Roofing Loans Financing: A Guide for Homeowners

Roofing Loans

Our team here at American Standard Roofing discussed types of roofing loans financing in an earlier post. We have also discussed in depth the options homeowners have when looking for roofing loans financing ways and methods here. However the topic generates so much buzz that we decided to go over it another time and explore it a bit further. We see plenty of homeowners looking for roofing loans financing and related information. That is why our team of experts have come up with a few tips that will help deciding based on different situations.

Don’t Get Caught Off-guard Between Roofing Loans Financing:

The biggest piece of advice we can give homeowners is this: never get caught off-guard. It is very easy to make a poor decision when it comes to roofing loans financing. Homeowners often feel rushed and pressured. Misguided advise from salespeople, and even friends at times, can result in some hasty and regrettable decisions. Not to mention, even at the slight hint of getting a new roof salespeople swarm you with deals, sometimes being extremely pushy. But, remember this: do your homework and get multiple quotes no matter how much the salesperson might tell you that this will waste you time and opportunity.

Don’t Get Pressured Into Signing Anything:

As we explained earlier, always do your homework. And if you have, feel free to sign the contract if you think that is the best deal being given to you when looking for roofing loans financing. However, if you are unsure, do not let pressure tactics get to you. Rule of thumb is to never sign the contract with anyone simply after just one estimate and quote. If you have a beautiful home interior and can see a dripping leak, do not panic. This situation should not let you make hasty decisions. Find a way to make temporary repairs and do not start on your project until you have done your complete and through research on best prices, deals and options available to you for roofing loans financing.

Always Look Over the Fine Print:

It is essential that homeowners take the time to look over the small and fine print when signing for roofing loans financing. Our advice is simple. Take all the information that the estimator wants to share with you, and then look it all over with a fine toothed comb when you are by yourself. You do not need anyone trying to sway your opinion or to misguide you when it comes to the small print on the contract.

Important Factors Homeowners Need to Check:

A few things that homeowners need to focus on are term length, the interest rate, and general loan provisions when looking for roofing loans financing. There are a few questions and issues that homeowners need to ask and check irrespective of any circumstances or factors:

  1. The rate for homeowners. Is it fixed or a variable rate? It matters because variable rate can change after a certain period of time. Fixed rate remains the same for the duration of the term.
  2. Homeowners need to check if there an early termination fee or prepayment penalty for the roofing loans financing they are getting. Sometimes homeowners want to pay off the loan early. If that’s the case, make sure there is no associated penalty in roofing loans financing.
  3. Another important one is if there are any other upfront charges for taking out the loan. If possible avoid having those set in the roofing loans financing terms.
  4. This is a big one. We always advise going for an unsecured loan. That means if possible, you do not have to put your property as a collateral or guarantee. That way, if God forbid homeowners are unable to pay, their home is not placed as lien on property.
  5. Always check if it is compound or simple interest loan.

Always Go With Licensed Contractors:

Always go with licensed, bonded and insured contractors, especially when looking for roofing loans financing. The reasons are simple:

  1. Properly licensed, bonded and insured contractors will have a certain rapport with lending institutions. This is more applicable if the contractors do a lot of volume work and have a lot of projects going on.
  2. These contractors are able to choose for the best interest rate and terms with minimal effort. This is because they have options they can choose from.
  3. Such contractors have a reputation in the industry. They have a customer base which they do not want to upset. This is why they will work harder for the customers to get business and find best options in the market.

We’re here to help!

 

Now that you know what to look for in a loan, you can apply directly through our website. We are licensed, bonded and insured contractors. We will find you the best roof loans for bad credit available. We’re Michigan’s #1 roofers. We have been in business for over 36 years. We know the right people who can get you financing. Call us today at (248) 350-2323. Or CLICK HERE. We’ll get you approved!

Roofing Loans Financing Click HereGet me approved

 

If You Need Help With Roof Loans For Bad Credit Look No Further

roof loans for bad credit    roof loans for bad creditRoof loans for bad credit

We help with roof loans for bad credit all the time!

Are you looking for roof loans for bad credit? Do you have the earning means but not the optimal credit? Look no further. Here at American Standard Roofing, we work with several lending institutions to help get you roof loans for bad credit.

A recent report by CNN money points out:

The U.S. economy grew 3.7% in the second quarter, a very big upward revision than the first official estimate, 2.3%, according to the Commerce Department’s measure of gross domestic product, the broadest measure of economic activity. Economists projected the new number to be 3.2%.

This positive growth in US economy is a welcome news in the roofing industry. It means financial institutions that lend money will be more willing to provide roof loans for bad credit.

Unfortunately, not every roofing contractor is willing to help homeowners with less than perfect credit history get roof loans for bad credit. Homeowners in Metro Detroit area have faced much hardship in the the recent past.They have been unable to keep up with their home, auto and other loan payments resulting in bad credit history. Not exactly a position to be stuck in when you are looking for roof loans for bad credit. Fear no more though. Our experts at American Standard Roofing advise that banks are now approving credit score as low as 400. They have also made a comprehensive list of recommendation when looking for roof loans for bad credit.

1. Simple Interest Loan:

When it comes to roof loans for bad credit, this is the go to loan you should look at. A homeowner can end up paying less in interest than a standard loan if he/she makes payments early. A potential drawback however can be that if payments are not timely, borrower ends up paying substantially more.

2. Prepayment Penalty:

Always make sure there is no prepayment penalty for the loan. This is useful because if the homeowner wants to pay his/her roof off early, there would be no penalty on that.

3. Fixed APR:

Our experts recommend going for fixed rate roof loans for bad credit, instead of a variable one. It provides ease of mind to borrower knowing that the rate is fixed for the duration of the term and will not go up after a certain time period.

4. Unsecured Loan:

By definition, an unsecured loan is given by keeping in view the borrower’s creditworthiness. This means no use of property as collateral. This is a much safer loan to get when searching for roof loans for bad credit. It also comes recommended from our team.

5. Shop Around for Best Options:

Make sure that when you are approved for the loan, you can shop around with different contractors, suppliers or manufactures. Sometimes loan approvals come with limited choices. This step will help ensure you can get the best deals out there.

6. Show Full Income:

Sometimes homeowners who apply for a loan fail to show complete annual income. Income includes not just your salary but any other sort of payment that might be included in your household. This can have a major impact on the result of loan approval.

7. Down Payment:

Sometimes making a down payment also helps. Lending institutions sometimes decide whether they want to give a loan based on down payment. Making a down payment shows positively when asking for roof loans for bad credit.

8. Co-signer:

While not the most ideal situation, most of the times people with bad credit need a cosigner. It helps tremendously if the cosigner and the borrower of the loan share the same house. It makes the decision easier for lending institutions.

We’re here to help!

Now that you know what to look for in a loan, you can apply directly through our website. We will find you the best roof loans for bad credit available. We’re Michigan’s #1 roofers. We have been in business for over 36 years. We know the right people who can get you financing. Call us today at (248) 350-2323. Or CLICK HERE. We’ll get you approved!

Simple Guide to Roofing Companies That Finance

project-finance

While there are many roofing companies that finance, homeowners need to do due diligence for best results. Looking for ways to pay for your new roof is no easy task. We have created a simple guide on roofing companies that finance after thorough research, weighing-in on options and different essential factors.

Why the Roof?

Roofs are an essential part of any building or house. They protect the inside of the building from natural elements such as all sorts of precipitation and extreme temperatures. Needless to say, without a roof, a building is incomplete. A perfect roof is even more important for your home. It improves the aesthetics as well as durability of the home. That is why paying special attention to roofing companies that finance is an essential ingredient of the entire mix. A new roof can be costly, tiresome and downright depressing to figure out small details. Details like how to pay for labor, products, services etc.

Fortunately for our readers, we have done most of the work for you guys. In today’s post, we will talk about different options for loans, rebates, and methods helpful to you. This will essentially cut your time in half when you are researching on roofing companies that finance.

Quick Glance at Roofing Companies That Finance:

Government Loans & Rebates

FHA Loan

A loan called Federal Housing Administration (FHA) Title I is available to US citizens looking for roofing companies that finance.This loan includes roof financing. Most property owners with limited home equity and good credit generally get qualified for this. How this works is very simple. A bank will or a qualified lender will provide these loans from their own funds and FHA insures them against any loss they might take. This can include roofs and even renovations to some luxury items like new patio, swimming pools, outside fireplaces etc. More information on roof financing can be obtained from the program’s website.

Energy Efficient Roofing

heat reflecting roofheat absorbing roof

For homeowners looking into energy efficient roofing solutions, we strongly recommend contacting Department of Energy. There are multiple rebates and tax credits available that can apply towards a new roof. We also highly recommend checking out Database of State Incentives for Renewable Energy. Their website can be accessed here. DSIRE has multiple incentives for making energy improvements to any home and also helps in financing. This can help in eliminating or short-listing the search for roofing companies that finance.

Credit Cards

Credit Cards

No interest credit cards are also a good way for your roof financing. Homeowners do need to have good credit to qualify for that however. An excellent tip from our experts here at American Standard Roofing is that homeowners should avoid charging anything else to this card. This will make the card roof specific eliminating need for further search of roofing companies that finance. Homeowners should break up the cost into twelve monthly payments. It is a great option for homeowners if they are organized and careful.

Home Equity Line of Credit

HELOC

Homeowners have another option as well. A line of credit that uses an owner’s home as a collateral. It is called Home Equity Line of Credit. The information brochure for HELOC can be accessed over here. This type of line of credit is generally only used for large expenses. They can include medical bills and necessary home improvements. A good idea is to draw on this line of credit. Then finance a new roof with this credit, and pay it all off over time eliminating further need for search of roofing companies that finance.

Savings

savings

The best option for getting your roof done, among all these roofing companies that finance, is drawing from your savings. Start putting away a fixed amount that you can spare, into your savings account. This is very important if you know that you will need a new roof in a few years. Even if homeowners are able to pay a quarter of the new roof’s price, it will make a world of difference on their wallets.

Final Thoughts

So there you have it. Having a new roof is not hard. It simply requires proper knowledge of roofing companies that finance. It also depends on available resources at hand. In addition it also requires considerable patience from the homeowners. For above mentioned or other ways of getting a loan, feel free to call us. We have been in the roofing business for over 36 years. We also know of multiple independent financing and loaning institutions as well that can help. Give us a call for any of your roofing needs. We’ll be happy to help.

Southfield, MI – Half the Price of Mr. Roof on this Bid

 

 

Get A Quote! You may be pleasantly surprised with the results. Even though we adhere to the highest standards, we are very competitively priced. Take a look at this job that we just started. Our bid came in at half that of Mr. Roof! Did we mention we also offer financing??   Call American Standard Roofing today – 248-350-2323

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