If you have a soft, sagging roof on your Lafayette, LA home, you are not alone. Many homeowners put roof replacements off due to funding concerns. Fortunately, with roof financing, you can get this essential job done without breaking the budget. Here is everything you need to know about finding and applying for roof financing.
Home Equity Line of Credit Loans
Home equity line of credit loans (HELOC) loans allow consumers to borrow against home equity while using their homes as collateral. Although HELOC funding typically comes with low-interest rates, these rates are variable. HELOC loans also come with minimum withdrawals, which could require you to take out more money than you actually need.
Home Equity Loans
You may be able to borrow up to 85% of your home’s equity with a home equity loan. Best of all, you’ll get a fixed interest rate and a manageable monthly payment. However, borrowing against all of your home’s equity at once could work against you if local property values decline.
Finding Your Lender Through Your Preferred Roofer Company
You don’t have to invest a lot of time or effort into finding a willing lender. If you already have a trusted roofer on your team, you can get financing through this company. We partner with the Foundation Finance Company to help qualified homeowners get funding.
You Might Have Benefits That You’re Overlooking
Before applying for roof financing, consider all other funding sources. If your roof was damaged by a sudden accidental event or an act of nature, some or all of your project could be covered by your home insurance policy. If your roof damage is the result of defective materials, check your manufacturer’s warranty. Although most home warranties don’t cover roof replacements, yours might if you purchased a comprehensive appliances and systems warranty with attached riders.
Applying for Roof Financing Is Easy
Getting financing to replace your roof isn’t the time-intensive, stress-filled process that applying for a home mortgage loan is. In fact, you can get a funding decision in just one to three days when using a roofing company’s lending partner.
We help residents of Lafayette, LA maintain gorgeous, high-performing roofs. We offer residential roof inspection, replacement, and repair services. We also provide gutter services, storm damage repairs, and financing for qualified applicants. Contact Eagle Roofing & Construction now to get started!
