Severely damaged roofing has to be replaced immediately, as rain can enter the exposed parts and further damage your home. However, not everyone can pay out of pocket for the replacement. Fortunately, there are several financing options available to homeowners. The Thomas Roofing Company, Inc., lists them down.
You can use a personal loan at competitive interest rates without having to put up your home as collateral. The downside is getting good loan interest rates depends on good credit. Those with bad credit can still get a personal loan from lenders, but at high interest rates.
To get the best rates, you can compare all of the loan offers on the market, or you can get a roofing contractor to do this for you by applying for a contractor-specific or point-of-sale loan. Under this option, contractors will work with other companies to look for the best loan offers on your behalf.
Point-of-Sale loans allow you to choose from pre-approved quotes without going through the trouble of asking for and comparing quotes from several lenders. Plus, you’ll have the option of paying the lump sum in installments and receiving the cash on the same day the loan is approved, making point-of-sale loans the best option for homeowners who need their roof replaced immediately but want as much flexibility as possible.
Home Equity Loan
If you have bad credit, there’s always the option of putting up your home as collateral for a home equity loan. And provided you have enough equity in your home and the roof replacement substantially improves your home, you can also get competitive interest rates and a tax deduction. Just be careful with this type of loan, as you might lose your home if you default.
As a general rule, this should be your last option due to their high interest rates, although there is an exception. You can use a new, zero-interest credit to pay for new roofing, provided the total cost will be paid within 12 months and the card won’t be used for other purchases.
If you’re looking for a roofing contractor, hire a GAF Master Elite® contractor, like The Thomas Roofing Company, Inc. The certification means we’re fully insured and licensed, and our staff is fully-trained. To request a quote, call (410) 692-8998 or fill out this form. We serve homeowners in Towson, Columbia, and Westminster, MD.