You’ve finally decided on what kind of asphalt shingle roofs you want, you’ve taken the time to vet contractors and choose the best one, and you’ve cleared a few days out of your schedule when the forecast is clear for your roofing project. The only thing left to do now is to figure out how to finance the whole operation.
You have several options when it comes to financing a roof replacement and every one of them have their own pros and cons. Let our skilled roofing experts at Howard Roofing & Home Improvements explain these different options and show you which one is the best for your project.
Home equity is perhaps the most common way homeowners finance their roof repair and replacement needs. The interest rates for home equity loans are fixed and the amortization schedule is easy to understand and follow. However, home equity may not be best for homeowners whose mortgage loans are close to being paid in full. So if you’re only a few payments away from paying off your mortgage, a home equity loan may not give you the right amount to finance your roof replacement.
HELOC stands for home equity line of credit and it offers a lot more flexibility than the guaranteed fixed interest rate of home equity loans. You can think of HELOCs similarly like credit cards, in that you receive a line of credit that you have to pay back. You take only what your project requires and the will be the amount of your loan. HELOCs, unfortunately, have slightly higher interest rates than home equities, discouraging many homeowners to consider this as an option.
In-house financing through your roofing company is perhaps the best among all the choices. This way you’re only dealing with only one company for both the project and financing. Your roofing company can also help you find the best ways to save you money in the long run.
At Howard Roofing & Home Improvements, we can help you finance your roof replacement and other home improvement projects. Give us a call at (636) 296-1057 or fill out our contact form to schedule a consultation and request a free estimate today. We serve homeowners in Belleville, and other neighboring IL communities.