Roof replacement is an expensive investment. But the good news is, there are multiple financing options to help you replace your old or damaged roof without breaking the bank, shingle by shingle. For many homeowners, financing a roof replacement with the option to pay in installments is often the most feasible route to take.
Common Roof Replacement Financing Options
Although paying in cash is the best way to pay for a new roof, most homeowners don’t have adequate savings to finance a roof replacement project out of pocket. Here are some financing options you can explore when your roof replacement project can’t be postponed any more:
1. Home Equity Loan
You can opt for a home equity loan against the equity of your property, but this will depend on how much equity you’ve got on your home. You can borrow as much as 85% against your home’s equity.
2. FHA Title Loan
The FHA (Federal Housing Administration) is another financing option with loans insured by the federal government. Banks and other lenders tend to relax their qualification requirements for FHA loans, and you can get better terms as well. However, you’ll need to secure your loan with your mortgage or deed of trust.
3. Roofing Company Financing
Many reputable roofing companies often liaise with banks and other lending institutions to create financing solutions for their customers. Through company financing, your roofer works with the bank to develop a repayment plan which suits your budget and the roof replacement cost. The benefit of roofing company financing is roofers can offer special promotions to beat mainstream banks and other lenders. It’s because they often get special rates from banks due to volume lending and can pass the benefit along to their clients.
Roof Financing Through O’LYN Roofing
O’LYN Roofing offers convenient financing which suits every homeowner’s budget. We strive to keep our financing plans as simple as possible and understand roof replacement projects can be stressful for every homeowner. Our financing options depend on the cost of replacement, your down payment amount, and your credit score. We respect the privacy of every customer, and we go to a great length to ensure your personal information is protected.
We are very fortunate to have been able to assist a lot of customers throughout Norwood, MA, and surrounding areas to access affordable and flexible financing solutions for new roofs. It is our impressive customer base which has helped us forge formidable partnerships with local and national banks offering some of the most competitive lending rates and repayment plans in the industry. Contact us today to begin the conversation with one of our knowledgeable financial consultants.