Need to finance your roof replacement? Fortunately, there are many ways to go about this. In today’s post, B&M Roofing shares some important things you should know about financing a new roof.
Cash Is the Best, but Not the Only Option
Many homeowners prefer to save up and pay for their new roofs in cash because there’s no monthly installments and no interest to worry about. Once you’ve paid, you’ve paid. However, there are other ways to pay for your project if cash isn’t available.
Credit Card — You can use your credit card to pay for projects with estimated costs up to $15,000. Some credit card providers allow zero-interest payment plans.
Unsecured Loans — Also known as personal loans, unsecured loans do not require collateral. This type of loan typically has longer payback periods (which means lower monthly installments) but has higher interest rates.
Secured Loans — Secured loans require collateral such as recomputing your existing mortgage, but allow larger payouts. This makes them ideal for medium to large-scale projects, such as tile or metal roofing installation. Loans such as a cash-out refinance, home equity loan (HEL) and home equity line of credit (HELOC) fall within this category.
Contractor Financing — Some roofing contractors offer financing options through partners. At B&M Roofing, we provide financing options through 1st Franklin Financial Corporation.
Don’t Automatically Choose the Lowest Estimate
Do not make the mistake of making your roofing decision based on the estimated cost alone. Unscrupulous individuals will cut corners just to be able to provide a low estimate. Review proposals and estimates and make sure to choose an option you can afford that provides great value for your money.