Charlotte Roofing: Article About Financing A New Roof
Many homeowners in need of a new roof are intimidated by the cost. Although expensive, a new roof is often a necessary cost to protect the structure and contents of a home from the outside elements. An old and worn out roof is prone to leaks and water infiltration, which can cause significant damage to the structural integrity of a home. Homeowners may find relief in the fact that there are many financing options available to ensure a new roof is installed quickly. A Charlotte roofing professional is always available to answer specific questions on the topic of roof financing.
Arguably, the best way to pay for a new roof is with personal savings. Financing the new roof with a loan will cost more money over time as a result of accrued interest. A roof is something that will require periodic replacement. Depending on material and weather conditions, some last longer than others. Homeowners should start putting away small amounts of money each month a few years before a new roof is needed. This will help with the bill when it comes time for a new roof to be installed.
A roofing professional from Southern Home Services of Charlotte NC would be happy to answer questions about windows or vinyl siding.
If a homeowner is unable to pay for a roof with cash, there are government loan options available. Federal Housing Administration (FHA) Title 1 loans can be used for home improvements, and this includes roof financing. To qualify for an FHA Title 1 loan, a homeowner must have relatively good credit and a small amount of home equity. Regular banks can provide these loans, and they are guaranteed by the government against default under this program.
Homeowners who do not qualify for an FHA loan can consider financing a new roof with a home equity line of credit. With this type of loan, the lender uses equity in the home as collateral against default. As long as enough equity in the home exists, this is an attractive option for most homeowners. Like any other loan, a home equity line of credit can be repaid over time, lessening the burden on the homeowner to come up with the money for the new roof right away.
Homeowners may also consider financing the roof directly through the roofing company. Many reputable roofing companies can provide financing to its customers. Payoff options often range from a few months to a full 12 months. Property owners who are considering installation of a new roof are encouraged to talk over financing options with a roofing professional who is standing by to help.