Roof Replacement Financing

Roof Replacement Financing – 5 Best Ways to Finance Your New Roof in 2022

Looking for roof replacement financing? 

Whether you neighborhood was recently impacted by a storm or your roof is simply too old, if you landed in this article it means that you might be looking for ways to get your roof replacement. Whatever the reason might be, it’ll be hard to pay the entire cost of replacement out of pocket.

The good news is that you get a lot of roof replacement financing options that won’t break your bank. In this article, we’ll introduce you to 5 such financing methods that allow you to get a new roof immediately.

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First Things First. Get a Roof Replacement Quote

Before beginning to look for a financing option, see how much money you need by assessing the roof repair and replacement cost. Contact a reputable residential roofing contractor in your area and ask for a free roof inspection and estimate estimate on roof replacement cost. 

This won't just help you know how much would a new roof cost you, but might as well serve to identify if you could potentially file an insurance claim to have your roof replacement project paid for by your homeowners insurance. If the damages to your roof are due to a storm or any other natural disaster, you may be covered by your policy.

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Then, Start Exploring Roof Replacement Financing Options

If you are in the situation of having to find suitable ways to finance your roofing project, you have different options to do so.

1. Roofing Company Financing

Many reputable roofing companies offer affordable roof replacement financing options to their customers. They’ll either offer loans – directly or through a third party. Or they might offer you a payment plan where you can spread out your payments over the course of several months or years. In this case, you’ll be charged an interest which will be added to the total cost of your roof replacement.

Before you accept to go with this kind of financing, make sure you can afford these interest rates and monthly payments and make sure the company you will sign up with is a legitimate and reputable one. Don't forget to check their licenses and read online reviews to make sure you don’t fall into a trap of a fraudster.

2. HELOC or Home Equity Loan

Home Equity Loan and Home Equity Lines of Credit (HELOC) are both kinds of loans that can be secured if you have equity in your home. This equity is the difference between what is owed on the mortgage loan and the home’s current market value. In other words, if you have paid down your mortgage loan to the point where the value of the home exceeds the outstanding loan balance, you can borrow a percentage of that difference or equity.

A Home Equity Loan allows you to take a lump sum upfront, but you must make fixed payments and interest over the life of the loan.  However, in HELOC, you get a draw period and a repayment period during which you can use the line of credit you were approved for. You can use as much money as you need and only pay back what you use during this period. But once this period expires, you cannot withdraw money and must start repaying the full loan.

3. Personal Line of Credit (PLOC)

A PLOC is a form of open-ended loan that’ll allow you to withdraw funds as needed for a predefined period of time. By opening this line of credit, you can get access to unsecured funds that can be borrowed, repaid, and borrowed again. Nevertheless, you’ll need a credit history of no defaults, a good credit score, and a reliable income to be eligible for this option of financing your roof.

One of the biggest pros of this financing option is that there’s no collateral underlying the loan. And if you can deposit collateral, you can get more favorable terms and a lower interest rate.

4. FHA Title 1 Loan

Federal Housing Administration (FHA) Title 1 Loan is offered by the federal government to homeowners who don’t qualify for a traditional home equity loan. These loans are issued by private lenders and are backed by the FHA. You can get an unsecured loan of up to $7,500, but the lender will use your property as collateral on loans above that amount.

To qualify for this loan, you don’t need any hard credit score and properties with little or no equity can still qualify. Here are a few things that are a must while applying for FHA Title 1 Loan:

  • You must own the home or have a lease that extends at least 6 months past when the Title 1 loan will be repaid.
  • You shouldn’t be delinquent or in default on another federally backed loan program.
  • You should have occupied the home for at least 90 days.
  • You need to have a debt-to-income (DTI) ratio of 45% or below.

5. Credit Cards with 0% APR

Credit cards are a great way to finance your new roof especially if you can get yourself a new 0% APR card. This card will give you interest-free borrowing power for a period of time, typically the first six to 21 months.

The obvious drawback of this method is that you’ll have to pay the amount in a short period of time.

Say for example your roof replacement costs you $10,000, and you have a 20 month 0% APR period. You’ll have to distribute the total cost within these 20 months to avoid paying the interest. Hence, you’ll have to pay $500 every month. Calculate if you can afford that much monthly payment before choosing this roof financing method.

Bottom Line: What’s the Best Roof Replacement Financing Option?

The total cost of roof replacement can be overwhelming for most homeowners. But the options I have listed above will help you pay the cost over time in installations instead of all at once.

Before finalizing an option, consider the amount you require, repayment term, and interest rate. If you are still confused you can consider talking to a financial advisor. Or you can contact us for a free roofing inspection and discuss financing options for your roofing project. Our experts will help you determine the best options as per your budget and the size of the job required.

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