A new roof — whether planned or a result of storm damage — is a significant home improvement investment. Roof financing options can help make it manageable.
Your roof is one of the most important components of your home, protecting your family from outside elements and severe weather. The cost of a new roof depends on various factors including the size and complexity of the roof, the type of shingles used, the roofing contractor hired, and the geographical area of your home.
These variables make it difficult to save for a roofing project accurately — and this is where roof financing can help you.
Roof Financing Options: Terms Explained
Here are a few basic terms lenders use that you should understand before exploring financing:
The length of the period in which you have to repay the loan, usually expressed in months or years.
Determines how much the lending company is charging you for the loan. APR is a useful tool for comparing loan products.
The total amount of money that is borrowed at the onset of the loan.
The cost of your loan over and above the principal amount.
Reasons to Consider Roof Financing
Usually, people forget about their roofs after they buy their homes. The roof only gets attention when it starts becoming a problem like leaking roofing shingles. If the damage is covered by your insurance, you may still be left with a hefty deductible. You can even decide to replace the entire roof with new materials rather than do a repair.
When you finance a new roof through an independent roofing contractor in the Owens Corning Roofing Contractor Network like Legend Roofs, you can benefit from low monthly payments that won’t burden your budget.
Benefits of Roof Financing
Low Monthly Payments
Have your roof replaced instantly and pay in installments. If your credit history is good, you can benefit from low interest rates during the life of the loan.
Defer Upfront Payment
Consider loans with 0 percent financing upfront with no prepayment penalties. Installment loans that offer six months of no interest and no payments let you defer making payments during the first part of the loan.
Delay Payments
Some loans delay the payment process for a set period. Once that time is up, you begin making regular payments at a fixed interest rate. This is helpful when you need to start the roofing project without delay.
Quick Approval Process
Thanks to modern technology, it’s easy to apply for roof financing. You can apply online, through a mobile app, or by calling — eliminating paperwork. Approval notices usually arrive within minutes.
An Investment with Attractive Returns
According to the 2021 Remodeling Impact Report from the National Association of the Remodeling Industry, new roofs bring a significant impact on homes, helping homeowners recover the cost above 100 percent when they sell their home.
New home buyers tend to buy homes that have new roofs installed, meaning you have a better chance of selling your home and getting a higher price. When you choose roofing financing, you invest in your home for the future while addressing critical roof issues today.
Roof Financing Options FAQs
How long can you finance a roof for?
Loan terms vary according to the lender. Shorter loan terms mean you pay the debt sooner, possibly with a lower interest rate. If you extend the loan term, the interest rate will typically increase with it.
Do roofers offer payment plans?
Yes, some independent roofing contractors in the Owens Corning Roofing Contractor Network offer payment plans to make roof replacement affordable. Payment plans can vary depending on interest rates, your requirements, and the terms of loans.
Can my insurance pay for a new roof?
It depends on your policy and the circumstances. If the damage is due to weather conditions, homeowners can typically get the benefit of their insurance. However, if you want to replace the roof because of age, then insurance may not apply.
Ready to Explore Roof Financing Options?
For all the answers to your roof financing questions, contact Legend Roofs today. We serve Norman, Shawnee, and communities across Oklahoma.