A new roof is important to protect your interiors. Modern roofing systems from reputable manufacturers have top-notch moisture and algae resistance and help your property extend its lifespan and performance.

Unfortunately, a new roof is a huge financial commitment. It will cost thousands to tear off and replace the entire system – more so if it includes replacing rotted sheathing and rafters. Furthermore, if you don't know when to replace your roof, it can be tricky to save up cash for it.

Financing has been helpful for many homeowners to fix their roofs and restore their condition. Here is everything you need to know if you intend to use them.

Financing Options

You can use four ways to finance your new roof. Here is each one of them.

• Mortgage Refinancing: Refinance your mortgage with a low-interest, short mortgage term with an excess amount for your roof replacement.
• Insurance: Your insurance benefits can pay for your new roof if a covered event severely damaged the previous one.
• Home Equity Line of Credit (HELOC): HELOCs or Home Equity Loans (HELOANS) are offered by banks and credit unions. Their limits are enough for a new roof replacement.
• Credit Card: A high credit card limit can pay for an entire roof system.

The Perfect Financing Option

The perfect financing depends on your circumstances and regular income. For instance, mortgage refinancing is optimal if you have a stable income that can handle the interest rate and principal payment. Alternatively, a HELOC is helpful if your property's value is high and you can handle its interest rates.

Keep in mind that financing with equity or debt can be stressful if you fail to pay. An equity loan, for example, gives banks and creditors repossession rights to your property if you default on the financing. Another is a personal loan's immense interest rate burden from several missed payments.

About In-House Financing

Some roofing companies work with creditors to provide roof replacement payment plans. It is advantageous for homeowners because of the simplified process. They will explain the terms of their financing contractors, and you just need to sign the best one for you.

However, a major disadvantage of in-house financing is you're limited to one interest rate and regular payments. The roofer will look for the best rates among their creditors, which means you're also limited only to their offers.

Consequences of Delaying Roof Replacement

The roof's issues will worsen the longer you delay roof replacement. Small roof leaks can evolve into torrential passages that cause severe attic water damage and mold growth. Furthermore, it can drip to your interior walls and ceiling and damage your electric lines, appliances, and more.

Mold growth and small animal infiltration are added costs to restore your roof's condition. Mold can cause allergies with their spores upon maturity, while small animal infiltration will let mice and squirrels burrow and nest inside your attic.

You've saved and found the best funding and installation payment for your roof, so you want the best roofers to install it. With SJ Winn Construction, your roof is in good hands. Our roofers have successfully installed and maintained roofs in your neighborhood. Contact us today to get an estimate.