[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/armorvueexteriors.com\/can-you-finance-a-new-roof\/#BlogPosting","mainEntityOfPage":"https:\/\/armorvueexteriors.com\/can-you-finance-a-new-roof\/","headline":"Can You Finance a New Roof?","name":"Can You Finance a New Roof?","description":"The cost of a new roof can be a significant expense. It\u2019s one of the reasons some potential home buyers won\u2019t even consider purchasing a home<span class=\"excerpt-hellip\"> [\u2026]<\/span>","datePublished":"2021-02-02","dateModified":"2022-07-13","author":{"@type":"Person","@id":"https:\/\/armorvueexteriors.com\/author\/ARMORVUE\/#Person","name":"ARMORVUE Home Exteriors","url":"https:\/\/armorvueexteriors.com\/author\/ARMORVUE\/","identifier":18,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/828be52dceed5a09e9b103462c1eb3abcfcb97cd0b88e1fdee1b55417b759ed4?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/828be52dceed5a09e9b103462c1eb3abcfcb97cd0b88e1fdee1b55417b759ed4?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"ARMORVUE Home Exteriors","logo":{"@type":"ImageObject","@id":"https:\/\/armorvueexteriors.com\/wp-content\/uploads\/2018\/10\/sitelogo.jpg","url":"https:\/\/armorvueexteriors.com\/wp-content\/uploads\/2018\/10\/sitelogo.jpg","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/armorvueexteriors.com\/wp-content\/uploads\/2021\/11\/bigstock-Single-family-American-Craftsm-145202546.jpg","url":"https:\/\/armorvueexteriors.com\/wp-content\/uploads\/2021\/11\/bigstock-Single-family-American-Craftsm-145202546.jpg","height":600,"width":900},"url":"https:\/\/armorvueexteriors.com\/can-you-finance-a-new-roof\/","about":["Cleveland","Roofing"],"wordCount":710,"articleBody":"The cost of a new roof can be a significant expense. It\u2019s one of the reasons some potential home buyers won\u2019t even consider purchasing a home that\u2019s in need of a new roof. It\u2019s also why some homeowners wait too long to replace their roof. Trying to hold off on such a big investment can end up costing you more due to structural repairs. After several decades of wear and tear, a full roof replacement is inevitable. Rather than take a risk of the job becoming more than you bargained for, it\u2019s best to think about a new roof sooner rather than later. If money is holding you back, consider your options for financing the project.Check Your Insurance CoverageIf you have homeowner\u2019s insurance, you may be able to use your policy to cover the cost of a new roof. There are some circumstances where insurance policies will cover roof repairs or replacement. If some of the damages were caused by a storm, it\u2019s worth a call to your insurance agent. You may be able to claim part of the damage and get some insurance money to apply towards the total needed.Roofing Company Payment PlansSome roofing companies offer financing to help make the purchase of a new roof more affordable. With a payment plan option, you can spread your payments out over the course of several months or even years. Most plans charge interest, which can increase the total cost of your new roof in the long run, so calculate it out. It\u2019s important to familiarize yourself with the interest rates and monthly payment to make sure you can afford it. Payment plans will vary depending on the roofing company, so it\u2019s important to ask each company you\u2019re interested in hiring what their specific payment plan terms and requirements are.Home Equity LoanA home equity loan allows you to borrow cash against the value of your home. You keep your existing mortgage but take out a new loan with a fixed interest rate that\u2019s typically lower than credit cards or personal loans.FHA Title I LoanIf you don\u2019t have enough equity to borrow against your home, you may qualify for a Federal Housing Administration (FHA) Title I loan instead. These fixed rate loans are insured by the government and designed to fund home improvements that substantially improve the home\u2019s basic livability, like a new roof for example. These types of loans are available through FHA-approved lenders.Personal LoanAnother financing option is to take out a personal loan. You\u2019ll pay more in interest compared to a home equity loan, but it\u2019s still better than a high interest credit card. Personal loans are unsecured, meaning there\u2019s no asset backing them, so lenders usually charge higher interest rates. If you have great credit, you may qualify for a reasonable rate. If approved for a personal loan, you\u2019ll receive the money in a lump sum, then pay it back in fixed monthly installments.Credit CardsCredit cards can be an option if you open a card with a substantial zero percent interest rate introductory period. You\u2019ve got to be real with yourself here, though, because if you won\u2019t be able to pay off the card entirely before the intro period is up, they\u2019ll tack on all that interest you saved, and likely charge you a hefty interest rate for the remainder of your balance due.ConclusionPaying for a new roof, especially if you weren\u2019t expecting to replace it, can be very overwhelming. However, there are plenty of viable financing options available if you know where to look and who to talk to. We know you don\u2019t get a new roof every year, so it\u2019s only natural you don\u2019t really know much about getting a new roof or how to pay for such a big ticket item. Contact us with your questions. Armorvue Home Exteriors offers financing options and decades of experience to help guide you through this process.Subscribe to ARMORVUE Home Exteriors\u2019s BlogGet ARMORVUE Window &#038; Door\u2019s latest articles straight to your inbox. Enter your name and email address below."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Can You Finance a New Roof?","item":"https:\/\/armorvueexteriors.com\/can-you-finance-a-new-roof\/#breadcrumbitem"}]}]