Financing is perhaps one of the most important yet overlooked aspects of roof replacements. Certain types of roofs like steel roofs can be very expensive. While paying in cash remains the best option for projects like this, it’s not a practical choice for many homeowners. Thankfully, you have multiple financing options available to you should you be ready for a new roof.
You don’t necessarily have to know about all the financing options available. It’s actually more helpful to know about the pros and cons of some of the most common ones so you can make an informed decision during your roof replacement. Let our experts at Oberg Roofing & Remodeling walk you through the top financing options for your roofing project.
Home Equity Loans
The most popular route taken by homeowners doing a roof replacement is through a home equity loan. Home equity is the difference between the total value of your home and the amount you’ve paid on your mortgage so far. This kind of loan has a fixed interest rate and a fairly flexible amortization schedule. If you’ve mostly paid off your mortgage, however, this may not give you adequate funds to finance a brand-new roof.
Home Equity Line of Credit
Unlike home equity loans, HELOCs or home equity line of credits treats your home equity, as its name suggests, as a line of credit similar to how credit cards work. They have the same disadvantage for people with little left on their mortgage however, HELOCs are different because they can have variable interest rates.
You can simplify your roof replacement by financing the project through your contractors. Many roofing companies offer in-house financing for the work they do. The advantage to this is it can make the process much simpler because you’ll only be dealing with one party instead of multiple.
At Oberg Roofing & Remodeling, we offer flexible in-house financing options to help you with your roof replacement. Give us a call at (320) 204-2264 or fill out our contact form to schedule a consultation and request a free estimate today. We serve homeowners in St. Cloud and other nearby areas in MN.