Roofing is a piece of work that cannot be delayed for any reason. If your roof needs repair, you need to get it done right away, or the consequences will be disastrous. However, if for some reason, you cannot fund the project of getting your roof repaired, you can avail a bunch of financing options.
Even if you have an insurance plan, the costs of getting good quality roofing work can be more than what your insurance pays. You can make up for the rest of the funds using one of the financing options we are just about to explain.
Instead of having to pay upfront, you can use financing options to get the job done and then refund the money in small monthly payments.
- Financing From The Contractor
Snow Country Roofing offers our own in house financing. The best part about our financing option is that it is through Mosaic who is the largest provider of solar financing in the country. Therefore, they have very competitive rates and keep up with all the latest market trends.
The financing application for getting our contractor financing is quite easy and simple, it is an online application, you can complete it in a matter of minutes. You can get information regarding your financing including monthly payments, interest rates, loan terms, and any fee that might be applicable to process the application.
- A Loan Against Your Home
An easy way to borrow money for your roofing project is to get a loan against your home. The loan is given according to home equity. Home equity is the market value of your home less the amount you still have to pay in the mortgage. Home equity loans come at a lower interest rate, usually 3.75% to 11.99%. Another option can be Home Equity Line Of Credit (HELOC). HELOC interest rates are usually between 2.78% to 21%.
The downside of getting a home equity loan is that your home might be sold out by the bank if you fail to refund the loan. Moreover, only people having a debt-to-income ratio below 50% can qualify for home equity financing. You also need to have at least 15 to 20% of home equity to get this loan.
- Home Renovation Loan Programs
If you have lower home equity or don’t qualify for home equity loans or line of credit for any other reason, you can go for Federal Housing Authority Title I Fixed-Rate Loan that is backed by the government. According to the US Department of Housing and Urban development, you can qualify for this loan if you own a house or have leased it for a long time. The application needs you to mention your credit score, and a note is required as a guarantee. If you need money lesser than $7,500, you can get the loan just with a sign, but loans above $7,500 and $25,000 may need your home as collateral.
- Veterans Affairs Loans
This is a very good option that veterans, servicemen, and their spouses can avail. The US Department of Veteran Affairs offers a loan scheme for the people falling into these categories. These loans are meant for house purchase or renovation. The interest rates are very low, and there is no repayment limit. These loans are amazing because you can still avail them even if you have a messed up credit score or have declared bankruptcy in the past. There is usually not a need for a down payment.
Conclusion
These are some of the options that you can avail to get financing for roofing work. One thing to keep in mind is that a bad roof can’t wait for repairs, and you need to get it fixed even if you are out of cash. If left unattended, a broken roof can cause serious harm to the inhabitants of the building.