Written by: Jason Harley on September 12, 2022 • 4 min. read
Owner & CEO of Eagle Eye Roofing
Roofing can be expensive. Whether you’re installing a new roof or you’re repairing and replacing your existing one, the financial aspect can represent a significant challenge that a lot of roofing companies Kemah miss out on. While there are some roofing projects that your home insurance may cover, there are also those that may not be included in the insurance coverage. But don’t worry, if you don’t have the financial capacity to cover the costs upfront or you just don’t want to spend a big amount of money in one lump sum, there are several roof financing options available for you. There are even roofing companies Kemah that offer roof financing options.
In this blog post, we’ll go through some of the most common roof financing options available for homeowners, including those offered by roofing companies Kemah. Then we’ll discuss whether it is a good idea to finance your roofing project.
What are the roof financing options available?
Home equity loan. This type of loan uses home equity as collateral, which you can calculate by deducting the amount you still owe on your mortgage from your home’s current market value. Then you can pay it back in fixed monthly payments. Some of its drawbacks, however, is that approval can be a lengthy process and it can also put your house at risk in case you’re unable to keep up with the payments.
Home Equity Line of Credit (HELOC). This is another secured loan that uses home equity as collateral. It is much like a credit card as it establishes a revolving credit account that you can use instead of providing a lump-sum loan. It can allow you to access as much as 85% of your home’s value minus the remaining balance on your mortgage.
Personal loan. This type of loan offers a high-interest rate because it is unsecured. However, precisely because there is no asset backing them, this is a good option if you don’t want to put your house at risk in case you are unable to keep up with your loan payments.
Through the roofing company. There are roofing companies Kemah that also offer in-house financing options to cover all the costs associated with the roofing project, and most of them will offer it through an outside financing company or lender. The process is relatively quick and the terms and rates vary depending on your credit standing.
Is financing a roof a good idea?
Now that you know the different financing options available for you, you might be wondering if it is indeed a good option. Roofing can be costly and if you don’t have the financial capacity to cover them or you just don’t want to pay upfront, financing can be a good idea. Here are some of the reasons why:
Low monthly payments. When you finance your roof, you can benefit from low monthly payments. You can even opt to pay in installment amounts you can afford with low or zero interest and no prepayment penalty.
Now upfront payments. With roof financing, you don’t have to spend a big amount of money right away. This is beneficial especially if you don’t have the financial capacity to pay it all at once or you’re just not comfortable taking a dip in your savings just to cover the costs.
Quick approval process. Thanks to modern technology, applying for roof financing can be an easy and quick process. You can even apply online, via a mobile app, or just call in to completely avoid heavy paperwork. You’ll just have to submit your information, provide an electronic signature, and you can get approved within minutes.
Looking for roofing companies Kemah that offer financing options?
Eagle Eye roofing got you covered! We offer roof financing options from $1,000 to $100,000. Interest rates can be as low as 0% for qualifying applicants with term lengths available up to 60 months (five years). So don’t let your financial capacity hinder you from having a safe, secure, and reliable roof. Contact us today to learn more about our roof financing options!