Banes Roofing

Roof Replacement Financing Options

May 5, 2023
Residential Roofing

Roof Replacement Financing Options
In Ambler, PA

How To Make Your Project Comfortably Affordable

When planning your roof replacement in Ambler, PA, you might be apprehensive due to the cost of the project. However, having the best asphalt shingle roofing in place is essential to maintaining the integrity of your home. While the upfront cost may be daunting, you can choose from several excellent options to make it more comfortably affordable.

Here at Banes Roofing, we’ve created this list of options you can consider to finance your roof replacement project. After evaluating all possible choices, you can select the one that best meets your needs and budget, giving you peace of mind with a solid new roof over your head.

Homeowners Insurance

Technically, this first prospect isn’t a financing option but a way to pay for your new roof. When a storm or other event damages your roof and is covered by homeowners insurance, you can file a claim and get coverage that pays for the installation of brand-new asphalt shingle roofing.

While you may need to pay for the deductible, it will be significantly less than the total cost of the roof replacement. You’ll need an inspection from a reliable residential roofing company that can help you through the claim process. Many times, they’ll be able to work with the insurance adjuster on negotiations to get you the best coverage possible.

However, if the insurance denies your claim, you’ll need to find another option for payment. Additionally, if your damage isn’t caused by a storm or something similar, you likely won’t be covered.

Personal Loan

One of the most varied options is a personal loan. You can apply for these at banks, online lenders, and credit unions. Interest rates vary from lender to lender and are based on your credit rating. Generally, you can find loans between $1,000 and $50,000. However, the actual amount you can borrow will depend on income, credit, and collateral.

You should shop around to find the best lender to meet your needs. You can fill out a few applications, choosing the ones that will not affect your credit score. The lenders will tell you what your interest rate will be, how much your monthly payment will be, and if there are additional charges, such as an origination fee.

You’ll want to compare the information from each lender to decide which is the best overall. Consider the total cost of the loan or APR as opposed to just the interest rate with each one. When your credit score is high, you’ll have a lot of lenders to choose from, so you’ll need to be picky with the one you select.

Home Equity Loan

Another option is a home equity loan. This is a loan for a fixed amount of money. With this type of loan, your home is put up as collateral. You may have also heard it referred to as a second mortgage – it’s also paid off over time in the same way.

This option is suitable for those with strong credit on their property and solid income. Many lenders will allow you to borrow up to 85% of your home’s value – less the balance of your current mortgage.

These loans are a popular choice for their low-interest rates, but they come with some disadvantages. For instance, the approval period can be extensive, taking anywhere from two to four weeks. Additionally, failure to pay the fixed monthly amount can result in losing your home.

Home Equity Line Of Credit (HELOC)

An HELOC is similar to a home equity loan, as your Ambler, PA, home is put up as collateral; however, the amount is not borrowed as a lump sum. Instead, you are given a financing option much like a credit card, where you can repeatedly borrow over a specific period as long as you do not exceed your credit limit.

It’s also similar to a home equity loan in that you can generally access up to 85% of your home’s value, less the balance of your first mortgage. The main difference is that a HELOC usually has a variable interest rate. After the promotional period ends, the rate can either go up or down, affecting the amount you pay in the long run.

Credit Card

While it’s not ideal, you can use a credit card to pay for your purchase. You’ll need to be approved for a credit line high enough to afford the project. Many credit cards also offer promotional purchase options – if you pay within a certain period, you won’t be charged any interest.

However, most credit cards have extremely high-interest rates if you cannot pay the balance off quickly, you’ll pay even more than you would with many other financing options.

Financing Through Your Roofing Company

One of the best options is to go through your Montgomery County roofing company for easy financing options. They’ve essentially done the hard part for you and found excellent companies that offer comfortable financing options that will allow you to pay for your roof in the most convenient way once you qualify.

When You Need New Asphalt Shingle Roofing,
Turn To The Best In Ambler, PA

When the asphalt shingle roofing on your Ambler, PA, home is looking worse for wear, it’s time to call in a professional. Here at Banes Roofing, we have an eye for detail and strict adherence to the rules.

We never want to get a phone call to fix something that should have been installed right the first time. That’s why we follow every guideline to the letter when installing a new roof, ensuring you get a flawless installation.

Call Banes Roofing today at (215) 855-ROOF for a free estimate.

Get A Free Roof Estimate

Contact us for a free estimate on roof replacement, roof repair, and exterior remodeling in Blue Bell, PA. Our appointments are educational, relaxed, and free from sales pressure. That’s a promise.