After Youve Secured Financing For Your New Roof
Now that youve decided how to finance your roof replacement or repairs, here are some common dos and donts. Dont spend your new loan or credit on anything other than the roof replacement because you may risk breaking the terms of your loan or make the loan harder to pay off. Do try to pay off your loan as quickly as you can. Its wise to pay more than the minimum payment, whenever possible, bearing in mind that any extra money that can be allocated to debt repayment should generally first be used to pay down your highest interest rate debt.
Roof Financing Can Be Quick And Easy
We do everything in our power to make the process of applying for roof financing as seamless as possible. With extensive resources, comprehensive knowledge of your financing options, and the benefits of modern technology, we will guide you through every step of the process. It is possible to apply for roof financing on a mobile app, online, or by calling in and talking with our Customer Care Representatives. Whether filling out paperwork or electronic documents, our team is here to answer your questions and concerns. Once your information is submitted, an approval can arrive within minutes.
Can You Finance A New Roof For A Rental Home
This will depend on your landlord. Some landlords will want to finance the roof themselves rather than having you use a lender or contractor that you have chosen. It should be laid out in your rental agreement whats okay to do. Technically, it should be your landlords responsibility to ensure that the home you rent is safe and liveable. If your roof is posing any kind of danger, you may be able to break your lease, if your landlord is unwilling to fix it.
If you own a rental home, you can finance a new roof with a personal loan. If you have good credit, you should be able to get the best interest rates and loan terms. A rental home is able to have roof financing just as your normal home would.
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Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
Let Us Help You With Your Decisions
When installing or replacing your roof, youre faced with a lot of decisions. Thats why its best to consult the experts. Our Legacy Service team can help you with all of your decisions, from the style of roof to the material to the best way for you to finance it. Call us today to learn more about financing a new roof.
- 95 James Way, Suite 100 Southampton, PA 18966
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Roof Financing At Home Improvement Stores
Some home improvement stores, including Home Depot and Lowes, offer loans to both Canadians and Americans for their home improvement projects. These loans are typically branded credit cards, which only work at the store issuing them. They typically have fixed terms, which means you must pay them off within a certain time frame. They also usually have minimum purchase requirements, which means that they may not be an option for you if youre only doing roof repairs of less than $2,000.
Be aware that home improvement store credit cards dont cover the labor costs of your professional roofer. These cards are more often used by homeowners who are doing the roofing project themselves. There are many reasons to avoid doing DIY roof repair or replacement. You should only use these cards if you have a professional roofer who is willing to work with you so that you can buy the materials for your roof using the card.
Also, as with other loan types, you should ensure your roof financing from Home Depot or Lowes has the most favorable terms for you. Be sure to compare interest rates, prepayment penalties and other terms with the other roof financing options available to you.
Interested In A Personal Loan
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Best Ways To Pay For Your New Roof
Youve decided you need a new roof, now you need to figure out the best way to pay for it
Payment for roof replacement and roofing repairs can be handled in a variety of ways with each option offering pros and cons to the home owner and the roofing contractor .
Which choice is best for you and your home depends on a the following factors:
- The amount of funds you have on hand
- How many hoops youre willing to jump through to save money
- Your yearly income
- Your credit rating
- Whether your home has roof damage because of a major storm
Well discuss each of your options in detail below.
But before we do, here are the 7 most popular ways to pay for a roofing project:
What Are The Most Common Finance Options For Roof Replacement
Things are expensive and that includes roofing repairs and replacements. With an average price tag of ~$9,500, its easy to think a roof replacement is out of the budget. However, there are many ways in which you can save or use financing to cover the cost of replacing your homes roof. Just take a look below:
Always Save, First
Before going straight to the bank ant taking out a loan, make sure you do all you can to limit how much money you borrow with these steps:
- Digital Shopping Instead of window shopping, get digital quotes from a few roofing vendors. Costs vary widely across companies, so taking the time to digitally shop around could keep cash in your wallet at the end of your search.
- Look at the Materials We know you might want the biggest and baddest roof for your home but sticking within your budget is important. Between metal or another higher-end material and asphalt, a roof replaced with asphalt material is much more budget friendly.
- Timing, timing, timing If the choice to replace your roof is just because, try waiting until the fall and winter months to replace it. As the summer months are prime time for roof replacements, you could get a great deal come October when demand is lower.
Paying for Your New Roof
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A Great Return On Investment
As noted in the National Association of the Remodeling Industrys2019 Remodeling Impact Report, homeowners on average recover 107% of roof replacement and installation costs when selling their home. The same report pointed out that new roofing consistently ranked at the top of most home buyers priorities. This proves that new roofing is an excellent upgrade when it comes to boosting your propertys real estate value. Without a doubt, financing a new roof offers many upsides providing homeowners an opportunity to increase their propertys durability and the resale price.
Our Top Roof Loan Options
Part of finding the best roof loan is finding a lender that meets your needs. Acorn Finance has lending partners that can help all credit types secure personal loans for roof financing. You can secure personal loans up to $100,000 with rates as low as 3.99% and terms up to 12 years through Acorn Finance. In addition, their platform is free to use and can save you tons of time and hassle.
LightStreamIf you have good credit, LightStream has extremely competitive roof loan offers. As a division of SunTrust bank, LightStream takes a unique approach to online lending. To qualify for a LightStream personal loan you should have a credit score of 680 or above. LightStream customers can enjoy no fees, low interest rates and personal loans up to $100,000. Rates can vary based on the borrower, loan amount, and loan term. LightStream offers interest rates starting at just 2.49% including an autopay discount. If you are approved by another lender with a lower interest rate, LightStream will beat the rate by one-tenth of a percentage point. Of course, theyll want evidence of the approval and terms before matching the rate. LightStream is part of the Acorn Finance family.
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Roofing Financing Success Stories
Success Story #1 Metal Roof Upgrade
A customer had his composition roof damaged by hail. He wanted to upgrade to a metal roof, but didnt want to pay the entire amount out of pocket. He also had a 2% deductible, which meant he was receiving less than the average homeowner for his roof replacement.
How was he able to upgrade to a metal roof? Financing.
Only $185/month to upgrade his composition roof to a premium aluminum roof.
Thank you for making it possible to get my metal roof. Frank
Success Story #2 Composition Roof Replacement
Kellie contacted us through Porch and said she needed a roof replacement. Her insurance company had paid for a portion of the roof 8 years earlier, but with her high deductible, they could only replace the flat section. The roof was 30 years and had to be replaced. She did not want to dip into her savings and pay the entire cost of the roof out of pocket, but a payment plan with no pre-payment penalty sounded perfect. We gave her a fair price to replace the entire roof and chose a 60 month 6.99% financing plan.
For a $12,000 job, her monthly payment is only $255.62.
Whats Included In Roof Replacement
If you are planning to replace the roof on your townhouse, then expect to spend between $2,000 and $5,000 on this project.
Although that may seem like a lot of cash, it isnt that much when you consider how much work your roofing contractor will be putting in. To begin, your roof replacement process should include everything from:
- Removing shingles
- Applying newer flashing
- Installing the metal drip edging
FYIif your shingles are worn, cracked, or curled, this is a major sign that you need to replace your roof. If thats the case, then your contractor might have to remove your old layered shingles. Otherwise, they may be able to put another layer of new layer shingles over the older layer.
Once you find the quality contractor that you are looking for, they will look at your roofs decking to see if it needs to be fixed. In case you didnt know, the decking is the foundation for your roof, making sure that your shingle stays in place at all times.
And then, theres underlayment. This will also need to be replaced. For the uninitiated, the underlayment makes sure that your roof is much more waterproof or water-resistant.
Now, its time for your roofer to apply newer flashing to your roof. This is typically done as a result of water damage on your:
- Roof valleys
- Skylight perimeters
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Incorporate Contract Termination Clause
Termination clause refers to the contract section where both of the participants are presented with the possible resolutions in case of disputes occur. There are many legal remedies available for contracts. For the protection of both participants, research on some dispute resolution policies is highly recommended.
Can You Guarantee Leads
Some companies allegedly provide guaranteed roofing leads, but the fine print reveals its apparent limitations. Lead brokers cannot force a roofing customer to go through with their service, nor should they try. While the concept of guaranteed leads is misleading, some leads are more reliable than others. For example, leads coming from your branded web presence are about as guaranteed as it gets.
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# 7 Contract Percentage
If you wish to attract the heavy-hitting salesperson who knows how to close, then consider a flat-out contract percentage.
A contract percentage commission structure grants your referring salespeople an exact percentage of the total contract cost.
This way, your best salespeople reap the rewards, and they are also incentivized to deliver results.
New Roof Cost Calculator National Averages
|*Price ranges by location, pitch, and materials used|
If you are looking to replace your three-tab asphalt shingles, expect to pay between $7,000 and $12,500. Better yet, those of you who are looking for a 30-year shingle roof replacement can prepare to spend between $9,000 and $16,500. To take it up a notch, a 50-year shingle replacement costs between $11,000 and $18,500.
It costs between $8,000 and $15,500 to replace your EPDM rubber roof. For homeowners with PVC or TPO membrane roofs, dont be surprised to shell out between $10,000 and $16,500 in for a full roof replacement.
The final few roof replacement types costs include:
- Standing seam replacement $19,000-$30,530
- Steel shingle replacement $11,000-$25,500
- Wood shingle replacement $10,200-$25,500
Keep in mind that these costs are based on a national average. This means that your costs may vary depending on your homes location, region, and the number of stories. The number of old shingles to be removed will be a big factor too!
Recommended Reading: Shingling A Shed
Find Out If Insurance Will Cover Any Repairs
After you have a clear idea of what youre up against in terms of repairs, check with your insurance company to see if itll pick up any portion of the tab however, whether it does or doesnt will be dependent on your policy. Many policies will cover a leak caused by a weather-related event like high wind or hail but not repairs caused by age or general wear and tear, but every policy is different and specific exclusions may apply.
How To Easily Generate Roofing Leads Without Stress
It doesnt matter whether you work for a roofing agency, or if you own a roofing company of your own.
The truth is that you need to generate roofing leads consistently and reliably, or youll let your entire team down, and theirs no better way to do that
If you want to learn how to generate targeted roofing clients without stress,
Weve been in the roofing lead generation game for a long time. Were confident that Hook Agency can send your business red hot roofing leads who are chomping at the bit for service!
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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.
Can You Finance A New Roof For A Vacation Home
Yes, you can finance a new roof for any home that you own. Using a personal loan is often the first choice for many people who need a loan to fix their roofs. Your vacation home should be kept in good shape because you may rent it out to others. It should also be protected against damage so that you can continue to use your vacation home when you want to take a break away from home.
You can secure a home equity loan to replace the roof on your vacation home. However, it may be harder to qualify for a home equity loan on a vacation home compared to a primary residence. You may need to have more equity and interest rates may be higher. With less appeal and more work required, vacation homeowners may lean towards using a home improvement loan or personal loan for roof repair or replacement.
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