Need help paying for a new roof? There are plenty of financing options to choose from. Whether you have good credit, bad credit or no credit at all, there are ways to get some or all of the money you need for your new roof. Here are some of the best roof financing options in Michigan.
File An Insurance Claim
If your roof is damaged because of a storm, fire, or other natural disaster, your homeowner’s insurance may cover the bill for you. This will not work for roofs on new buildings, but it is a great option for replacing older roofs. Your insurance company will have several stipulations that need to be met in order to pay for your new roofing, but if your house qualifies, you will only have to pay your deductible. This could save you thousands of dollars on new roofing, and it will allow you to get a new roof as quickly as possible.
Apply For A Loan
If you cannot get insurance money to cover the cost of your new roof, you could take out a loan for it. Some lenders specifically give out roofing loans – nothing more. You could apply through one of them to get a loan for your roof. You could also apply with a local bank or credit union that you have a good relationship with. If your current home loan is less than the value of your property, you could get a home equity loan to pay for the roof. Each lender has its own way of assigning interest rates, loan amounts, and other loan terms, so your payments will vary from one lender to the next.
Pay With A Credit Card
If you need a roof repair or you plan to pay off the roof in the near future, you could pay for your home improvement using a credit card. This is not an ideal solution though because most credit cards have higher interest rates than home loans. You also need to be leery of credit card processing fees and other costs you may encounter from this payment method. If you only need a small amount of financing, this is something to keep in mind.
Set Up A Payment Plan
Many roofing companies offer payment plans that allow you to pay off your roof over time. Typically this will require a down payment to cover the cost of materials. The rest of the payments will be made according to the schedule you set up with the roofing company. This is a great option if you do not have all the funding upfront but still want to get the process started.
Roof Repair Vs. Roof Replacements
Before you take out a large loan for a new roof, make sure you actually need one. In many cases, simple roof repairs are plenty sufficient to get your roof back in working condition. With roof repairs, you will extend the life of your existing roof and save yourself a lot of money upfront. Contact McLean Roofing And Siding to learn more about roof financing in Michigan, and we will help you find the best solution for your specific needs.