A new roof is a major investment but necessary for protecting your home. Unexpected weather events can damage your roof, or it may have reached the end of its lifespan. 

In either case, it may not have been a planned expense, and you may have yet to budget for it. Fortunately, you have options, and new roof financing is a great way to manage the costs.

Understanding your roofing estimate

Before pursuing new roof financing, it is important to understand what influences the overall cost of a new roof.

• Roof size and complexity require more materials and labor.
• The material choice affects the overall cost. Asphalt shingles are the most affordable, while metal, tile, or slate can fall on the higher end of the spectrum.
• Existing roof condition matters. If it has suffered severe damage, extensive repairs may be needed.
• Labor costs can vary depending on your location and contractor.

Exploring financing options

1. Cash: Paying with cash is the easiest way to eliminate interest charges and loan applications, but it isn’t always an option for unplanned expenses.
2. Home equity loans and lines of credit (HELOCs): These options leverage your home’s equity to provide the money and often offer competitive interest rates, using your home as collateral.
3. Personal loans: Unsecured personal loans can be obtained from banks or credit unions. These are generally faster than home equity options but may have higher interest rates.
4. Credit cards: While easy for smaller expenses, using a credit card for a major project like financing a new roof will incur high interest rates unless the card is paid off quickly.
5. Government programs: Depending on location and circumstances, you may qualify for government-backed loans for new roof financing.
6. Roofing contractor’s in-house financing: Some companies, like Southern National Roofing, offer attractive in-house financing to make a new roof affordable. This can streamline the process and provide payment plans tailored to your budget.

Making the right financing choice

To make the right choice, consider the following:

• Interest rates: Compare rates to lower your overall cost.
• Loan terms: Know your repayment period and monthly payment obligations.
• Fees: There may be extra fees like origination fees, closing costs, or prepayment penalties.
• Collateral: Find out if your loan requires collateral, like your home.

Tips for securing the best financing

Credit score: A good score will help you secure lower interest rates.

Get multiple quotes: Always compare offers from lenders and roofing contractors.

Read the fine print: Review your contract before signing.

Budget accordingly: Make sure you can comfortably afford the monthly payment.

Southern National Roofing understands the financial commitment of a new roof, so we work hard to make it easy and affordable for our customers. We offer:

• $0 down-no interest, no payment for 12 months
• 0% Financing
• $2,500 off roof replacement

Our team is here to guide you through the process, answer any questions, and ensure a transparent, stress-free experience. Schedule a free inspection today!