Schenectady Roofing: Article About Roof Financing Options
Upon obtaining an estimate for roofing repair or a complete roof replacement, many homeowners wonder where they will find the money to pay for the work. A new roof is one of the most expensive home improvement projects many homeowners ever experience. A roof is also one of the most important structural elements of a home as it protects everything within the house from Mother Nature's wrath. Property owners may be relieved to discover that a lack of personal savings will not prevent the installation of a new roof. There are several good financing options available to almost everyone who needs it. A Schenectady roofing professional is always available to provide advice or guide homeowners in the right direction when it comes to financing a roofing project.
Paying for a roof in cash is the most preferred method because it is the most cost effective. Homeowners should know at all times the state of their roof and when it will need periodic repair or require complete replacement. If it is known two years in advance that a new roof will be installed, it is a good idea to start saving money each month to fund the roof work in the future.
The roofing contractors at Ideal Construction of Schenectady NY can answer any questions you have regarding doors or insurance claims.
A little money at a time adds up to a lot of money over time. Financing a roof with cash is always better than using a loan because a loan will end up costing more in the end due to the accrual of interest.
When a homeowner is not able to fund the roof with cash from savings, attractive loan options are available. The government has developed a program under the Federal Housing Administration (FHA) to create what is known as a Title 1 loan. Title 1 loans are available to property owners for general home improvements, and this includes roof financing. Requirements include a minimal amount of home equity and relatively good credit.
A home equity line of credit can be obtained to assist in financing a new roof. Most lenders offer this type of loan, which allows a homeowner to borrow against a home's equity with the house itself as collateral. Like any other loan, it can be repaid over a long period of time, lessening the burden upon the property owner to come up with cash right away.
If a homeowner cannot pay with cash, does not qualify for a Title 1 loan and has no home equity, financing with the roofing company is often an option. Homeowners are encouraged to contact a roofing professional or a lender when considering their options for financing a new roof.