New roofs can be expensive if you're financially unprepared. It can take decades or beyond to save enough cash for a new roof, especially if you want long-lasting roofs with algae resistance, improved fire ratings, and beyond. Fortunately, some financing options are available to save time and have you pay a fair amount for the interest. Learn more about each one of them below.

Mortgage Refinancing

You can refinance your mortgage with an added amount on top to pay for your new roof. Refinancing lets you use your home as collateral, making the process faster. Mortgages can have short or long-term payment periods. That said, be careful and pay your mortgage on time to ensure zero financial issues later.


Insurance would be a viable roof financing option if your roof was damaged by a recent storm or extreme weather event included in its terms. For instance, most roof insurers would pay in full if your roof suffered or was lost during a recent windstorm or tornado. Keep in mind that this is only suitable for events after disaster has occurred because your insurer will not pay for an old or aged roof.

Home Equity Line of Credit (HELOC)

HELOCs or HELOANS are useful if you have a high credit score. You can ask your bank to have a HELOC or HELOAN. If you can present documentation supporting your income and employment, you can easily get a HELOC or HELOAN account opened. You can then use it to pay for your roof replacement and pay your loan later.

Credit Cards

Credit cards work like HELOCs or HELOANs, but only banks can supply them to you. They can be viable for financing your roof replacement if they have a high credit limit. Unfortunately, most credit limits aren't as high as mortgage refinancing or HELOCs.

In-House Financing

Roofers who care about their neighborhood may offer to finance the entire roof project. In case of emergencies, having in-house financing is greatly helpful. To give you this option, your roofer might work with local banks or financial institutions for easy loan approval and application. 

In-house financing does have some downsides. First, you're limited to one interest rate and regular payments. Next, you can't compare financing because your roofer and their partner financial institution can give you a guaranteed financing with a fixed rate.

Choosing the Best One for Your Home

The right financing relies on your income and regular capacity to pay the loan. For example, mortgage refinancing is suitable if you have a stable income with no signs of economic dwindling. Alternatively, credit cards and HELOCs can be challenging to manage with a poor source of income, so be sure to plan and anticipate all possibilities before applying for financing.

You can always rely on SJ Winn Construction's top-notch experts for high-quality roofing repairs, installations, and upgrades. With our decades of experience and knowledge helping homes in the area, we guarantee a well-installed roof that protects you from the elements. Our team's motto is to go above and beyond your expectations. Count on our service and call us today.


156 Torrington Rd., Winsted,
Connecticut 06098

Phone: 860-379-8863
Email: sjwinnconstruction@gmail.com