Many homeowners don’t start thinking about replacing their roof until it’s absolutely necessary. This means that it can be an unexpected expense, which raises questions about how to pay for it. Consider three ways to finance your roofing Batavia NY project.
There are a few options here. One is a home equity loan. Another is a personal loan. Lower interest rates typically come with the first option. However, it is tied directly to your home’s mortgage. If you don’t make your payments you could face home foreclosure. A personal loan, on the other hand, will come with higher interest rates and require a strong credit history. Inquiring with several different banks is a good option here since each will its own loan terms.
2. Company Financing
Many roofing companies offer their own financing options. This is often a more simplified process. A hidden benefit of hiring a company with an established financing program is that it means they have a good reputation with lenders they work with. As with loans, credit history will come into play.
3. Credit Card
Some credit card holders have a significant credit limit, which may allow them to finance the entire project with their card. This could be a tempting option due to rewards and incentives, such as not having to pay interest for the first 12 months once you are approved. Some credit card companies offer these types of deals. If you can’t pay off the roof in a year, however, this might not be your best option. Interest rates on credit cards can be much higher than bank loans or financing.
The need for a roof may come unexpectedly. However, this doesn’t mean homeowners should make a rushed decision. Considering one of these three options may help you to pay for it.