As with other service providers, a roofing company will generally demand payment when a job is completed. However, there is a good chance you won’t have the $10,000 or more up front it might cost to put a new roof on your house. Fortunately, there are ways that you can get the money that you need today and make your payments over time.
Tap Into Your Home’s Equity
If you have sufficient equity in your home, it may be possible to obtain a home equity loan or line of credit. You can typically borrow up to half of the difference between what your home is worth and the remaining balance on your mortgage. For instance, if your house was worth $100,000 more than you owed on your home loan, you would likely be able to get up to $50,000 to put toward a new roof.
Other Types of Financing May Be Available
Your bank or credit union may allow you to take out a personal loan to pay for your upcoming roof replacement. It may also be possible to borrow against a 401(k) or other assets with sufficient value. Here at Overmyer Roofing in Stroudsburg, PA, we may be able to talk to you about various payment options so that you can make an educated financial decision on your new roof.
Putting a new roof on your house may increase its market value while also helping to keep you and your family safe and comfortable. If you’re ready to start this important home improvement project, call the team at Overmyer Roofing today! We may also be able to install or maintain other components, such as roofs and downspouts, in a timely and affordable manner. You can also count on us for roof repair work.
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