Does your Texas home need a new roof? If so, you might be trying to figure out how to make this roof fit into your budget.
The average cost of a roof will typically fall somewhere between $11,000 and $18,000. But it isn’t uncommon at all for some homeowners to face roofing prices that eclipse the $20,000 mark.
In this case, paying for a roof in cash might be out of the question. You’ll be happy to hear that roof financing options will be available.
Prior to having a roof installed on the exterior of a house, you should learn about the roof financing options you’ll have. It’ll make paying for a roof so much less stressful and prevent you from having to wait to get roofing projects off the ground.
Check out our roof financing guide below and use it to come up with the best way to pay for your new roof.
What Are the Benefits of Roof Financing?
Before we get into talking about the different roof financing options that will be available to you, it’s important for you to understand the benefits of roof financing. So let’s kick off our conversation about roof financing by breaking down some of these benefits.
When you finance a roof, it’ll make paying for it so much more manageable than it would be otherwise. You won’t have to worry about scrambling to come up with tens of thousands of dollars in a matter of just days.
Instead, financing a roof will provide you with an opportunity to pay for a roof over time. It’ll be so much easier to cover the cost of a roof when you take this approach.
Roof financing will also ensure that you don’t have to put off roofing projects for any longer than you should. There are some homeowners who will delay doing roof replacement due to cost concerns, and it’ll sometimes lead to them letting rainwater leak through their roofs. You can steer clear of finding yourself in this situation with roof financing.
Depending on which type of roof financing you decide to use, you might also be able to build up your credit score by purchasing a roof with a loan and paying that loan off in the coming years. It’s one more way in which roof financing can benefit you.
What Are the Best Roof Financing Options?
Does paying for a roof by financing it sound like it would be a good idea for you? You’ll need to pick the right roof financing option based on your specific situation. There will be a handful of different options that you can choose from.
If you’ve lived in your home long enough to build up equity in it, taking out a home equity loan might be the right choice for you. A home equity line of credit might also help you get your hands on the money you’ll need to cover the cost of a roof.
The Federal Housing Administration might be able to extend loan options to you that can be used for roof financing purposes. A loan like an FHA 203(k) loan or an FHA Title 1 loan might do the trick.
But your best bet might be to try to qualify for roof financing directly through the roofing company that’ll be installing a new roof for you. A roofing company like Kraft Roofing and Construction can set you up with the roof financing you’ll need through Sunlight Financial. It’ll make the process of borrowing money to buy a new roof for your home so simple and seamless.
What Should You Look For When Financing a Roof?
Regardless of which type of roof financing you decide to use when paying for a roof, there will be some important things to consider when financing a roof. If you fail to consider them, it could ultimately lead to you spending more on your roof than you should have to.
First and foremost, you should always look at the interest rate that you’ll receive when you finance a roof. Some options will give you access to better interest rates than others. The lower an interest rate is, the less you’ll pay for a roof for your home.
You should also gauge how long you’ll be able to take to pay off a new roof through your different roof financing options. Some will give you more time than others to repay a home improvement loan.
You don’t ever want to go with the first roof financing option you can find and blindly trust that it’ll be your best choice. It would be worth comparing your different roof financing options to see which one will end up being the best deal.
What Is the Roof Financing Process Like?
The roof financing process will vary depending on which roof financing option you choose. Some options, like taking out a home equity loan, might take a little longer than others since they’ll make you jump through a series of hoops.
At Kraft Roofing and Construction, we know how frustrating it can be to go through this when you need to try to install a new roof fast. It’s why we work closely with Sunlight Financial to help our customers get the roof financing they need in a hurry. It helps make the roof replacement process easier on them overall.
Contact Us for All Your Roof Financing Needs
Are you concerned about how you’re going to cover the cost of a roof? Many homeowners feel this way when they’re in the market for a new roof. Some of them end up dragging their feet during roofing projects because of it, and it often comes back to bite them in the end.
Kraft Roofing and Construction can help alleviate your anxieties by helping you secure the roof financing you need. We can also provide you with many different types of roofs and roofing services. It won’t take you long to see why so many homeowners have turned to us for assistance when installing new roofs.
Touch base with us today if you would like to schedule a free roof replacement consultation.
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