Installing a new roof on your West Lafayette home can be a costly endeavor. There are many reasons why you may need a new roof installation, but don’t worry too much about the expense. Financing a new roof is easier than you might think.
Review Your Homeowner’s Insurance Policy and Warranty
First and foremost, you should carefully review the details of your homeowner’s insurance policy. If you need a new roof because of damages, your policy may cover the cost. Depending on the age of your roof, you may still have an existing warranty in place that can finance your roofing needs.
In-house Company Financing
Perhaps you want to install a new roof on your home for cosmetic reasons. In that case, you will have to pay out of pocket. Thankfully, in-house financing is an option. Rather than having to come up with thousands of dollars at once, you may qualify for in-house company financing that allows you to make monthly payments.
The Benefits of In-house Financing
With in-house financing, you gain the benefit of quick approvals. Many customers receive a decision within one to five business days. Traditional lending options, such as a bank, can often take much longer to approve a loan decision.
Another benefit is that you do not have to provide any collateral. Many traditional lenders and banks prefer collateral to help pay the cost of the loan in the event you can’t or don’t make the payments. Unfortunately, not everyone has something they can offer as collateral, which is why in-house financing could be the better option for you.
In-house financing for a new roof requires a credit check, but when banks and lenders run your credit for traditional loans, it dings your credit. Each of these hard inquiries decreases your score a bit. Fortunately, in-house financing only requires a soft pull, which means your credit score stays intact.
Applying for New Roof Financing
Applying for new roof financing with us does not require extensive paperwork. If you have ever applied for a loan through a bank, you may have noticed a stack of paperwork. Thankfully, applying takes only a couple of minutes of your time. You can easily apply for financing online rather than in person, and pre-approvals are often instant.
If you need help applying for financing options, we can help. One of our roofing experts can help guide you through the application process to ensure all information provided is accurate and complete. If approved, you will see a selection of options available to you.
Make sure you pay attention to each selection carefully before making any hasty decisions. It is important that you especially pay attention to the length of each loan and the APR. Terms may range from one year up to 12 years.
New Roof Loan Details
The length of your loan can impact how much you spend on repairs overall and how much your payments will be each month. For example, if you have a new roof installation financed and agree to pay it back in a year, your payments will be more each month. Despite higher monthly payments, you will pay less on overall costs since you will accrue less interest on your loan.
Agreeing to pay back the loan over the course of several years will result in lower monthly payments but a higher amount paid out overall. Despite paying out more in total, a longer payback period often benefits customers who do not have much extra money to spare each month.
When reviewing your new roof loan details, make sure you inspect your terms carefully, particularly the APR (annual percentage rate). Anytime you apply for a loan, the APR is one of the most important factors to consider. The higher the APR, the more you will pay in interest.
Work With the Pros
Once you have your loan approval, you can get your new roof installation underway. We here at Hammer Down Exteriors look forward to your business. No roofing project is too big or too small for us. Whether you need a new roof, a roof replacement, or a roof inspection, we are here to help. Contact Hammer Down Exteriors in West Lafayette today to learn more about how we can help you.
