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How Can I Finance A New Roof

Other Ways To Finance Roof Repairs And Replacements

Green Sky Financing – Get Your NEW ROOF financed with Feller Roofing

Credit cards work best for lower-cost repairs that you can pay for over 12 to 18 months. Borrowers with strong credit may qualify for a 0% interest credit card that has a promotional period during which you pay no interest.

» MORE:Calculate the right financing option for your remodel

Home equity

The benefits of using the equity in your home to finance a new roof include lower rates, longer repayment terms up to 20 years, and a potential tax deduction for interest payments. But funding takes longer since the process requires an appraisal and title search.

Borrowers typically must have about 20% equity in their home to qualify, and because your home is used as collateral, failing to make payments can put your home at risk.

» MORE:Best home equity lenders

Government-insured loans

Home improvement loans insured by the Federal Housing Administration require lower minimum credit scores than conventional mortgages. FHA-backed options are:

FHA 203 standard loans can cover costs of at least $5,000. The process involves refinancing your existing mortgage with an FHA 203 loan and rolling the roof replacement costs into the new mortgage.

FHA Title I loans are fixed-rate loans designed for home improvements. Loans up to $7,500 are unsecured, while those $7,500 and higher are secured by a mortgage or deed of trust on the property.

Roofing companies

Lowering The Cost Of Replacing Your Roof

There are some things you can do to lower the cost of a new roof if you find you are over budget or want to minimise the amount you are repaying on finance. These include:-

  • Choose a cheaper roofing material or try and find one that is on sale or special offer – as you will see from looking at slate roof costs for example, this is a particularly expensive roofing material, so it could be worth choosing a cheaper option.
  • Book your roofing works at a time when contractors are quieter so towards the end of the summer or in early spring sometimes this can help lower the price although there are risks with working during the closed season but if you get lucky with the weather then it can be worth it
  • Make sure your contractors know that you are looking at other estimates if they think they have to compete for the business and it is a quiet time of year then the quote is bound to be more competitive
  • Be honest and give them your budget or the figure you want to work to, youd be surprised how many companies will try and help you out and find ways to come in on or under budget

The good news is that despite the cost, a new roof will increase both the value and marketability of your home and bring a return on your investment of around 60%. A smart new roof will improve the style and aesthetics of your property and offer the complete reassurance that the house is watertight and weatherproof for many years to come, saving you unpleasant expenses such as roof leak repair costs.

Home Equity Loans For Roofing

If you have more time, you may want to consider a home equity loan. These loans will have lower rates than personal loans, but they can take 4-6 weeks to approve. Youâre also likely to pay hefty closing costs, and could face prepayment penalties if you pay the loan back early.

Like personal loans, home equity loans are also good for financing a roof replacement or major repair.

Important note: roof financing options secured by your home equity are tax deductible, while those that do not require home equity are not.

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What Is The Best Way To Finance A Roof If I Have Bad Credit

The best way to finance a roof if you have bad credit is to pay cash if you can. You will avoid a credit check, high interest rates, and monthly payments. If you dont have the cash available and are looking for roof financing for bad credit, you do have some options. An unsecured personal loan is best because you will not have any security pledged that you could lose if you dont make your payments. Your rates might be very high though if your credit is bad.

You could check with the company thats repairing or replacing your roof to see if they offer financing. Sometimes they have more flexibility when dealing with borrowers that have bad credit than a bank or credit union has. As with a personal loan, you need to be mindful of the rates that are offered because they can be quite high too.

You can see if you can qualify for a secured loan if you have collateral. The rates can be lower if the lender has security. You do need to be aware that if you dont make your payments the lender can take your security to settle the debt.

What Type Of Loan Is Best For Financing A New Roof

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This depends on your situation and how much money you plan to spend on the new roof. Many people choose to use home equity loans if their homes have enough equity in them. This can be a great financing option because they usually have low interest and long repayment terms. However, if your home doesnt have enough equity, you wont qualify them and may need to get a personal loan.

Personal loans are usually unsecured and wont require any collateral. They are a great option for people who dont want to use an asset to secure a loan. Personal loans often have higher interest rates than home equity loans, but some prefer them because they dont need to put their home on the line.

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How Financing A Roof Can Be A Good Idea

Its easy for homeowners to forget about or delay repairing or replacing a roof until significant warning signs force a repair. At other times, severe weather can cause significant damage to your roof with high winds or even send a tree branch through your roof causing significant damage.

If youve budgeted funds for roof maintenance or repairs, that would be great but most homeowners are left without sufficient funds for this type of roof emergency. Even when your roof project is covered by your insurance, you may still have an unexpected deductible to pay. Or you may desire to upgrade your roof to a high-quality roofing material.

Here are some reasons to take advantage of roofing financing for your roof repair or roof replacement project.

Home Equity Lines Of Credit For Roofing

Like a credit card, you can borrow from a home equity line of credit as needed up to a predefined limit. However, unlike a credit card, your bank uses your home equity as collateral for your loan. In return for offering you lower rates than youâd find elsewhere, your bank can seize your home if you default on the loan.

Like home equity loans, using a secured line of credit to repair or replace your roof is tax deductible. Home equity lines of credit could be a great option if you already have one open with your bank, and if youâre confident you could make payments.

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Deferring Upfront Payments Without Interest

Now homeowners are able to delay a lump sum payment and also avoid the interest. Consider the 0% financing option.

Loans that offer six months of no interest and no payments are perfect for you to defer making payments at all during the first part of the loan

Of course, you can pay the loan off any time before the six-month are up.

New Roof Financing Options: Lets Finance Your New Roof

Payment Options For A New Roof In Florida – RIG Roofing

When you call most roofing companies, theyre more than willing to come out and give you a pricing quote. What most arent willing or even capable of doing is helping you with new roof financing options. Watkins Construction understands that even with affordable roofing options, many people simply dont have that much money sitting in the bank.

Theres no reason you should exhaust your bank account or have trouble trying to finance a new roof. Our specialists can discuss several financing options in our service areas, and well help you through the entire process.

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Does Homeowners Insurance Cover Roof Repair

Most often, homeowners insurance will cover roof repair for one-time events that cause a roof to be damaged or to begin to leak. They may not, however, cover damage or leaks that are obviously from years of wear and tear. The events covered by your homeowners policy should be listed in the open peril section of the policy. There you will find possible events not covered by your policy.

Home Equity Loan Or Home Equity Line Of Credit

Home equity financing allows you to borrow money against available equity your home has built over time by evaluating your loan-to-value ratio . You typically need a loan-to-value ratio of 85% or lower to qualify for home equity financing.

A major benefit of home equity financing is that interest rates tend to be low compared to other roof replacement financing options due to leveraging the home as collateral. However, the risk involved in backing your loan with such a high-value asset means you should only consider this option if you have strong credit and a steady income.

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How New Roof Financing Works

Before you learn your options on how to finance a new roof, you must understand how it works. The process typically starts with a roof inspection to determine whether you need to repair or replace your roof. Its always best to hire a professional roofing company like for the job to receive comprehensive results and professional advice.

Once you have an idea of the structural work your roof requires, you can get an estimated price for the project. You can review your insurance policy, personal loans, home equity, credit card terms, and other financing options to see if you have any claim or a good deal to consider.

With as your contractor, you may get pre-qualified rates and monthly payment estimates in under a few minutes. Once you find the financing option and terms tailored to your needs, you can begin the application process. After the contractor installs your new roof, you start paying monthly installments,

New Roof Finance Options


One of the best options for financing your new roof is using the equity in your home. After all, the roof will be improving the house, so going that route simply makes sense. In fact, repairs and remodels are one of the few times using your home equity is advisable.

  • Home Equity Loan: Home equity loans are one-time lump sum payments that have fixed interest rates and must be paid off over a certain period of time.
  • Home Equity Line of Credit : This type of financing acts like a secure credit card with your homes value providing that security. You can take out as much or little as you need over time.
  • Cash-Out Refinance: This essentially serves as a second mortgage, but you receive more than your home is worth so you can pay for current necessities.

These are only some of the options to finance a new roof. At Watkins Construction, we will help find the financing option right for you. We also have special partnerships with Service Finance Company and GreenSky Financial.

Contact Watkins Construction Today and let us help you finance the new roof you deserve!

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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.

Consumer Credit Plan Description Plan 1:

This is an 84-month loan for roof financing. This plan begins with a 5-month interest-only payment period beginning at approval. Your interest-only payments begin approximately one month after your first transaction.

The number of interest-only payments you will actually make will depend on the date of your first transaction as your principal balance will be $0 until your first transaction. The 5-month interest-only payment period will be followed by 79 payments of principal and interest based on the remaining balance five months after your approval date.

Any additional payment above your minimum amount due will be applied to the principal of the loan but will not reduce or eliminate your next, regularly scheduled loan payment. Your interest rate is fixed at 11.99% for the life of the plan. You will have four months starting immediately, during which you can spend your credit limit. We will send you monthly statements during the life of the loan.

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What Is The Best Type Of Roof

There are actually multiple types of roof that may be determined the best. Each roof type has their own advantages and disadvantages that homeowners should be aware of. The question rather should be, which roof type is best for you? Factors like budget, where you live, climate, and style preferences, may all play a part into determining which type of roof is best for your home. Here are some of our favorite roof types commonly found in the United States.

  • Metal roofing: If you can afford the upfront costs of a metal roof, you may want to consider installing one on your home. Metal roofs are extremely durable and last a lifetime. You can find metal roofing in panels or in metallic shingles. They are typically made from aluminum, copper, stainless, or zinc. Depending on where you live, you could expect your metal roof to last at a minimum of 40-years. Some metal roofs can last 75-years or more. Basically, install a metal roof and the chances you will have to have it replaced while you are the homeowner is slight to none. Metal roofs are also solar reflective, helping keep the interior of your home cooler in summer months.

Think Quality Of Work Not Just Costs:

Can You Pay For A New Roof With A Credit Card?

Just like everything else in the world, the right balance is very important. While costs might be important, remember that a bad installation can come back and haunt you. There needs to be a good balance between the quality of work and products and the costs incurred by the homeowner. Sure bad credit roof financing is harder to get. But that doesnt mean you should compromise on quality.

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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.

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.

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Enjoy Low Monthly Payments

When you finance a new roof through an independent roofing contractor in the Owens Corning Roofing Contractor Network, you can benefit from low monthly payments. This lets you pay for your roof in installment amounts you can afford and prevents you from having to pay for a multi-thousand-dollar roof project in one lump sum.

Depending on your payment terms and credit history, you may also be able to benefit from low-interest rates during the life of the loan.

For example, an unsecured home improvement loan of $10,000 for 120 months results in a low monthly payment of $132 with a 9.99% APR*.

When Should I Consider Roof Financing Options

New Roof Financing Options: 0% for 1 Year

You should wait and save cash whenever possible to pay for your roofing project. It’s cheaper, and you won’t pay extra in interest and fees.

However, if youâre like many people who need a roof repair or replacement, you probably canât sit around and wait to save. A leaking or otherwise damaged roof means you need to find roof financing quickly.

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Which Roofers Offer Financing

Not all roofers are alike, so when it comes to financing your roof repair, you need to know the type of roofer youre talking to.

You see, there are four types of roofing companies.

Full-service and sales companies almost always offer financing. Storm chasers are insurance experts, but they usually offer financing as well.

Small companies may or may not offer financing. It depends on whether theyve partnered with a bank or service that offers home improvement loans .


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