When it comes time to replace your roof, or have major repair work done, you can be sure of one thing: it will cost a lot of money. Now this does not mean that roof replacement and repair is not affordable. In fact, there are several financing options for paying for roof work, so you are bound to find a funding method that works for you.
Continue reading to learn some of the best finance options for roof repair and replacement.
The average roof replacement costs between $5,000 and $10,000. Major roof repair comes in just below those marks. So what does a homeowner do when they need costly roof work done? They can turn to one of these popular funding methods:
Credit payment is always an option for anyone who has good credit. If your income is sufficient and you have a good credit score, you can take the straightforward approach and put the purchase on credit. Making monthly or periodic credit payments for roof work can be convenient for those who meet these standards since you don’t have to work with a third-party lender or wait for loans to come through. Just be aware of APR’s, high-interest rates,and other related credit terms and conditions.
☑ Personal Loan
Taking out a personal loan from your bank of choice is another common and workable solution for funding roof work. In addition to banks, homeowners also have the option of working with credit unions or online lenders. Personal loans do not require any equity, so they are well-suited for someone who has good credit, but wants to improve their credit, and has a steady income flow. Just be sure to pay attention to repayment schedule and interest rates terms.
☑ FHA Loan
An FHA loan, or Federal Housing Administration loan, is another common fixed rate loan option for roof repair and replacement, but it is not suited for everyone. The federal government offers financing schemes for real estate owners looking to make certain renovations, but you must meet certain requirements to qualify for the program. To see if such a loan is a good fit for your home remodeling needs, start by looking for FHA-approved lenders, and request a consultation.
☑ Home Equity Loan
You may have the option of securing either a home equity loan or a home equity line of credit (HELOC) from your bank in order to fund a roof repair project. A home equity loan is much like a second mortgage in that you use your home as collateral to borrow more money, and then continue by making payments to pay it all off over time. A home equity line of credit (HELOC) is like a credit card that your bank gives you so that you can spread the cost of roof repair out over a longer period of time.
Affordable Indianapolis Roof Replacement and Repair
Call RMG Roofing at 317-506-1358 for professional Indianapolis roof replacement and repair you can trust. We are licensed,bonded, and insured roofing contractors who provide residential and commercial roof repair and installation services at economical prices. Regardless of your roof type, size, or scope, we are fully-equipped to deliver outstanding results that last. Request a free estimate, today!