What’s the Best Way to Finance a Roofing Replacement?

January 3, 2020

MHI Roofing

Whether you’re a homeowner looking to replace an aging roof or a facility manager in search of a commercial roofing upgrade, you’ll probably encounter issues with how to fund these projects. Roof repairs or replacements can easily cost an arm and a leg and if you’re not careful with your finances, it can lead to a whole lot of trouble in the future.

Luckily, there are certain ways to finance your project without having to break the bank. Loans are a good way to finally get some much-needed improvements in your home while spreading out payments into smaller and more manageable terms.

Before you sign up for a home improvement loan, here are a few pointers to keep in mind from our pros at MHI Roofing.

Home Equity Loans

One of the most common and reliable ways to fund your roofing replacement is with a Home Equity Loan. These loans function similarly to a mortgage. You borrow funds from the bank and use your home as collateral. In some cases, you can borrow up to 85% of the value of your home. However, keep in mind that if you already have an existing mortgage, the values will not stack. Home equity loans provide you with fixed interest rates, fixed payment terms and little to no fees (consult with your bank).

HELOCs

HELOC stands for Home Equity Line of Credit. Like with most home equity loans, it uses the value of your home to set up a baseline for the amount you need to borrow. With an HELOC, however, you can use it as if it were a credit card, and borrow only what you need to finish your roof replacement project. HELOCs are useful for homeowners who only need a loan for a specific home improvement project but they do require a certain amount of home equity before you can qualify.

At MHI Roofing, our commercial and residential roofers offer home improvement financing options through GreenSky. With competitive interest rates and automated payment plans, GreenSky can help you fund your next project with as little stress as possible. Pittsburgh, PA customers can give us a call at (412) 831-9991 or (681) 222-7663 for Morgantown, WV, to schedule a service visit today. You may also fill out our contact form and request a free inspection today.