Different Ways to Finance Your New Roof
Roof replacement is a big investment, and not all homeowners have the cash on hand to fund such a project. Fortunately, many roofing companies offer flexible payment terms. This is one reason you should hire a reputable roofer for your project.
Here are a few different ways you can finance your roof replacement project.
Paying in cash is the cheapest way to finance your roof replacement. Because it’s not a loan, you don’t need to have a good credit score and you also don’t need to pay interest. However, not everyone can afford to pay cash.
It’s not a good idea to use your cash if it’s your emergency fund. If do you have enough money in your savings to finance the project in cash without dipping into your emergency fund, however, this is the best option.
The downside of funding your roofing project via credit card is the high interest rates. But if you have a credit card that offers a 0% APR promotion, you can cover the cost of your roofing project without paying interest. Still, you must have good credit to get approved for a 0% APR credit card. Also, the cost of the roof repair may exceed your credit limit.
The better your credit score is, the lower the interest rate on your personal loan will be. Some lenders specialize in personal loans for people with bad credit. Keep in mind that personal loans vary by rates, fees and requirements. Make sure to do your research to determine the best loan for you. Often, personal loans are available within a week or even the same day.
Home Equity Loan
Those who have significant equity in their home can benefit from a home equity loan. Since it’s a secured loan, your home is considered the collateral and you can usually qualify for lower interest rates, no matter your credit score. You may also be able to deduct the interest from your taxable income if you are investing in a roof that can significantly improve your home.
This may be a good financing option if you have a good amount of home equity. In a cash-out refinance, you reinvest money back into your home through upgrades that can add to its value and functionality. The rates of a home mortgage are low and payment terms can be extended up to a few years.
Our Flexible Payment Term
At ImproveIT! of Atlanta, we work with the Wells Fargo Bank, N.A. to provide our customers with a convenient way to finance a new roof. With Wells Fargo Home Projects® credit card, issued with approved credit by Wells Fargo Bank, N.A. you can buy today and pay over time. Once your credit has been approved, you’ll enjoy convenient monthly payments, flexible financing options and easy online account access.
With our financing option, you’ll need to use your home equity line of credit, bank account or other credit cards. Don’t hesitate to contact our team if you have any questions about Wells Fargo financing.
At ImproveIT! of Atlanta, you can count on us for high-quality roofing services. When you work with us you’ll not only gain access to quality materials but also flexible payment options. We specialize in roof replacement, repair and inspections. Our team can also assist with your storm damage needs and roofing insurance claims. Give us a call at (770) 612-5635 or fill out our contact form to get a free estimate.