Get Help with Financing Your Roof Repair or Replacement
So, you’ve had a roof inspection performed by Southeastern Roofing’s pro consultant. You need a new roof, possibly because the cost of repairs exceeds more than 40 percent of the cost of a new roof? What happens if the repairs or replacement of your roof aren’t covered by your homeowner’s insurance? What are your options
If your roof insurance claim is denied, you may have to pay for the roof repair or replacement yourself. If you are unable to pay for the repairs or replacement out of pocket, you can consider a home equity loan or a home equity line of credit. Other options include a personal loan, a cash-out refinance, or a credit card.
It is important to shop around and compare rates and terms to find the best option for you.
Southeastern Roofing has resources available for financing your roof repair or replacement. Read below or contact our roofing hotline at (833)737-3266.
What Are Financing Options for a Replacement Roof or Repair
There are several options available to a homeowner should he or she be faced with the cost of a new roof without insurance contributing. These include:
- Home Equity Loan
- Home Equity Line of Credit
- Personal Loan
- A Cash-out Refinance
- Credit Card
Advantages and Disadvantages of a Home Equity Line of Credit or Loan to Pay for Your New Roof
The pros of using a home equity line of credit or loan to pay for a roof repair or replacement include:
- lower interest rates compared to other types of financing
- interest-only payments during your draw period
- the ability to take out money as needed over a 10-year period
The cons of using a home equity line of credit or loan to pay for a roof repair or replacement include:
- variable interest rates
- your home is collateral for the loan
- minimum withdrawals from your HELOC may be required
- the possibility of foreclosure if you miss payments or can’t pay back your loan.
Use a Personal Loan to Cover the Cost of a New Roof?
Yes, you can use a personal loan to pay for a new roof. Personal loans are typically offered with fixed interest rates, so you will know the exact cost of your loan up front.
A personal loan is an unsecured loan that can be used to cover a wide range of expenses, including home repairs or renovations. Personal loans are often used when an individual does not have the necessary funds to cover an expense.
However, it is important to shop around and compare rates and terms to find the best option for you. Usually, a local Credit Union has the best rates for its members.
Use a Cash-Out Refinance to Pay for Your New Roof
A cash-out refinance is a low-cost way to make home improvements when you don’t have the money on hand.
With a cash-out refinance, you pay off your existing mortgage with a new, bigger mortgage, allowing you to access the difference between the equity as cash at closing. This cash can then be used to fund your roof repair or replacement.
One advantage of a cash-out refinance is that you’ll typically secure a lower interest rate, but closing costs and other things about your individual situation must be taken into account.
Additionally, it is important to remember that your mortgage uses your home as collateral, so if you cannot afford your new monthly payments, you could end up in foreclosure and lose your home.
You must be very comfortable with your refinanced amount in order to avoid a heavy financial burden.
Professional Roof Inspections Are a Must
After a thorough on-site exam, we’ll provide you with a detailed report of the work that needs to be done to resolve any leaks or other issues, as well as the cost to complete the repairs. If the damage is beyond a certain percentage of the roof, it may be more cost-effective to replace the roof. Our experienced, trustworthy professionals will give you a complete picture so you may make the right decision for your family and your finances.
It’s crucial to hire a roofing contractor that has the experience and knowledge to fix your roof. Our contractors have been in business for more than 10 years, and we can quickly diagnose issues and provide the solutions you need.
If you’re concerned about face-to-face contact, or feeling pressured by a pushy salesman, we offer a no-contact, no-cost inspection of your roof. That’s right: our expert estimator will visit your house, inspect the roof, then he will provide an estimate electronically. We’ll be able to tell you why (and where) your roof is damaged, what your options are to repair it, and whether we suggest you replace it or not. Of course, we prefer to meet with you in person, and demonstrate where the issues are and what needs to be repair, but we leave that up to our customers.
What to Do If You have a Roofing Emergency?
If you have a need for an emergency roof repair, call our roofing hotline at (833) 737-3266 or use our convenient website chat feature. While we generally sleep at night like other mere mortals, we do have a 24-hour emergency monitor keeping an eye on things.
Southeastern Roofing is a GAF Master Elite Certified Contractor
The Master Elite® Certification is GAF’s factory certification program that provides ongoing training to roofing contractors and assurance to you, the homeowner, that the roof will be completed well and professionally. This is a highly prestigious award because only 2% of all roofing contractors in the country have qualified as Master Elite®.
What does this mean for you as a homeowner?
Choosing a GAF Master Elite® contractor is your assurance that you will be dealing with a quality, dependable and professional contractor. In order for a roofing contractor to qualify for the certification, they must meet the following standards:
- A+ BBB rating
- Licensed in the state where they operate
- Be current with distributor partners in receivables
- In business for at least 3 years
- Consistently show ethical contracting in their service area
- Be adequately insured
- Demonstrate a commitment to ongoing professional training