Getting Financing For A New Roof: Different Options
Does your roof need replacement? If so, you could have to spend up to $30,000 on it. This can put a really big dent in your finances. Bearing such a huge expense in a single stretch is simply not possible for most people. To take care of this necessity they will need a take a loan to bear the expense. What are your options for financing a new roof? Here is a look at what you could consider:
- FHA 203K Streamline Program - Check out this program, which will enable you to borrow up to $35,000. The amount that is borrowed will be added to your current mortgage.
- Home Equity Line Of Credit - Use your home as collateral to get a loan that finances a new roof. Discipline yourself to repay it over a year or two. It is to be noted that it can take some time to get approval for HELOC.
- Credit Card - If you are eligible for a no interest credit card, opt for it to finance the new roof. Break up the repayments over a period of one year and pay it off. You don’t have to put up with interest and over that one year period, repayment shouldn’t be too tough.
- Personal Loan. Look for a bank or financial institutions that can give an attractive rate of interest and a repayment period that is convenient for you. With a good credit score and proper management of your finances, you can repay the loan off quickly.
- Loan From Contractor - Ask the roofing contractor if they will give you a loan, which can be repaid over the next couple of months. Many contractors offer this and they charge less interest than regular financial institutions.
Look into these means of financing a new roof and you can get one installed in no time. Before taking out a loan, look into interest rates and the repayment period so that you can pick one that is suitable for your needs.