Looking to finance, no problem
Whether your new roof is the result of a planned project or because of unexpected circumstances, it can represent a significant, but necessary, home investment. After all, a roof helps to keep your home and family protected from the elements.
Finance Your Next Roofing Project
The cost of a new roof varies widely because it depends on several factors, including:
These variables can make it difficult to save for a roofing project accurately, and that’s where roof financing can help.
Roof Financing Explained
Before diving into the reasons homeowners choose to finance their roofing project, let’s cover a few basic words often thrown around by lenders:
- Term refers to the length of time you have to repay the loan. It’s usually expressed in months or years.
- APR (annual percentage rate) determines how much the lending company is charging you for the loan of the money. It may or may not include fees, and it doesn’t include the compounding effect of interest — most interest compounds monthly. APR is a useful tool for comparing loan products.
- Principal represents the total amount of money borrowed at the onset of the loan.
- Interest is the cost of your loan over and above the principal amount.
Why Roof Financing Can Be a Good Idea
It’s easy to forget about your roof, and homeowners often put off repairing or replacing an aging roof until serious warning signs appear. Other times, Mother Nature may wreak havoc with your shingles or send a wayward tree branch that causes damage.
If you’ve built up a fund for roof maintenance and repair, that’s great, but many times we’re left unprepared when roof needs come calling. Even if the damage is covered by your insurance, you may be left with a hefty deductible that’s not in your budget. Or, you may decide it’s time to replace the entire roof with new and improved materials rather than do a repair.
Here are some reasons to consider roofing financing for your roof repair or roof replacement project.
Enjoy Low Monthly Payments
Keep your money
No pre-penalty for paying off early