roof repair financing

On the Money: Roof Repair Financing

Nobody wants to face an unplanned home improvement expense. And if you don’t have a rainy day fund, a leaky roof can be especially bad news. Fortunately, roof repair financing can help ease worries over how to pay for the fix.

Financing Options

As with any loan, roof financing can cover the immediate costs of your project while allowing you to pay the loan off over time. With flexible financing, you can have the project covered, then pay it back quickly if you have the money, perhaps from a tax rebate, for instance. Financing a roof project with a home equity loan is also an option. A few things to consider with this type of loan are:
  • It may take several weeks for the loan to be approved.
  • If you haven’t lived in your home for long, you may not have built up the necessary equity.
  • The lender has permission to foreclose on your home if you are not able to repay the loan.
Another option available for roof repair financing is to put the cost of the project on a credit card. While you may have a credit limit that allows for this, credit card interest rates are often very high. If you can’t pay the credit card balance off in full right away, the accumulated interest will make your roof repair cost much more. Finally, if your roof damage was caused by a storm or other incident, your homeowners insurance may cover the costs. Your first call should be to your insurance agent to talk through the necessary steps. At some point, you may be required to have a roofing contractor inspect the damage as part of filing a claim with your insurance. Florida laws have recently changed regarding this process, so be sure to follow instructions from your insurance company.

What to Expect

For roof financing like Classic offers, you can apply for the loan to cover your repair and receive the funding immediately. This is an important benefit if your roof is currently leaking. The interest rates are lower than credit card rates and there is no penalty for paying back the loan in full before the end of the loan’s 10-year term. Unlike a home equity loan, the financing we offer does not put a lien on your home. In other words, the loan does not allow for your home to be foreclosed if you fall behind on payments.

Applying for roof repair financing is much like applying for a credit card. We’ll ask for background information like your Social Security number and approximate household income. A credit check is completed and we can let you know right away if the financing is approved.

Once it is, work can start on your roof. You’ll have peace of mind that the job is being done professionally and promptly. You’ll receive your first bill within a month.

Choose Your Roof Repair Financing

While no one looks forward to paying for a roof repair, it’s comforting to know you have options. To make an educated decision, don’t hesitate to ask questions about anything you don’t understand. We’d be happy to discuss roof financing and roof repair with you. Contact us to schedule a free consultation today.

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