One of the best investments you can make for your home is a new roof. It will only improve your curb appeal but also the overall value of your property. Fortunately, there is more than one way to pay for your roofing project.
A local residential and commercial roofer shares different ways to finance your new roof.
Home Equity Loan
With a home equity loan, you can borrow against the available equity your home has. Equity refers to the difference between your home’s market value and the balance you still need to pay on your mortgage. This option may be available for you if your loan-to-value ratio is not more than 85 percent. It’s a great option because it has a lower interest rate compared to other financing options.
A traditional bank or credit union may be able to offer you a lump sum upfront for your roof loan. The financial institution will charge the amount offered, and the interest rate over the duration of the loan, which depends on your credit score and status. If you’re considering this option, make sure to review the terms thoroughly of the loan before signing anything.
Another financing option for your roof or gutter installation is credit card payment. Those with strong credit may qualify for a 0% APR credit card. It can either be a balance transfer offer or as a new cardmember. Credit cards vary in spending limits, and some don’t have an interest. However, you may need to complete payment for your project in a shorter timeframe with 0% interest credit cards.
You can also pay for your roof replacement project in cash if you have saved up for it. With this payment method, you don’t need to worry about interest. It’s only of the best ways to finance your roof, but it isn’t always an option for all.
At Southern Roofing Company, we offer flexible financing options for your roofing project. We specialize in a wide range of materials, including asphalt shingles, metal, and tile & slate roofing. Call us at (470) 299-7663 or fill out our contact form to schedule a free roof analysis.