With a new roof, your home will be more durable and secure. It can also save you money on energy bills in the long run. However, with all these benefits come some financial responsibility. Financing your new roof is an option that many homeowners overlook but it could be what saves them from future headaches down the road. In this post we will discuss how to finance a new roof and the benefits of doing so!
Finance Your Roof Replacement
The exact cost of a new roof can vary drastically depending on a number of factors. These include: the size and complexity of your roofing project, the type of roofing material used (shingle vs metal vs slate), the roofing company you hire to do the job, and your geographical area, just to name a few!
All of these variables can make it difficult to accurately estimate the total cost of your roof repair or replacement. Sometimes even with setting aside money aside for needed repairs, it may not be enough and that’s where financing can help!
When it comes to financing your roofing project, or any home project, there are some common terms that are used that you’ll need to consider:
Term – The term refers to the length of time you have to repay the loan. This is usually expressed in months or years.
APR – Annual percentage rate, also known as APR, is how much the lending company is charging you for the loan of the money for your project. It may or may not include fees, but it doesn’t include the compound effect of interest. Most interest compounds monthly. APR is a useful tool for comparing loans across lenders.
Principal – The principal of the loan represents the total amount of money borrowed at the onset of the loan.
Interest – The interest on the loan is the cost of the loan over and above the principal amount.
Why Roof Financing Can Be a Good Idea
One of the main reasons to finance your new roof, is because homeowners often put off repairing a damaged or replacing an aging roof until it’s too late. Or, sometimes a severe storm unexpectedly comes through and can destroy the shingles on your roof in a way that severely impacts its durability or a tree may fall onto your home, requiring an immediate repair.
If you have the money set aside in an emergency fund for emergency home repairs, that is fantastic news! However, most homeowners don’t have this money set aside, or enough of a fund set aside to be able to pay up-front in cash. Even if the damage is covered by your insurance, you may be left with a heavy deductible that isn’t in your budget. That’s where financing can come in.
At Crossover Roofing, we’re happy to offer 100% financing for our customers. Here are some reasons to consider roofing financing for your roof repair or roof replacement project.
Enjoy Low Monthly Payments
When you finance a new roof through Crossover Roofing, you can benefit from low monthly payments. This allows you to pay for your new roof in installment amounts you can afford.
Quick Approval Process
Applying for financing for your project is probably easier than you think. Our team is happy to help walk you through the application process and approval happens quickly!
Financing During COVID-19
We’re living in an unpredictable time with the COVID-19 pandemic and economic uncertainty. Roof financing lets you protect your investment and keep your family safe without having to worry about making large, lump-sum payments, especially during an uncertain time.
Crossover Roofing Offers 100% Financing
If you have any questions about financing your new roof, we invite to contact us! Our friendly team is available to help answer any questions you may have.