Have an old, worn-out, or roof that needs to be replaced? Aside from finding the best local roofing contractor, the next major hurdle for homeowners is financing a new roof in Oklahoma City.
Since most homeowners don’t have an extra $10k or more to pay for a new roof in total, many opt to finance the project. The good news is that Oklahoma City homeowners have various options available, so if you need a new roof, keep reading!
We’ve outlined the most common ways of financing a new roof and everything you need to know below. Have questions or need more information? Get in touch with our expert roofing team today by calling 405-895-9972 or by using our online contact form.
Why Roof Repairs Can’t Wait
We get it. Replacing your roof isn’t the most exciting home remodeling project. While you may want to put that money towards your dream kitchen or a bathroom makeover, roof repairs can’t wait. Any existing leaks or damage will worsen and can easily double or triple the cost of repairs down the road.
In addition, an old roof can’t protect your home and family and puts you at risk of dealing with mold and other problems. Overall, replacing your roof is a project you shouldn’t put off. Financing a new roof in Oklahoma City is often the best way to complete the project, keep your home safe, and prevent costly repairs.
New Roof Financing Option #1 – Insurance
Filing an insurance claim is not technically a financing option; however, homeowners insurance may cover the cost of a new roof depending on the type of damage. For example, suppose your roof has significant hail or wind damage. In that case, it’s possible insurance would cover the cost to replace your roof, as filing a storm damage claim is a covered peril under most policies.
On the flip side, homeowners insurance will not pay to replace old or worn-out roofs. Knowing the cause of roof damage is one reason why homeowners should get a qualified roof inspection before applying for new roof financing options. Contact our Oklahoma City roofing experts to schedule a free roof inspection today if you have not already!
Option #2 – HELOC
HELOC stands for Home Equity Line Of Credit and is a loan option available through most banks and credit unions. This is an excellent option for homeowners needing to finance a new roof in Oklahoma City. With this type of financing, you borrow against the available equity in your home, and the house is used as collateral.
Pros: Interest rates are often lower than credit cards and other types of loans
Cons: If there is not enough equity in your home, you may not be able to finance a new roof
Once a HELOC loan has been finalized, you can write a check or transfer the funds to cover the costs of financing a new roof in Oklahoma City.
Option #3 – Credit Cards
Credit cards are one of the easiest ways when financing a new roof, as long as you already have established credit. Some credit card companies even offer 0% interest promos, making it easy to get the funds you need without paying high fees over time.
Pros: Easy and fast way to finance a new roof
Cons: Higher interest rates, higher monthly payments, shorter terms
Once you have applied for a new credit card (or if you already have the funds available), all you will need to do is make payment to a qualified roofing contractor for your new roof.
Option #4 – Government Loans
Did you know the Federal Housing Administration (FHA) offers loans to cover the cost of home repairs? These are known as Title I loans. This financing option is available to homeowners who need repairs or upgrades, and financing a new roof in Oklahoma City qualifies!
Pros: Government-backed loan
Cons: Need home equity and high credit score, may not offer as competitive interest rates
Once a Title I loan is finalized, you will simply write a check or transfer the funds to cover the costs of financing a new roof in Oklahoma City.
Option #5 – Contractor Financing
Financing a new roof using a contractor’s lender makes getting a new roof fast and easy. At Triple Diamond Construction, we use GreenSky, a national lender that finances home repair projects. Sometimes they also have special promotions that are even better than what banks and lenders offer. These special offers are due to volume lending, which enables us to get special rates from banks. This means we can pass on these benefits to customers like you!
Pros: Fast, easy application process, special promo offers
Cons: Must find a reputable, certified contractor
At Triple Diamond Construction, we’re proud to be the leading roofing contractor across Oklahoma. We’re committed to providing a stress-free process to homeowners needing roof repairs. That includes making financing a new roof in Oklahoma City easy!
Have Questions About Financing A New Roof In Oklahoma City?
We realize homeowners likely have a lot of questions when financing a new roof in Oklahoma City, and we are here to help! Get in touch with our expert team today! Call us at 405-895-9972, or request a roof inspection online. We’re happy to be a resource for Oklahoma City homeowners and look forward to helping solve your roof problems!
