shingle options.
Popular Asphalt Shingle Brands
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