Roof replacement is a major home upgrade–one that usually takes a considerable amount of time and money. And unless they have an unlimited budget, most homeowners won’t be able to pay for it all at once. This is where financing programs come in. They offer an easier and more convenient way to pay for your roofing upgrade. Some options, in fact, allows you to finance half, or even all of the project. Just make sure to consider a few essentials before choosing one. The premier roofing contractor in the area, Kingdom Roofing, shares some of them here.
Terms. This refers to how long your loan will last for. Financing options with a longer term means you’ll need to pay more interest over the course of the loan–but it is also likely that you’ll have smaller monthly payments. Choosing a financing program with a shorter term means higher monthly payments. However, this allows you to repay your loan as quickly as possible.
Fees. You’ll want to read the fine print of your potential financing option because there are usually numbers hidden in them. These include different types of fees, such as the origination fee, which is required when taking out a loan. The origination fee is paid at the beginning of the transaction and is almost always a one-time payment.
You should also look for late payment fees, which are issued when a monthly or annual payment on the loan is overdue. And should you decide to pay off the loan before the end of the term, you might be charged an early repayment fee. Kingdom Roofing, South Florida’s leading roofing contractor, suggests you check with the source of your loan and get all the relevant information to prevent different fees from stacking up.
Interest Rates. When you need to compare financing options, make sure to take interest rates into account. Loans require you to pay back not only the borrowed amount, but the interest it accumulates over time, as well. The interest rate will determine the amount you’ll need to pay according to the original sum you’ve borrowed. Your credit score, bank and financial profile will influence your interest rate. Those with good credit scores and have a stable source of income typically get lower interest rates.
Monthly Payment and Extra Benefits. You’ll want to pick an option that offers monthly payments you can easily afford. Perhaps you should consider a loan with longer terms because they typically offer lower monthly payments that may fit with your current budget. You should also check if the financing program has additional benefits. For example:
- If you are a member of a local credit union or bank, you may be offered an interest rate discount on occasion.
- Signing up for auto-pay might give you a discount.
- If you’re paying for a smaller roof upgrade with a credit card, you may be eligible for a significant cash back or travel reward.
Financing your roofing project is possible with cash, which is the easiest and most cost-effective option, or personal loans, which have different interest rates and fees depending on the lender. You can also pay for the roof upgrade with a credit card, but you’ll need to have a good credit to get approval. And in some cases, this particular option may not be enough to cover the entire project.
Flexible Financing Options from Kingdom Roofing
The last thing you want is to put off an urgent roofing replacement. For this reason, you should consider working with a reliable roofing company who offers excellent financing options. Kingdom Roofing, for instance, has partnered with YGrene Financing so you can get that much-needed roof upgrade with greater confidence. You should check out YGrene’s PACE financing, which offers many benefits that are not available with traditional financing programs. These include:
- 100% financing, no money down
- No minimum credit score required
- Fixed rates and flexible terms of up to 30 years, depending on service area
Unlike credit based financing, YGrene will not consider your credit score and history to determine approval, but they’ll still pull your credit during underwriting to confirm your eligibility. Instead of monthly payments, you can pay annually with your property taxes, making YGrene the more flexible option. And with ExtendPay, you won’t even have to start paying for anything until March 2023.
Why You Should Work with Kingdom Roofing
Aside from flexible financing programs, there are many other reasons homeowners and commercial property managers in South Florida turn to Kingdom Roofing for roof repair services or roof replacement. We are:
- Fully licensed and bonded, making us eligible to perform roofing work in this area. We also have the necessary insurance, including liability coverage and workers’ compensation, for your greater protection.
- Certified by GAF®, North America’s largest roofing manufacturer. As a GAF® Factory Certified Master Elite® Weather Stopper® Roofing Contractor, we allow access to some of the highest quality asphalt shingle roofing systems available today. They are designed to provide unmatched weather performance thanks to Advanced Protection® Technology, and can be customized with your choice of color, texture, and thickness. Some can even emulate the rich look and feel of genuine wood shakes and slate, giving almost limitless design possibilities.
- Committed to delivering complete client satisfaction through superior workmanship backed by combined industry experience. Kingdom Roofing always ensures the job is done perfectly right the first time, whether it’s roof repair or roofing replacement. Our A+ rating at the Better Business Bureau® and 4.8 score in Google Reviews are testament of this.
- Dedicated to greater customer protection. We make this possible with our extensive GAF® roofing warranties. These include the GAF® Golden Pledge® Warranty, which come with 50-year coverage on materials and 20-year on installation. Plus, we have our own workmanship guarantee for your peace of mind.
By making roof financing easier, faster, and more accessible, your trusted roof repair services provider, Kingdom Roofing can help you get started on your project right away. Look no further for personalized solutions to all your roofing needs. We proudly serve Venice, FL, and the rest of South Florida. You only need to call us today at (941) 263-8699 or fill out this contact form to schedule your roof evaluation. We’d love to hear from you!