Matlock Roofing would like you to know how you can finance your next roof. A new roof is a significant and necessary investment.
You may replace your old roof because of a planned project. Also, you may need an urgent replacement after a heavy weather event. In all cases, a roof is that shield that protects your home and family.
Financing Your Next Roofing Project
The amount of money to invest in a new roof depends on several factors. Thus, it can vary widely. Among these factors are:
- The size and complexity of the roof
- The type of shingles you use
- The roofing contractor you hire. Remind that labor rates vary among pros.
- The region where you live
To have a good quality roof, you’ll have to make a significant investment. And given how critical a roof is for every building, the wisest decision is to use the best materials and contractors available.
This makes it hard to save costs in a roofing project. That’s why roof financing is critical.
Important Concepts about Roof Financing
Below you’ll see some roofing project-related key terms that you must know:
- Term: usually expressed in months or years, this is the period you will dispose to pay back the loan
- APR: It stands for annual percentage rate. This rate indicates how much the lending company will charge you for loaning you the money. So, homeowners use this value as an indicator to compare loan products. It may or not include fees, and it doesn’t include the compounding effect of interest.
- Principal: the total amount of money borrowed at the beginning of the loan.
- Interest: the cost of the loan, additional to the principal amount.
Why Roof Financing Can Be a Good Idea
Many homeowners tend to forget about their roofs until serious damage signs appear. Other times, sudden and unexpected events cause grave damage leading to an urgent roofing repair or replacement.
Did you create a fund for roof maintenance and repair? Congratulations!
However, most of the time, homeowners are not prepared for roofing needs. In this sense, it is critical to have local and reliable roofing contractors offering roofing financing.
So, many independent roofing contractors within the CertainTeed Roofing Contractor Network offer financing options for customers. Next, we’ll show you the benefits of financing a new roof through one of these independent roofing companies.
Enjoy Low Monthly Payments
Low monthly payments allow you to pay for your roof in affordable installment amounts. So, you won’t have to pay several thousand dollars in one go.
Besides, you could seize low-interest rates over the loan life. It will depend on your payment term and conditions.
Defer an Upfront Payment without Interest
Do you want to delay a lump sum payment and avoid interest? Then, you should consider loans with 0% financing up-front with no prepayment penalties.
You can postpone payments during the first part of the loan with installment loans that offer six months of no interest and no payments.
Therefore, you can pay the whole loan off, at no interest, any time before the six-month deadline. Also, you can start making the monthly payments at the updated interest rate.
Do you want to start your roofing project as soon as possible? Are you short on cash?
In these cases, some loans allow you to postpone payments during a determined time. When this time ends, you’ll begin making regular payments at the set interest rate.
Quick Approval Process
Modern technology turned roof financing applying into an easy process. You can apply online through mobile apps or by calling in. So, paperwork already does not exist. Even you can provide an electronic signature.
Besides, once you submit the required information, you only have to wait some minutes for approval notices.
Roof Financing During COVID-19
COVID-19 crisis has caused a significant financial impact. Thus, today more than ever, you should have options to afford major expenses like a new roof.
Roof financing is a useful alternative to provide security to your home and family and protect your investment. And you don’t have to make large, lump-sum payments.
An Investment with Attractive Returns
In 2019, the National Association of the Remodeling Industry (NARI) released the 2019 Remodeling Impact Report.
According to this report, the impact of a roof replacement is significant. When homeowners sell their homes after the installation, they can recover up to 107% of the project cost.
Likewise, this report found that new roofing ranked high on homebuyers’ lists. Therefore, if you want to sell your home, a new roof might help you do it faster and at a higher price.
Hence, through roofing financing, you can obtain the following benefits:
- You add value to your home
- Address existing roof problems
- Get the roof you desire at an affordable price
Find out more information about roof financing from an independent roofing contractor in the CertainTeed Roofing Contractor Network near you.
How long a roof-financing period can be?
Depending on the lender, loan terms vary. With shorter loan periods, you’ll pay your debt sooner and paying less interest.
On the contrary, longer terms mean lower and more affordable monthly payments. Over time, you might pay more interest. However, many homeowners prefer this option to keep payments within their budget.
Do roofers offer payment plans?
Some independent roofing contractors in the CertainTeed Contractor Network offer payment plans. This way, they make roof replacement costs more affordable.
Are you interested in a payment plan? Ask your roofing company what you have in mind since these plans vary according to requirements.
Can my insurance pay for a new roof?
It depends on your policy terms and conditions and the reasons why you need a new roof. Your insurance coverage may apply if the replacement is due to a weather-related event.
But, if you want to replace your roof because of age or to up your home’s resale value, homeowner’s insurance likely would not apply.
If you have questions about financing your new roof call Matlock Roofing today at 601-299-4048 in Hattiesburg, Petal, Sumrall, or Purvis, MS.