If you are in the market for roofing services new roof financing in Memphis TN may be the way to go. The cost of a new roof can be one of the most expensive home improvements you make to your home. While it’s important to have high-quality roofing materials like the Owens Corning Duration shingles installed by a professional roofing contractor, sometimes you may not be prepared to pay upfront for roofing materials and professional roofing labor.
Whether you’re considering a new roof for the first time or are looking at major roof repair to your current roof we can help you understand what type of financing options will be best for your needs, so you can get started on the path to a new roof today.
New Roof Financing in Memphis TN: Different Factors to Consider
The factors affecting the cost of a new roof replacement are numerous, and determining what the cost will be requires an understanding of these factors:
- What is the size and pitch of your roof?
- The type of roof shingles used
- The experience level of the roofing contractor hired to do the job, as labor rates vary among pros
- Where your home is located
These variables can affect the cost of a new roof replacement drastically, and that’s where roof financing can help.
Roof Financing Options Explained
Before diving into the reasons homeowners choose to finance their roofing project, let’s cover a few basic terms often thrown around by lenders:
- Term refers to the length of time you have to repay the loan. It’s usually expressed in months or years.
- APR (annual percentage rate) determines how much the lending company is charging you for the loan of the money. It may or may not include fees, and it doesn’t include the compounding effect of interest — most interest compounds monthly. APR is a useful tool for comparing loan products.
- Principal represents the total amount of money borrowed at the onset of the loan.
- Interest is the cost of your loan over and above the principal amount.
Why Financing Your New Roof Can Be a Good Idea
Many homeowners never think about their roof until they notice serious warning signs like roof leaks or ceiling stains. Other times, a big windstorm brings down a tree branch or some other debris damaging your shingles. At that point, you must make a quick decision: put off getting it repaired or turn to the industry experts for a professional repair.
If you’ve built up a fund for roof maintenance and repair, that’s great, but many times we’re left unprepared when roof repairs come calling. Even if the damage is covered by your insurance, you may be left with a large deductible that’s not in your budget. Or you may decide it’s time to replace the entire roof with new and improved roofing materials like the Owens Corning Duration line of shingles rather than do a repair, but you don’t have a pool of cash to draw on.
Roof financing can help you get the roof repair you need or new roof replacement you want — without paying all at once.
New Roof Financing in Memphis TN: Great Reasons to Finance Your Roofing Project
Low Monthly Payments
Roof financing can help you plan, budget, and finance your roof project. It’s designed to help you pay for your new roof over a period of time and helps you avoid paying all the money upfront. The main benefit is that it allows you to spread the costs of your roof over 12 months or longer, with low monthly payments. 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.
Depending on your payment terms and credit history, you may also be able to benefit from low interest rates during the life of the loan. For example, an unsecured home improvement loan of $10,000 for 120 months results in a low monthly payment of $132 with a 9.99% APR*.
Defer an Upfront Payment without Interest
If you don’t have enough cash on hand to pay for a new roof replacement and are looking to delay a lump sum payment while still avoiding interest, consider loans with 0% financing up-front with no prepayment penalties. You can pay the entire loan off (interest-free) any time before the six-month deadline or begin making the required monthly payments at the updated interest rate. Hearth and Service Finance have great plans for this option.
Some loans let you put off making payments for a set period. Once the time is up, you’ll begin making regular payments at the fixed interest rate. This is especially helpful for situations where you’re short on cash but need to get started on the roofing project fast due to an unforeseen weather event like hail damage.
Quick Approval Process
Applying for roof financing can be an easy, seamless process thanks to modern technology. You can apply for roof financing online, via a mobile app, or call in, eliminating paperwork. You will need to provide an electronic signature. Once you submit your information, approval notices usually arrive within minutes. The Service Finance App is great for a smooth roof financing process.
Roof Financing During COVID-19
Due to the potential financial impacts from COVID-19 on financial stability, it’s more important than ever to have the flexibility to choose a financing option that works for your budget, whether you want to replace an old roof, fix a leaky roof or upgrade to a new roof.
Roof financing is a strategy that allows you to protect your investment in the event of a catastrophe and keep your family safe without having to worry about making large, lump-sum payments
Roof Investment with Attractive Returns
According to a 2021 Remodeling Impact Report from the National Association of the Remodeling Industry (NARI), the impact of installing a new roof can be significant — homeowners may be able to recover 107% of the cost after installation when they go to sell their home. Your roof is up to 40% of the curb appeal of your home.
In this same report, it was found that a new roof ranked high on home buyers’ lists, which means that if you’re thinking of selling your home in the future, a new roof might help you sell it faster and receive a higher price.
When you choose roofing financing, you get the best of both worlds — you can invest in your home for the future, address existing roof problems and get the roof of your dreams at a price you can afford.
We understand the importance of protecting the investment you’ve made in your home, and we are here to help. Contact Republic Roofing & Restoration today to find out more information about new roof financing in Memphis TN.
Roof Financing FAQs
How long can you finance a roof for?
Loan terms are going to vary by lender. The shorter the loan term, the sooner you pay off the debt and the less interest you pay, but longer loan terms ensure your monthly payment is lower and more affordable.
While you might pay slightly more interest over the long run, many homeowners choose a 120-month term or longer to ensure payments remain within their budget.
Do roofers offer payment plans?
Yes. Some of the independent roofing contractors in the Owens Corning Roofing Contractor Network offer payment plans to help make roof replacement costs more affordable.
Payment plans vary according to requirements, interest rates, and terms, so it’s important to ask the roofing contractor you have in mind for more details.
Will my insurance pay for a new roof?
Depending on your policy and the circumstances surrounding why you need a new roof. If it’s because of a weather-related event like hail damage, then homeowner’s insurance coverage might apply. But if you’re looking to replace your roof because of old age or to up your home’s resale value, homeowner’s insurance likely wouldn’t assist with the cost.