What are my best options for financing my new roof in Louisiana? You have big plans for your new roof. Now, it’s time to figure out how to pay for a new roof without burning a hole in your pocket. Well, fret not! Here’s everything HUDCO Roofing can do to give a boost to your finances.
With the availability of multiple financing options, our experienced and trusted experts can work with you to accomplish your roof replacement project with the best quality products to fit your budget. If you’re wondering how can I pay for a new roof with no money, we have some options for you below. To help you choose the best financing option for your needs, let’s explore some of the most popular options to choose from.
How to Finance a New Roof? Our Top ways
These are unsecured loans that provide customers with a fixed amount of money. In this, you’ll have a set period to pay back the loan. In general, property owners get a few years to repay their personal loan amount.
The best thing about personal loans is that they don’t require any collateral. So, there is no risk on your part. Secondly, you can get these loans at a lower rate than credit cards. On the downside, personal loans have generally high rates than home equity loans.
Home Equity Line of Credit (HELOC) or Home Equity Loans
If you’re a homeowner, you can borrow money against your property. This can be done by building home equity. The amount of money you can borrow in your Home Equity Loan is usually calculated by evaluating the loan-to-value ratio.
The financing rates for home equity loans are generally lower than most other financing options. Since, your home will act as collateral in these loans, make sure you have strong credit and a steady source of income.
If your roof has sustained damage due to an unforeseen weather event like a windstorm or hail, you can file an insurance claim to obtain the required funds for a new roof. Please note that homeowners’ insurance policies do not cover roofing damage due to general wear and tear.
Cash-out refinance is an easy way to finance your new roof. You can replace your existing mortgage with the money you get in your new home equity loan. This new home loan will be significantly higher than the amount you owe. Once you get the money, you can utilize the surplus money to get a new roof. The interest rates in Cash-Out Refinance are lower and you can also take advantage of a mortgage interest deduction.
If you don’t have sufficient equity for a home loan, you can apply for a government-insured fixed-rate loan or FHA. You’ll need a minimum credit score for these loans. However, your debt-to-income ratio must be lower than 45%.
With credit cards, you can borrow more money than personal loans. And you stand a chance to save significant money with strong credit and by securing a credit card at 0% APR.
Depending on your project cost and your budget, your roofing contractor can assist you in covering the cost involved in your roof replacement project by working with a bank. Some roofing companies that finance with bad credit is likely.
Fortunately, with volume lending, you can take advantage of more lucrative payment conditions from financing companies than you get from banks and other financing institutions.
Paying for a New Roof with Cash
If you can afford it, cash is a good option to pay for a new roof because it can help you avoid the extra interest payments you need to pay in various financing options. Sadly, a roof replacement project requires a significant investment and most people do not have the kind of savings to afford a new roof. This is where the above roof financing options and experienced roofers like HUDCO can help.
Roof Financing Through HUDCO
At HUDCO, our goal is to provide you with the peace of mind you deserve when it comes to getting a new roof. We understand that a roof replacement is a complex and stressful project. That’s why we offer the most convenient financing options to reduce your burden to a large extent. Our financing options are easy to understand, transparent, and as straightforward as possible like using Service Finance. By choosing HUDCO Roofing for your next roofing project, you can take advantage of affordable new roof pay monthly, attractive rates, and minimal paperwork.
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Benefits of Choosing Our Financing Options
At HUDCO Roofing, we provide roofing solutions to fit your budget and needs precisely. To help you get your dream roof without breaking a bank, we offer a variety of financing options ranging from line of credit to term rates with very low monthly payments.
By choosing to finance your roofing project through HUDCO, you can enjoy the following advantages:
- Reasonable rates
- No hidden costs
- Low monthly payments that suit any budget
- Transparent paperwork
- Unsecured loans
As one of the most experienced roofing companies in the area, we can help you get special rates and attractive packages because of volume lending and our long-term association with the leading financing companies.
At HUDCO Roofing and Exteriors, we respect your privacy.
Our state-of-the-art web-based platform use end-to-end encryption. You can fill out the application using your mobile device or laptop. The necessary documents will be sent directly to the finance companies in a completely secure manner.
At HUDCO Roofing, we make sure to explain your best options as clearly as possible right in the beginning so that you can make a well-informed decision.
Our experts are always here to answer any questions you might have. To learn more, give us a call at 225.414.6153 and schedule a FREE consultation today. We service areas in Baton Rouge, Shreveport, and Bossier City, LA.