How Can I Finance My Roof Replacement In Howell Michigan?

Although a roof replacement may be necessary for your home, they can be quite expensive.  By financing you roof in Howell Michigan, you can pay the cost of your roof over several months – and even years – to make the investment more affordable.  If you’re in the market to finance your new roof in Howell, here the most common and affordable options for financing:

Homeowners Insurance

Depending on your homeowners insurance and coverage, you may be able to pay for cost of a new roof replacement if it was damaged.  Most insurance policies cover roofing repairs if it was damaged by a natural disaster, such as a fire or storm, or theft.  If this is the case, make sure to check with your insurance company, first, before taking out a loan.  However, if your Howell Michigan roof needs repairs due to old age or lack of maintenance, you’ll need to pay for the replacement with a different method.

Payment Plan

Some roofing companies offer payment plans or have good relationships with nearby credit unions.  By choosing a payment plan, it’s easy to spread roofing payments over several months or years for a more affordable payment option.  Before signing on to a payment plan, make sure to check the interest rate and monthly payments.  Consider shopping around to other credit unions and your bank for the best rates.

FHA Title I Home & Property Improvement Loan

Major roofing replacement costs could call for a Title I home and property improvement loan.  These loans are insured by the Federal Housing Administration (FHA), which reduces the risk faced by lenders.  If you own a single-family home, you can borrow up to $25,000; but know any loan above $7,500 must be secured by your mortgage or property deed of trust.

Home Equity Loan

Taking out a home equity loan can be an affordable way to pay for a roof replacement, especially if you have a lot of equity built up in your home.  You can borrow up to 85% of your home’s equity, according to the Federal Trade Commission.  Before moving forward with a home equity loan, make sure you have a clear way to make payments, as falling behind on payments could result in big consequences – such as losing your home.

Personal Loan

Personal loans typically have a higher interest rate and shorter terms than other loans but are still a great way to finance a roof replacement.  You can borrow up to $100,000 with a personal loan and don’t have to offer any form of collateral when taking out this type of loan.

When getting a loan for your roof replacement, it’s important to minimize the amount you borrow.  Don’t be afraid to shop around before going forward with a roofing company or a lender.  Additionally, roofing companies offer cheaper prices on services in the winter and spring months.  If you have questions about roof replacement and other roofing services, contact your local roofing experts at Herbert Roofing.  We’ll make sure your roof is handled with quality and care, at an affordable price.

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