Are you in need of roof financing? If your roof requires a hefty repair or total replacement you may not be able to pay for the complete cost out of pocket. A roof is a large investment that many homeowners have to make unexpectedly. However, you have many options for financing your new roof. With the help of an experienced roofing contractor, you can easily apply for financing and get the work done quickly.

The cost of your roof can vary widely. When thinking of replacing your roof you should consider 

  • Roof Size
  • Roof Style/Complexity 
  • Roofing Shingles 
  • Materials 
  • The Roofing Contractor You Choose 
  • Geographical Area 
  • Insurance Coverage

These factors can heavily influence the cost of your roof. Each homeowner faces unique challenges when replacing a roof, making it difficult to give an accurate estimate without visiting the home. However, D&G Roofing and Restoration performs inspections and will prepare a detailed estimate for your home’s cost, free of charge.

Lenders use many terms to describe financing. Being aware of these terms and what they mean will make you a more educated investor. 

Term refers to the amount of time you have to repay the loan. This is typically expressed as months/years. 

APR (Annual Percentage Rate) refers to the amount of money charged to the borrower to pay the investor. This amount may or may not include fees. This amount does not incorporate the compounding effect of interest. APR is a great tool to utilize when comparing loan products. 

Principal is the total amount of money borrowed at the beginning of the term 

Interest is the monetary charge for borrowing money. This number is found by multiplying the principal amount by an agreed-upon percentage.

Many homeowners place their roofs on the back burner until severe damage becomes noticeable, or mother nature forces them to make repairs and replacements. This leaves many homeowners unprepared for a financial burden. Even if your insurance covers some of the damage, you may still need to pay a large deductible that is not in your budget. 

Many contractors offer financing options, and may even assist you in choosing the best option for you and your family. Some of the benefits of financing include low monthly payments, deferments, delayed payments, and a quick approval process.

Low Monthly Payments 

When you choose to finance your roof you can benefit from low monthly payments. Instead of paying several thousand dollars upfront, financing can make it possible for you to make small monthly payments. 

Defer an upfront payment

Some installment loans offer no interest and no payment for the first few months of your loan. This can allow you to save money and set up a financial plan for you and your family without incurring penalties. 

Delayed Payments 

Some loans offer delayed payments which allow you to put off making payments for a set period. Once your delay period is over you will begin making regular payments at the agreed-upon interest rate. This can help homeowners who may not have been ready for the financial burden. The principal amount may still accrue interest while in the delay period. 

Quick Approval Process

Many roofing companies offer assistance to set up roof financing online, over the phone, or through an app. This speeds up the process and can get you approved within a few short minutes.

Loan terms vary from lender to lender and your specific financing needs. Most loans for a roof range from 12 months to 144 months. A longer loan term will often have lower monthly rates making it more affordable with payments remaining in your budget. However, a shorter loan term will help you pay your debt off sooner with less accrued interest.

Each homeowners insurance policy is unique. Many policies provide coverage if your roof has been affected by a weather-related event. If you are looking to replace your roof due to age or increased resale value, your homeowner’s insurance may not assist with the cost. It is important to understand the terms of your policy. Reach out to your insurance agent for help understanding your coverage

D&G Roofing and Restoration prides itself on the fact that we have been in business since 2010. This has allowed us to build strong relationships with banks in our service area. We can help you navigate insurance claims and provide financing options to ensure your family can stay safely under your roof. Our experienced team can help you work with your insurance agency and help you get the best roof for you and your family. 

If you have any questions regarding financing for your home, please reach out to our office!