When your home is facing a roofing emergency, roofers recommend that you have it repaired as soon as possible. That way, you can maintain the structural integrity of the roof and prevent water damage from occurring.
Unfortunately, a roofing project can be costly, and not every homeowner has the funds to get it done immediately. Thankfully, this is where roof financing comes into play. However, before you decide on a method to finance your roof, roofing pros say that there are a few things you need to consider first.
Monthly payments – When you’re comparing your roof financing options, one of the most important aspects that you need to look at is how much your monthly payments will be. Remember: paying off a roof financing is a costly endeavor, and, as such, you’ll want one that has monthly payments you can afford. To choose the right financing option for you and your home, roofing professionals recommend that you experiment with looking at options with longer terms and lower monthly payment to find one that fits into your current budget.
Terms – When it comes to financing, the word “terms” often refers to how long the loan will last. Depending on how long your loan lasts, how much you pay on a monthly basis can vary. For instance, if you have a longer-term loan, you’ll have to pay more interest but smaller monthly dues. Short-term loans, meanwhile, allow you to pay the loan off quicker with higher monthly payments and lower interest rates. When trying to decide between the two, it’s highly recommended that you discuss things over with your roofers first to determine which one is the best for you and your finances.
Fees – According to experts, financing options often have plenty of fees hidden in the fine print. While it may sound like something that can be negotiated, most of these fees are actually unavoidable, so it’s best that you learn everything you can about the different fees you may encounter. These include the origination fee, which is a fee that you must pay when taking out the loan; late payment fees, which are issued when you are late in paying off a monthly or annual payment on the loan; and an early payment fee, a penalty that is issued if you pay off your loan before the end of the term. As these fees can add up in the long run, it’s best that you get all the information you can before moving forward with the loan so you can determine if it’s the right one for you.
Interest rates – If you take out a loan for your roofing project, keep in mind that interest rates can accumulate over time. Often, this will determine how much you’ll pay on a monthly basis based on the original amount borrowed. Interest rates can vary depending on your credit score, bank and financial profile. If you have stable income and a good credit score, you’re more likely to receive lower interest rates.
Looking for expert roofers who can help you replace your roof? Look no further than Roofing by Curry. Give us a call at (941) 921-9111, or fill out our contact form to get in touch with us and request a quote today! We serve homeowners in Sarasota, FL, and other nearby areas.