Roof Replacement Financing Options Arlington TX
Realizing that you have to replace your roof is very stressful, especially if it comes in a bad financial time. However, there are a variety of roof replacement financing options Arlington TX.
Getting roof financing will help restore your home’s curb appeal and lower energy costs. This will also add extra value to your home.
You just need to find the best financing option that is available to you.
Spending $14,000 on a new roof can add curb appeal and up the asking price by $10,500, for a ROI of 75 percent, says the ISoldMyHouse.com report.
We all know that replacing your roof is an investment and a necessity to keeps you and your family safe from outside elements.
So let’s look at some of the possible roof replacement financing options Arlington TX that you can explore to help mitigate the bottom line:
Your Roof Financing Options
Investing in your home is always a wise decision.
Most homeowners don’t always have the needed funds to work on large projects, like roof replacement. So homeowners are left to find the best available financing option that fits their budget.
Finding the best roof replacement financing options Arlington TX is easier than you think.
Financing through your roofing contractor
Some homeowners may not know this, but you can get roof replacement financing options Arlington TX to replace your roof through a local roofing contractor.
A financially stable roofing contractor may offer in-house financing to qualifying homeowners that are looking to replace their roof.
Typically, this is a great option for homeowners that have the income to keep up with the agreed payment schedule.
Roofing contractors usually have interest rates between three to eight percent or maybe higher.
Use Your Home Equity
Have you thought about getting a home equity loan (HEL) or home equity line of credit (HELOC)?
There are many reasons that a homeowner would use its home equity, especially if a home value has a substantial amount of equity.
Some homeowners use their home equity for investments, to pay off student loans, as retirement income, or even to pay off credit cards.
According to Kelly Kockos, the home equity product manager for Wells Fargo in San Francisco, home improvement is the No. 1 use of home equity loans and home equity lines of credit.
You can get a home equity loan as a term or as a line of credit.
These type of home equity loans are typically considered as a second mortgage because these loans are secured by your property.
This kind of loan and line of credit have a shorter term than the original mortgage, five to 15 years. This makes this type of financing very manageable.
Home Equity Term Loan
A home equity term loan is a loan that allows a borrower to use a home’s equity as collateral.
The loan is typically determined by the value of the home, which is determined by an appraiser of the lending institution.
The best thing about getting a home equity loan is that this type of loan can give you ample time to repay the funds used for your replacement roof.
A home equity term loan will offer homeowners a lump sum that is paid off in a predetermined time.
This kind of loan typically has a fixed interest rate and payment each month.
You can’t borrow from the loan once you get the money.
Home Equity Line of Credit
Just like a credit card, home equity line of credit allows you to borrow up to a certain amount, which is set by the lending institution.
The best part:
As you pay off the principal of your credit, you can reuse money spent as it revolves.
For instance, if you have a line of credit for $20,000 and use $10,000. Then, you pay back $5,000 towards the principal. You will have $15,000 in available credit. This kind of loan will give you the flexibility to replace your roof, compared to a term loan.
Home improvement store financing
Another roof replacement financing options Arlington TX may come through large home improvement stores, like Home Depot and Lowe’s.
Generally, these two large home improvement stores are in the top of the food chain when it comes to in-store financing options.
Home Depot Financing Options
Home Depot provides two different kinds of financing options, such as consumer credit card and project loan.
A consumer credit card is a good option for anyone looking to have emergency funds.
On the other hand:
Project loans are a line of credit for large projects like your roof replacement. Project loans are usually a 7.99 percent interest rate with up to $40,000 credit limit.
Lowe’s Financing Options
Similar to Home Depot financing options, Lowe’s has a consumer credit card that comes with three different financing options: five percent discount with every use, special short-term financing, and special long-term financing.
- Five percent discount with every use
- Special short-term financing
- Special long-term financing.
These options are mutually exclusive. So you won’t be able to get the five percent discount in conjunction to one of the special financing options.
So you won’t be able to get the five percent discount in conjunction to one of the special financing options.
In reference to replacing your roof, long-term financing makes total sense. You can get 84 months of special financing with a fixed monthly payment at 5.99 percent.
On a quick note:
Getting a store financing from one of these two large home improvement businesses sounds like a good idea as long as you have the income to make the payments.
Because of the high interest, most financial experts would recommend against getting a store credit card.
If you are faced with a home repair emergency, such as a roof replacement, one of these store financing options should resolve your problem.
It’s advised to only use this form of financing if you need to, not want to.
Final Thought – Word of Advice
You are the first line of defense.
Planning ahead and saving is the best way to have the needed funds to pay for any roof replacement cost. This will always be the best roof replacement financing options Arlington TX.
A well-priced home purchase should typically allow a homeowner to put some of the leftover money aside for a scenario like this.
Saving a percentage of your income regularly will also alleviate some of the overall roof replacement cost.
You never know when it’s going to be a rainy day.
Platform Roofing roof replacement experts are dedicated to the highest quality of products and restoration services that other roofing companies can’t provide.
With our knowledge and experience, you will be pleased to have us replace your roof. Give us a call today at 817.776.0302 or fill our online form for a free estimate.