Any sort of roofing will always be a considerable expense and often leaves people wondering if they can finance a new roof. The great news is you can, and HFS Financial has excellent financing options to help you get a new roof.
While there are a few options to choose from when you are ready to finance a new roof, HFS Financial is the best and easiest option for homeowners.
Credit Card
A new credit card is one option some people investigate when looking to finance a new roof. While this is an option to consider, it will likely take more than one credit card to pay for the expense of a new roof.
The cost of a roof depends on a number of factors but will usually cost around $10,000 to replace, according to national averages in 2023.
If you have good enough credit, getting a credit card that will cover around $10,000 is possible. However, if the replacement roof costs much more than that, another credit card, or possibly two, would be required.
The other factor to consider with credit cards is the exorbitant interest rate. Some cards offer a great introductory rate for the first twelve months. It jumps to nearly twenty percent or higher after the initial period, though. These higher payments will make it more difficult to get the cards paid off — which can possibly leave you with harmed credit, stress over repayment, and even collection companies coming after you.
Personal Savings
Another way that people may try to finance a new roof is to save up enough money to be able to pay for it all in cash. While this would be ideal, it is probably not very realistic for most people. This option requires you to be able to start saving for a new roof long before you need one. If you are unable to do that, your roof will be bad and leaking before you have enough money saved to pay for a new one.
That would leave you just having to repair the old roof and no closer to having a new one. This can be a huge issue with your mortgage company, as most companies require work to be completed as part of your mortgage agreement.
Saving up cash would be an endless cycle that would leave you needing to finance a new roof anyways.
Using a Home Equity Loan or Refinance to Finance a New Roof
Many people consider using a home equity loan or line of credit to help finance a myriad of home improvement projects. They may also choose to refinance their home. Both of these options use your home’s value and subtract what you still owe on it to lend you money.
While these options have much better rates than a credit card, it should be noted that they can both place your home in jeopardy should you run into trouble and not be able to pay.
A loan or line of credit against your home will use the home itself as collateral. And a refinance loan will set you back on what you owe on your house and could possibly raise interest rates on your loan or cause monthly payments to increase. You will also need to pay closing costs which will detract from the money you can borrow.
HFS Financial Loan
Think you are running out of roof financing options? Think again! HFS Financial has excellent options to help you finance a new roof.
No matter what kind of roofing you want, HFS Financial can find the perfect loan to fit your new roof project. Our Check Your Rate link will allow you to start the loan process quickly. Take just 60 seconds to inquire about your options. If your roof is getting old and needs to be replaced, look no further than HFS Financial for your financing needs. “You Dream It. We Finance It.”