Replacing your roof can be a costly and frustrating process, especially if you don’t know about all of the financing options available to you. We’re going to walk you through some roof replacement financing options, and help give you the knowledge to choose the right method for your needs.
Rebates & Governmental Loans for Roofing
The FHA, or Federal Housing Authority, has a type of loan called a Title I loan. Homeowners with limited equity in their homes, along with good credit, typically qualify for Title I loans. There are also some tax rebates and incentives available in certain states, depending on whether you choose energy efficient roofing. Information on these can be found through the Department of Energy and DSIRE, the Database of State Incentives for Renewable Energy.
Home Equity Line of Credit
A HELOC, or home equity line of credit, is a loan in which you use the equity from your home to secure a loan. This type of financing is typically reserved for larger expenses. It can be used to pay for your new roof, and paid off over time.
New Credit Line
You may be qualified to get a new credit card. If so, be sure to look for one that is offered with an interest-free introductory period of at least 12 months. You can use this card solely to pay for your new roof, break up the cost into 12 equal payments, and make one payment each month to pay off the balance by the end of the interest-free period. This method requires that you be diligent in both your monthly payments, and the amount you pay each month. Getting off track could result in large interest charges.
Pro Roofing Financing
At Pro Roofing & Siding, we understand that the above options may not be available to all of our customers. That’s why we offer financing options for your new roof through a partnership with Admirals Bank Renewable Energy and Home Improvement Lending. Our roof replacement financing options offer flexibility, low interest rates, and low monthly payments.
You have several options for financing your roof replacement, and many different roofing options. It can seem overwhelming to decide which is best for you, as well as what kind of roof you want, the materials to be used, and a host of other decisions. Our roofing professionals can help you make the right decisions for you. When you face roof replacement, trust the local experts at Pro Roofing & Siding.