Roof Financing: ASR’s Guide For Homeowners

Roofing Financing

Roofing Financing Made Easy:

In today’s post, our panel of experts here at American Standard Roofing discuss roofing financing made easy and measure some pros and cons of financing itself.

Financing Comes At A Cost:

Cash or financing

It should come as no surprise to most people that financing typically comes at a cost. Technically, that is never supposed to be passed on directly to the customer. It is instead supposed to come out of the roofers proceeds. None the less, this just means that the homeowner is going to get  a better deal or “discount” if they pay by cash. However, this is not always an option. For certain people it does make more sense to look into roof financing further.

What To Look For In A Loan?

Think Before Making Downpayment

Our team advises to always make sure it is an unsecured loan with a fixed rate and no prepayment penalties. With that out of the way, lets focus on people that are trying to decide whether or not to finance with the option to pay cash if need be. Obviously, if you have no other option then to finance that new roof you only need to find the best program and estimate available. But for those individuals with the money in the bank that are trying to decided whether or not to keep it in the savings account, there are a couple further things to consider.

Interest Rate:

 

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Always factor in the interest rate when looking for roofing financing. If you can get a better return through your own personal investments then go for it. Most of us are not financial gurus and only making a modest return on investment so therefore need to seriously consider how much financing is going to cost for the entire term of the loan. Next, take a good look into your future and try, to the best of your capabilities, to decide if you will have enough money if a disaster arises. Such disasters include medical emergencies or even the lose of a job. Unfortunately, this kind of stuff happens everyday. If paying cash for your new roof is going to even potentially put you in a position where you will not be able to care for yourself or your family then, once again, financing may be the answer. 

Use Your Credit Line Wisely:

Important Decisions

The last thing to consider if you are looking to finance is if you should jump on the opportunity to get more work done or purchase better materials with the line of credit you are opening. Most of the time, the finance company will extend you a credit limit just like a credit card and you can then decided what type of work you want done to fit within the allotted budget. Many customers endlessly shop for the best deal because they just don’t have a lot of cash saved up. But when you are borrowing money, it means that you are able to get a whole lot more done, or are able to purchase a nice upgrade, for a very minimal increase in the monthly payment. Yes, long term it does cost you more. What you have to weigh out in this circumstance if the added value in the additional work or material upgrade is worth the extra expense. for instance, if you are stuck between getting a cheap 3-tab shingle for your new roof paying cash or can get an upgraded architectural lifetime shingle if you finance, you are a lot safer long term sucking it up and going with the latter option.

We’re Here For All Your Roofing Needs!

 

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We are certified and licensed roofing contractors. We have a lot of experience with roofing financing procedures. We also have over 36 years of experience in the industry. American Standard Roofing stands behind it’s work. Our reputation is important to us. We believe in never sacrificing quality for easy profits. We also stand behind our services for the lifetime of the product, both labor and material. That is why we are #1 metro Detroit roofers. Give us a call today at (248) 350-2323 to see how we can help you out.

Roof Financing Michigan: Contact American Standard Roofing!

Roof Financing Michigan

Roof Financing Michigan:

In today’s post our team of experts discuss roof financing Michigan. We are based in Southfield Michigan and have a lot of experience with roof financing Michigan specific. We talk about some different types of roof financing. We also go over what type is best suitable for when. A must read for all homeowners looking for roof financing Michigan specifically, and wanting a new roof.

Don’t Let Quotes Scare You

Quotes Scare You

If you just got a quote for a new roof and the price has put you in panic mode, take a deep breath! Yes, roofs are an investment, and if it is one that you haven’t planned for, it might catch you by surprise. However, don’t fret. There are other ways to pay for a new roof, even if you don’t have the cash saved up. Always do your homework though and get multiple quotes.

Roof Financing:

Roof Financing

There are several different types of financing available. Some of these are:

  1. Your local bank or credit unions.
  2. Credit cards.
  3. Personal loans.
  4. Home refinancing.
  5. Home equity lines of credit.

Credit cards and personal loans are unsecured debt. This means means defaulting doesn’t automatically give them partial ownership of your home. The drawback to that is they often have higher interest rates. Home refinancing and home equity lines of credit are different in that you are putting up your home as collateral for the money they are loaning you. We do not recommend secured loans. However homeowners should discuss with their banker what the best option is for them. It depends from situation to situation.

Financing Offered by Contractors:

Repairs

Our team would like to mention that contractors too might even be able to offer you financing. Many companies have relationships with lenders that allow them to apply for a loan for you, and the lender would pay the contractor directly. These types of loans are specific for construction. They also often have 0% interest rates and other promotional specials. However, just like a credit card, if you miss a payment the interest rate will usually go up substantially. Our recommendation to homeowners is to make sure they are keeping track of when payments are due.

Grants:

Another option if you do not have good credit, or taking out a loan isn’t right for you, is grants. Depending on the area that you live in, there are often government grants available to help with necessary home improvements like roofs. These may be put on by your city, county, or state, so be sure to check with local building departments to see what is available. They don’t always cover the whole amount of the job, but they might help with a large percentage. That would take the burden of entire payment off of homeowners shoulders.

Always Do Your Homework!

Homework

Finally, our team advises that whatever you do, don’t flat go with the lowest bid. It does not matter if  it is the only one you can afford. A bad installation will end up costing you a whole lot more. A redo will cost a lot more if you look at long term. Our advice to you is simple: talk to your contractor. See if there are any options or solutions they can offer. Most of the time they are willing to work with you on the price.

Call Us Today!

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We recommend homeowners contact professional roofing specialists as they can make suitable recommendations for roof financing Michigan specifically. Here at American Standard Roofing we know of reliable solutions to putting a new roof over your head. We have a lot of experience in dealing with lending institutions and financing in general. Give us a call today (248) 350-2323. We will be glad to help!

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Simple Roof Financing Options: We Make It Easy as 123

Simple Roof Financing

Simple Roof Financing:

Simple roof financing is garnering a lot of attention this season. While we have done numerous simple roof financing posts in the past, our team here at American Standard Roofing will be doing one more for homeowners.

Be Careful When Looking for Financing:

Be Careful

Our team advises homeowners to be careful when shopping for simple roof financing. It is tough enough trying to find a qualified roofing contractor and then negotiating a fair price. But, when roofing companies hear that you are financing, their whole game plan changes. Now, they want to sell you on a payment and upgrade packages. While they are at it, they will also want to sell you new gutters, windows, and insulation. Our team’s advice is simple. Take your time and do your homework like we remind our readers on our blog. There are a bunch of financial institutions ready to lend money out there for simple roof financing options. Homeowners just need to research well before deciding.

What Homeowners Should Do:

Today's Lesson

While there has been a crack down in the finance industry, the home industry still has many predatory lenders. We still see a lot of deceptive practices and tricks being used for simple roof financing. In our previous articles we have discussed what type of financing you should ask about when looking to purchase a new roof. In summary:

  1. Homeowners should make sure the loan is simple interest.
  2. Make sure it is an unsecured loan with a fixed interest rate.
  3. Before getting to details regarding loan, homeowners need to make sure they are purchasing good quality product from a reputable company. Always make sure you are getting a fair deal.
  4. Tell the prospective contractor that you will be financing but do it at the end. If you disclose this information to early they can either try to take advantage of you, or sell you things that you just may not need.

In short, our team suggests advises that there are costs involved in financing that need to be taken into account. Homeowners have to decide if that is the best way to go or not when considering simple roof financing.

Always Negotiate!

Negotiate

Our team advises that homeowners negotiate their best deal based on the total, final price. Do not let amount of monthly payments be a decider. This is common trick used to deceive customers who are looking for simple roof financing. A small monthly payment may sound good but it adds up in the long-run. It is even worse if you have to pay fines on it in case you get late.

Be Careful With Down Payments:

Cash or financing

Our team also advises that homeowners be careful about giving the contractor any money up front when financing. There have been instances in the past where customers have been duped to pay inflated payments mid way through the project after they have made a hefty amount as down payment. Always remember, having an open credit line doesn’t mean you can be taken advantage of. Stick with the total amount at the start of the project till the end of the project.

We’re here to help!

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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 Here