Is Financing Your Roofing And Siding Project Possible? How Does It Work? What Is The Best Option?

Below are viable financing solutions for roofing and siding projects:

HELOC is short for Home Equity Line of Credit. This term refers to a revolving line of credit designed to use your home as collateral. Therefore, unlike home improvement loans, which are often unsecured, a HELOC requires you to put your property on the line.

A Home Equity Line of Credit has two periods:

Do you have an existing loan? If yes, here’s some good news: you can revise its terms, including payment schedules and interest rates. This is made possible by a financing option known as a refinance. Simply put, a refinance lets you switch current loan terms and get more favorable ones. For instance, you can refinance your loan and take out a new mortgage with lower interest rates.

Various refinance loan options are available today, including cash-out refinance. Generally, a cash-out refinance loan allows you to convert your home equity into cash and use the funds to pay off an existing mortgage. Once you’ve covered the loan, you can use the money left to pay for projects like roof repairs or siding replacement.

Many roofers accept credit cards. What’s more, by using credit cards to cover roofing and siding projects, you may reap benefits like:

Mortgages are tailored for homebuyers. Many don’t know they can use these loans to cover extensive projects like roof replacement or siding installation. But to get a mortgage for roofing and siding in an area like Southwest Florida, you must meet specific requirements. For instance, you may need a good FICO score (at least 620) and an acceptable DTI (debt-to-income) ratio.

Here’s the differentiating factor between a home improvement loan and a conventional mortgage. You take out the former when home renovations are necessary. On the other hand, a mortgage can help you buy a property or pay for projects like maintenance, siding replacement, etc.

A line of credit (LOC) consists of a predetermined loan limit you can tap into whenever necessary and repay in a lump sum or over a specific period. The most common type of line of credit available for homeowners is the HELOC. However, other options exist, including:

As the name suggests, a second mortgage is a loan you take out on a property with an existing debt obligation. It comes from any other source besides the original lender. As a homeowner, you have access to 2 common types of second mortgages:

Cash is the most straightforward and readily available option for paying for roofing or siding projects. And luckily, some roofers offer discount prices to homeowners who pay using cash because they do not have to wait for loans to be approved. Also, cash can be a superb payment option because it doesn’t come with interest charges or throw you into debt from which you can’t recover. Moreover, some home improvement financing solutions can front you the money you need to pay for roofing or siding with cash.

The best roofing and siding financing option depends on your needs and preferences. For instance, cash should be your go-to if you want to pay less for your project. On the other hand, if your goal is bolstering your credit and know you have the ability to re-pay, your plastic cards can come in handy.

Considering the above, factor in the following while choosing the best financing option:

At Allstate Exteriors & Restoration Services LLC, we offer exceptional roofing and siding services in various areas, including Ohio and Florida. Our experts can tackle roof inspection and repairs. We can also help you upgrade your siding.  

Additionally, we offer financing options for diverse projects, including roofing and siding. Contact us now for more information and get a free estimate!