Roof repairs and replacements can be expensive. Although giving your roof the required attention will undoubtedly save you time and money in the long run, finding a method to pay for the first repair might be tough. Fortunately, several financing alternatives are available to meet your requirements and make the payment process less stressful. Here are some roof financing ideas from V. Guinta & Son Roofing Co professionals.

1. Refinance Your Mortgage

Refinancing is switching out your current mortgage for a new one. Doing so may obtain a lower interest rate and/or shorten your mortgage term, which can be extremely beneficial when making a large purchase, such as a new deck.

A word of caution: refinancing your mortgage is only beneficial when done appropriately and at the appropriate time. Refinancing costs money and requires an appraisal, title search, and application fee. As a result, it’s critical to ensure that interest rates are low enough to make it a sound financial choice.

2. Verify Your Homeowner’s Insurance Policy

Contact your insurance company if a storm or fire has damaged your roof. If you qualify, they will most likely pay a major amount, if not all, of your costs. You may even be able to link your insurance provider with your roofing business directly for the simplest payment method.

The only disadvantage of having home insurance is that it will only pay the cost if it was destroyed by anything other than usual wear and tear over time.

3. Obtain a Personal Roofing or Home Equity Loan

Personal roofing loans are available from traditional banks and credit unions for roof repair or replacement. They’ll provide you a lump amount of money upfront, then charge you interest depending on your credit score and history. On the other hand, personal loans often have higher interest rates and shorter repayment terms (2-5 years) than other choices.

A home equity loan is when you borrow against the available equity in your property. These loans offer a longer repayment duration (up to 20 years) and allow you to borrow up to 85% of your home’s equity, making them an excellent choice for roof financing. Nevertheless, home equity loans include harsh penalties for late payments, so borrow as little as possible and pay everything on time.

4. Get a Credit Line

You may be eligible for a 0% interest credit card with a good credit score and history. You might use that credit card to pay for roof repair or replacement without worrying about accruing interest.

While these credit cards often have a brief interest-free duration (1-2 years), your repayment time will be short. Yet, it’s a terrific way to avoid the additional interest costs associated with many financing solutions.

5. Collaborate With Your Roofer’s Financial Partner

Your roofer may already have a finance partner that may help you with payment options. V. Guinta & Son Roofing Co. has several to assist our clients with the financing process.

An insurance company’s services are tailored to your specific circumstances and requirements. They collaborate with 13 lenders to discover inexpensive loans and credit cards and make every attempt to make financing conditions and procedures as simple as possible for you. They also provide a helpful monthly payment calculator to assist you in figuring out how much you’ll be paying.

V. Guinta & Son Roofing Co. is pleased to provide our clients with financing alternatives. We can help you find the best option for your budget and roof needs by working with our insurance partners. Call us or contact us online for additional information.

Our Complimentary Roof Inspection

How do you determine when it’s time to replace your roof? The only way to be certain of your roof’s current condition is to inspect it personally by a licensed professional. V. Guinta & Son Roofing Co. is pleased to provide free roof inspections to all clients, so you can be confident in the condition of your roof.