July 2022
Financing Options for Your New Roof
Financing Options for Your New Roof
You may have heard of the saying “save for a rainy day.” Applying this phrase to your daily life is advised, especially when paying for expensive things. This includes spending on a roof replacement. You can choose from several payment options to help make your purchase more manageable. Read on to learn more about these new roof financing options.
Insurance
All homeowners should have homeowner’s insurance. This will cover costs for repair during unexpected times. For example, your roof may have been damaged during a fire, natural disaster, or theft.
When this happens, you can get a new roof through your insurance company. They’ll be able to provide help with your expenses. Before anything, contact your insurance provider to confirm the extent that they’re willing to finance you. Also, ask about how the payment process will work.
Home Equity Loan
You can opt for a home equity loan if the damage can’t be covered through homeowner’s insurance. This means using part of your home’s equity—the value of your home in the present real estate market minus the value you still owe your mortgage—for repairs.
You can pay this monthly through fixed amounts, which will last around 5 to 30 years. This is best for homeowners who want to utilize a small amount of their home’s equity. You can also get a lower interest rate from this loan than other options.
Credit
Lastly, if the other options don’t work for your situation, you can opt to pay through a credit card. Take note that this should be your last choice because it can get costly. This could be an option for homeowners with strong credit.
For this payment method, you will need to pay off all or a significant amount of the total cost within a given timeframe. Depending on the terms, you may get benefits such as an interest-free loan if you can provide the money before the deadline.
Get New Roof Financing Assistance With Cypress Roofing
Do you need a team to help with financing your new roof? Get in touch with Cypress Roofing. We’ll assist you throughout the process to ensure that you get the full value out of your claim. Give us a call today to make your replacement process easier through new roof financing assistance from the experts.