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Roofing Tips, Tricks and Ideas

How to Finance a New Roof

Published by Pickard Roofing at

A new roof can improve your home's appearance, increase its value, and protect your family from the elements. However, a new roof installation can be expensive, and not everyone has the cash available to pay for it upfront.

Thankfully, there are several financing options available to homeowners who need to finance a new roof. Here are a few things to keep in mind when financing a new roof.

Get multiple estimates

When it comes to financing a new roof, it is essential to start by getting multiple estimates from different roofing contractors.

This not only helps you determine the cost of your project but also ensures you are getting a fair price.

It is important to remember that although the cost is a significant factor, it should not be your only deciding point.

You want to work with a trustworthy and experienced roofer who will give you quality workmanship that will last for years to come.

Consider your credit score

Lenders use credit scores to determine the interest rate for a loan, so having a good credit score can help you secure a lower rate and potentially save you money over time.

It's worth taking some time to review your credit report and make sure there are no errors or inaccuracies that could be dragging down your score.

Before applying for a loan to finance your new roof, consider taking action to improve your credit score if it is needed. By being proactive about your credit, you can put yourself in the best possible position for securing a loan with favorable terms.

Consider a home equity loan or line of credit

If you have equity in your home, a home equity loan or line of credit could be an excellent way to finance a new roof.

These loans are secured by the value of your home and typically offer lower interest rates than other types of financing.

You will need to consider the terms carefully, however, as these loans require you to put your home up as collateral.

It is also worth noting that these loans usually come with closing costs, so be sure to factor those in when comparing loan options.

Use a 0% intro rate on a credit card

Another option for financing a new roof is to apply for a credit card with a 0% introductory rate.

These cards will offer you an extended period of time (sometimes up to 18 months) during which you won't be charged any interest on your card balance.

This can provide an excellent opportunity to spread out the payments over a longer period of time and avoid interest charges.

However, you need to be careful with these offers—failure to pay the balance off in full before the introductory rate expires could result in a significant amount of interest being added to your balance.

Take out a personal loan

If you don't have enough equity in your home to qualify for a HELOC or if you want to avoid the higher interest rates associated with credit cards, taking out a personal loan could be an option.

Personal loans are typically unsecured and can range from $1,000 up to $100,000 depending on your qualifications.

These loans are widely available from banks, credit unions, and online lenders so you should have no problem finding one that fits your needs.

Before taking out a personal loan, however, make sure to compare interest rates and fees across several lenders in order to get the best deal.

Talk to your bank about other options

Finally, it's always worth talking to your bank or credit union about other financing options.

Banks and credit unions often offer competitive rates on loans and can provide you with personalized advice to help you find the best loan for your needs.

Be sure to shop around, compare interest rates, and read all of the fine print before signing any contracts or agreements.

By doing your research and taking the time to explore all of your options, you can be sure that you are getting the best deal possible on financing for a new roof.

Final thoughts

No matter which financing option you choose, be sure to pick a high-quality roofing company. 

Financing a new roof is a big expense, and it is a long-term investment. 

Picking a top-rated roofing contractor will help ensure that you are adding value to your home and will have a roof that lasts for decades.

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At Pickard Roofing, we think Design. Craft. Renew. We are experienced in all types of roofing systems- and provide the right roofing design and selective craftsmanship for renewing our customer’s assets. We invite sustainable building customers to give us a call for your free evaluation. For over 90 years Pickard Roofing Company has installed countless metal, tile, slate, TPO, EPDM, and all types of shingle roofing in the Triangle. Our services include residential, commercial, custom architectural metal fabrication, and historical renovation.