Roof Financing Instant Approvals and their Importance

Roof Financing Instant Approvals

Roof Financing Instant Approvals:

In today’s post our panel of experts here at American Standard Roofing discuss roof financing instant approvals. We see a lot of customers who are interested in getting their roofs financed. Roof financing instant approvals, while common can result in long-term consequences. The key is finding the right loan providers and terms.

Does a Good Rate Matter?

project-finance

For roof financing instant approvals? The short and quick answer is yes. Our team explains that it is important to get a decent interest rate because it doesn’t make sense to take out a loan and pay a fortune in interest. Any interest rate over a period of time can start accumulating. Keeping your interest rate down can save you from ultimately paying more in the long run.

Be Cautious of “Introductory Rates”:

Signs for Non Proper Roof Ventilation

Our team advises that homeowners need to be careful of introductory rates which salespeople always talk about as part of their pitch. In our experience, we have seen plenty of advertisements going around that offer you a very low introductory rate. However after that time period for the rate is over, the interest rate jumps. This is especially dangerous because most of us do not see this coming.

What We Recommend:

Good Advice

Our team advises the following:

  1. Our first recommendation when it comes to roof financing instant approvals is to make sure that it is a fixed rate loan.
  2. Next we recommend looking into the loan structure. This includes homeowners doing their homework on the terms of the loan. The total amount of interest that you will pay is not only dependent on the rate but also on the length of the term.
  3. We also recommend finding out if there is an automatic payment schedule that homeowners can set up. This will help in withdrawal directly out of your bank account saving them the hassle.
  4. Our team advises homeowners check up policy regarding prepayments. Sometimes there is a fine for simply paying your loan amount early.
  5. The best type of loan, in our humble opinion, is a simple interest loan that has no prepayment penalties. This way, you have the comfort of a low monthly payment with the ability to pay it off at any time without the added responsibility to cover the interest.

What We Do Not Recommend:

Be Careful

Our experts advise that homeowners should steer clear of secured loans. What an unsecured loan means to homeowners is that there is no lien placed on your property, the opposite of a secured loan. This is not only important if you are looking to sell your house soon, it is something everyone needs to be aware of. When a lien is placed on the property it is notoriously difficult to get rid of and you are at the mercy of the lending institution. They might offer low interest rates but always remember the pitfalls. Harsh finance conditions can come over anyone. It is best to not risk things.

Here for All Your Roof Financing Instant Approval Needs:

ASR LogoBBB

HAHID

We are certified and licensed roofing contractors. Roof financing is our game. We also have over 36 years of experience in the industry. American Standard Roofing stands behind it’s work. We will get you the loan you need for your roof. 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.

Easy Roof Financing: A Guide By American Standard Roofing

Easy Roof Financing

Easy Roof Financing:

While we have extensively covered easy roof financing in the past, our team here at American Standard Roofing never rests. We have come up with another easy guide for homeowners. In today’s post our team will discuss roofing loans and affordable options homeowners have. In our experience homeowners are generally not aware of all these available options. We are here to show them how easy roof financing can actually be. This is if you have the right people by your side.

Roofing Loans: Affordable Option

Affordable

For easy roof financing, homeowners need to look at different types of loans available by lending institutions. This will help you finance and spread the payments of your new roof out over time. A new roof can add value to the home. It can also add to the aesthetics factor of your home. There are many types of roofs that a homeowner can pick from. Easy roof financing is generally available for all kinds of roofs. We explained this in a previous article:

Loan Types

Types of Loans

 

Do Your Homework:

Homework

We always advise homeowners to never get caught off-guard. Easy roof financing becomes to look hard when you start making bad decisions. In our experience, we often see homeowners feeling pressured and rushed. We have also seen hasty and regrettable decisions made by homeowners because of friends and misguided advise from salespeople. Not to mention, even at the slight hint of getting a new roof salespeople swarm you with deals, sometimes being extremely pushy. Once again we advise homeowners to do their homework. Always get multiple quotes. The salesperson might tell you that this will waste you time and opportunity but you should know better.

GIVE US A CALL TODAY!

We are Michigan’s #1 roofers for easy roof financing. We have been in the roofing business for over 36 years and know what we’re doing. Over a period of time we have built relationships with a bunch of financial institutions. We will work with you and get you on your way to getting that new roof. Call us today at (248) 350-2323 or visit our website here.

Get me approvedClick Here

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!

ASR Logo

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!

Click HereGet me approved

Bad Credit Roof Financing: Making Roofing Loans Easier

Bad Credit Roof Financing

Bad credit roof financing has become a primary hurdle for homeowners in the roofing industry today. Our team here at American Standard Roofing advises prospective bad credit roof financing homeowners looking for roofing loans, to be extremely careful. Finding a professional roofer with great background, experience and reputation is essential. That said, when majority of roofing companies hear that you are looking for bad credit roof financing, they start using unsavory tricks. Multiple ‘plans’ suddenly start popping up for bad credit roof financing, along with options that sometimes homeowners do not need. Their salespeople try to force down more projects on you piggybacking on the bad credit roof financing and loan. Here at American Standard Roofing we think this is extremely unprofessional behavior. Our business philosophy is simple: the more aware customer is the better it is for everyone. That is why we have an article for you today that will discuss in-depth bad credit roof financing and loans for better homeowner awareness.

Bad credit roof financing shouldn’t be a hurdle for homeowners!

Bad Credit Roof Financing Hurdles

There has been a decline in some distasteful practices in financial sector over last few years. This has resulted in more cleansed environment in terms of greedy and wolfish common practices. However, unfortunately, the home improvement and roofing industry still have loopholes for bad credit roof financing that can hurt homeowners.

Discounted cash prices or bad credit roof financing?

Cash or financing

Homeowners need to understand is importance of quality products and service for the roof. This comes even before the bad credit roof financing loan. After you have decided on that, let the contractor know you are interested in financing. Any earlier and you risk being taken advantage of. This is because most roofing companies have a knack for selling things homeowners rarely need. One important thing to note here though is that usually contractors will provide a discounted cash price when you bring up bad credit roof financing. It is up to the homeowner to decide if that is a good option. In the end, the homeowners need to decide whether monthly payments (which usually come with added costs) is more feasible for their wallets, or a discounted total payment is the way to go. It all depends on individual circumstances.

Negotiate, negotiate, negotiate:

 

Negotiations

We cannot emphasize on this enough. The best way to negotiate your bad credit roof financing is by considering the total amount you are willing to pay. It is not by playing around with monthly payment amounts. Negotiate your bottom line. A common trick contractors use is throwing a low monthly payment at you. A low, fixed month payment is great. But is it great if you have to pay the amount for over a decade? Will it be okay if you miss a payment and the amount suddenly triples? Not so much. Negotiating terms before hand is also important because taking out bad credit roof financing loans comes with great responsibility. This also needs to be negotiated seriously because it comes with high chance of accumulating debt over a period of time as well. Not to mention the impact it will have on borrowers credit history.

Make your down payment after much consideration:

Think Before Making Downpayment

Homeowners need to pay special attention when making down payment for the bad credit roof financing loan. Do not let contractors change numbers mid way through the projects after you have made the down payment. A homeowner can get caught making a huge down payment and then having to pay more because original quoted amount gets changed because of ‘unforeseen circumstances’. Simply because customer has an open credit line does not give contractors the reason to charge more.

So what are some kinds of bad credit roof financing and loans?

Bad Credit Roof Financing Loans

Luckily, there is a wide variety of bad credit roof financing available. The best advice to look for such a loan is to check banks, credit unions and other lending institutions. Most of them are willing to work with bad credit. There are other options as well like personal loans, credit cards, and other lines of credit that we will discuss in detail underneath. Besides this, another option is to talk to your roofing professionals. If it is a reputable company, they should be able to offer bad credit roof financing with ease. Following are a few ways homeowners can look in getting loans:

  1. Professional Contractors: Your contractor 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, and 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, so make sure keep track of when payments are due.
  2. Federal Housing Administration (FHA) Title I: This loan can work for people looking for bad credit roof financing. If you are a home owner and you do not have a lot of equity built up, you can generally get qualified for this. It is very simple how this works. Any lending institution (such as bank or credit union) will provide loans from their funds and FHA will insure them against any loss they might take if borrower defaults. This loan can be taken to work on roof repairs, replacements and even some luxury item renovations. Here is a link to the program’s website for more information.
  3. Credit cards: These are a good mode of obtaining a loan, and their more feasible if their interest rates are low. Homeowners do need to have good to moderate credit to qualify for that, however, in most cases. Many customers with bad credit opt for applying for credit cards that have a security deposit with them and a lower credit line. These type of credit cards are easier to obtain when looking for bad credit roof financing. If you’re good with managing finances, this can work out well. Break up the cost in monthly payments and do not charge anything else to the card. An excellent tip from our experts here at American Standard Roofing.
  4. Equity Line of Credit (HELOC): This is another option customers can look into. Existing home owners can put their home as collateral for a loan and then use it for roof repairs/replacements. More information about HELOC can be found 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. 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. You should discuss with your banker what the best option is for your situation.
  5. Build Your Savings: Start saving! That is the best option among all other for bad credit roof financing. Start putting away a fixed amount today. This will gradually build up for that rainy day when you need a new roof.
  6. Grants: Finally, if you have tried looking into all other options for bad credit roof financing, and still come short, do not worry. Most areas in the US have allocated grants from the federal and state government. Homeowners will have to check with local building administrators and talk to community members check what is available. While they rarely cover whole amount of project, they can still cover a major chunk of costs without hurting the wallet.

Think quality of work, not just costs:

the right balance

Just like everything else in the world, the right balance is very important. While costs might be important, remember that a bad installation can come back and haunt you. There needs to be a good balance between the quality of work and products and the costs incurred by the homeowner. Sure bad credit roof financing is harder to get. But that doesn’t mean you should compromise on quality.

Other important questions to consider when considering taking out a loan:

  1. Another important thing to consider when working with bad credit roof financing is asking yourself if you really need the loan. Is it actually need or a want? Will you be able to survive without taking out this loan?
  2. Will the new roof or any other improvement being done from this loan actually increase your home’s value?
  3. At this time, when you are planning on taking out a loan and in need of bad credit roof financing, can you really afford the renovation? In case of roof, can you afford it in terms of monthly payments or discounted cash price?
  4. Finally, will there be any tax deductions you can claim at the end of the year? Are there any credits that you as a homeowner can earn due to taking out this loan?

Have you shopped around?

Compare Lenders

The above info-graphic is from Consumer Financial Protection Bureau. Most of the homeowners do not do necessary homework when it comes to taking out a loan. Keeping in mind the above types and conditions e mentioned, there are a variety of bad credit roofing loans out there with different interest rates. Our advice to homeowners is simple: get multiple quotes from several different contractors and lenders. You should get quotes from contractors before approaching lenders so that you’ll know how much you need to borrow. Our team also advises getting a minimum of at-least 3 quotes from different contractors.

One of the benefits for that is when you approach a lender to get a loan, they will have an easier time determining bad credit roof financing amount. This will also go on to show the lending institution that you are serious about the work that needs to be done. It will also go on to show that you have done your homework and have come to them for borrowing after due diligence. In addition, homeowners should also check with their local bank or credit union that they have an ongoing relationship with over the years. These lending institutions might be willing to work with homeowners they have known for a long period of time despite bad credit and other circumstances.

Getting more than 1 quote for the roof job also enables homeowners to find the best and the most cost effective plan tailored for them. This effectively will reduce the cost of the project and make the bad credit roof financing amount lower making it easier to get the loan.

So what should homeowners do? Go online, talk to people for referrals and do your homework when looking for contractors. There are many out there but you will have to differentiate the good ones from the bad ones. That is not an easy task in itself given the market saturation when it comes to roofing professionals.

A few things you should be looking for in contractors:

  1. Make sure contractors are licensed, bonded and insured.
  2. Make sure they offer full warranty of the product along with labor. Here at American Standard Roofing we offer 30 year product and labor warranty.
  3. Make sure the contractors are reputable. Go online and check their reviews. Customer satisfaction is key. Online reviews are an excellent way of judging how contractors treat their customers. Our reviews are best in the business.
  4. Talk to people in the community. Referrals are an excellent way of finding good contractors.

How does Credit Score Matter?

Good credit Infographic

Above is an excellent infographic from credit.org that shows what credit scores lending institutions consider when making decisions about bad credit roof financing. While not exact, it should give homeowners an idea of how interest rates vary as credit scores go up or down.

While it may look scary, but here at American standard Roofing, we work with multiple financial institutions who will work with you.

GIVE US A CALL TODAY!

We are Michigan’s #1 roofers. We have been in the roofing business for over 36 years and know what we’re doing. Over a period of time we have built relationships with a bunch of financial institutions. We will work with you and get you on your way to getting that new roof. Call us today at (248) 350-2323 or visit our website here.

Get me approvedClick Here