A Old Time Roofing

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All About Roof Financing


Your new roof can be a major, but necessary investment in your home, regardless of whether it is a planned project or an unexpected circumstance. Protecting your family and home from the elements is possible with a new roof. Here we will talk about all you need to know about roof financing!

Finance your Next Roofing Project

A new roof can cost you a lot. This is due to many factors.

  • The roof’s size and complexity
  • The type roof shingles/materials used in the project
  • As labor rates differ among professionals, the roofing contractor that is hired to complete the job.
  • Your geographic area

These factors can make it hard to budget for a roof project. Roof financing is available with Old Time Roofing.

Roof Financing explained

Before we get into the reasons homeowners choose financing for their roof project, let’s review some words that are often used by lenders.

  • The term is the time that you must repay the loan. It is usually expressed in months or over years.
  • Annual percentage rate is the amount that the lending company charges you to borrow the money. It doesn’t always include fees and most interest compounded monthly. APR can be used to compare loan products.
  • Principal is the total amount borrowed at the beginning of the loan.
  • Interest refers to the interest you pay on your loan, in addition to the principal amount.

Why Roof Financing Can Be a Good Idea

It is easy to forget about your roof and homeowners tend to put off replacing or repairing an old roof until more serious warning signs are apparent. Mother Nature can also cause damage to your roof shingles.

Although it’s nice to have a fund for roof maintenance, many roof emergencies are not covered by insurance. Even if your insurance covers the damage, it’s possible that you will be left with an expensive deductible that is not within your budget. You may decide to replace your entire roof with newer and better materials, rather than repair it. Here Are Reasons To Consider Financing Your Roofing Project.

Get Low Monthly Payments

Low monthly payments are possible when you finance a roof with Old Time Roofing. This lets you pay for your roof in installment amounts you can afford and prevents you from having to pay for a multi-thousand-dollar roof project in one lump sum.

You may be eligible for low-interest rates over the term of your loan, depending on your credit history and payment terms. Currently we are seeing some of the lowest interest rates given out in the history of roof financing in the US.

An example of this is a $10,000 unsecured home improvement loan with a monthly payment of $132 and a 9.99% APR*.

You Can Defer The Up-Front Payment Without Interest

If you are looking for a way to delay a lump-sum payment but still avoid interest, then consider loans with 0% financing upfront with no prepayment penalties. Installment loans with no interest or payments for six months allow you to defer any payments during the first portion of the loan. You have the option to pay off the entire loan (interest-free) anytime before the six month deadline. Or, you can start making the monthly payments at the current interest rate.

Payouts Deferred

You may be able to defer your payments for a certain period with some loans. After the set period ends, regular payments will be made at the fixed interest rate. This is particularly useful in situations when you are short on cash, but still need to start the roofing project immediately due to safety concerns or other reasons.

Rapid Approval

Modern technology makes it easy and seamless to apply for roof financing. Online, through a mobile app or by calling in, you can apply for roof financing in seconds. This eliminates all paperwork. An electronic signature will be required. 

Roof Financing During COVID-19

COVID-19’s potential financial consequences make it more important than ever that you have options for home expenses such as a roof replacement. Roof financing allows you to protect your investment and keep your family protected without worrying about large lump-sum payments.

A Great Investment With Attractive Returns

A 2019 Remodeling Influence Report by the National Association of the Remodeling Industry, shows that homeowners can recover up to 107% of the cost of a new roof when they sell their house.

According to the same report, new roofing was ranked highly on home buyer’s lists. This means that if your goal is to sell your home in future, a new roof could help you do it quicker and fetch a higher price.

When you choose roof financing, you can make investments in your future, fix existing roof problems, and get a roof that suits your needs at a cost you can afford. Learn more about roof financing from A Old Time Roofing Today!

Bonus – FAQ!

What is the maximum amount of time you can finance a roof?

Lenders will vary in terms of loan terms. Shorter terms mean that you can pay off your debt faster and pay less interest. However, longer terms mean that your monthly payments are lower and more affordable.

Although you may pay slightly more in the long-term, homeowners often choose a 120-month term to keep their payments within their budget.

If you are interested in roof financing, contact us today and speak with one of our roofing experts!