3 financing options for residential roof repair and replacements in Boca Raton

Even though Boca Raton has a higher household income than the rest of South Florida, it also has a greater cost of living. Between day-to-day commuting, the kids’ enrollment fees, eating out, and paying bills and taxes, you’ll not likely have more than a few hundred dollars to repair your roof, especially if the damage appears out of the blue. Considering homeowners nationwide pay $1150 on average, any unexpected roof repair can stress you. 

Naturally, how much you would pay will depend on the extent of the damage, as re-sealing a few flashings around your roof will be cheaper than fixing rotten roof trusses. Your total costs will also be affected by the roofing material you have, with asphalt roofing being generally more affordable than the rest of the materials, the total area of the damage, the roof’s pitch, if permits are required, or if it’s an emergency service. 


How to finance your shingle roofing repair when your emergency funds aren’t enough

#1 Roofing contractors’ financing

Some roofing companies, such as Hyer Quality, understand that it is not always possible to pay upfront for a roof replacement or repair, so they offer financing plans to make your roof brand new again without spending all your paycheck.  These options can range from revolving credit card accounts to installment loans, some of which offer up to 6 months without interest fees if your credit score meets specific standards. 

This type of financing is usually faster to approve. It requires less paperwork since lenders and roofing contractors work directly with each other to coordinate the payments, and, in most cases, you won’t get charged for any card transaction fees since the lenders are affiliated with the contractors. Hence, if your residential roof repair company offers financing options, don’t hesitate to ask them for more information.

#2 Home renovation loans:

If your roof repairs are more aesthetical concerns, such as getting asphalt shingle restoration or getting a re-roof, and you’re not in a rush to fix your roof, for example, if you had multiple leaks in your, a home renovation loan can be an excellent option for you. 

These loans are based on your home’s estimated value after you repair or upgrade it. They give you more borrowing power than a home equity loan based on your property’s current market value and usually lower rates. They also allow you to combine the roof repair and mortgage closing costs into the loan. 

However, you should consider how urgently you need the repairs before applying for a home renovation loan. These loans have a more complicated approval process that may delay you getting the required roofing services. They also have higher closing costs than other options. 

#3 Personal loans

Personal loans are becoming more popular among people looking to finance their residential roof repair costs since the approval process is often faster than renovations and home equity loans, making it a good option if you need the repairs or replacement as urgently as possible. They don’t use your home as collateral, reducing the risk of foreclosure. 

Still, depending on your credit score, you could get annual percentage rents ranging from 6.99% to 36,00%, which are higher than the ones you could get with a home equity loan. Personal loans also have shorter payment terms than home equity options and aren’t tax deductible, so it’s always recommended to consult with a professional before applying for a personal loan for roof shingle replacement or repair

How to find the best financing options for your asphalt shingle repair or replacement?

The previous are just some options to finance your roof repair and replacement if your cash flow isn’t enough. Each has pros and cons, so you should always seek financial advice before applying for any credit to ensure the option is right for your financial situation and you’ll be able to repay the credit on time. 

Still, if you’re looking for financing options to get your residential roof repairs done without breaking the bank, these tips may help you in your query:

  1. Spruce up your credit if your repairs are not urgent: As you may already know, the best terms and lowest interest fees are for the borrowers with the highest credit scores, so if you think yours could use a boost, try to amend it before applying for any loan option for roofing services. Pay or shrink your credit card, avoid applying for multiple credits at one time, and make on-time payments to your existing credit. 
  1. Check your home’s value for home equity options: Remember that most home equity loans will let you borrow up to 85 percent of your total home value, so ensure the 85% of your house’s current value is high enough to cover the totality of your asphalt shingle repairs or replacement. 

Tune up your roof with Hyer Quality’s financing options.

If you’re in serious need of a roof replacement or repair but don’t think your current financial situation allows you to hire trusted roofers to do the job, Hyer Quality Roofing has several options to finance your new roof in Boca Raton without counting every penny. 
Everyone deserves high-quality roofing services, so we’re always ready to help our customers finance their roofing needs. Contact us today to learn more about our roofing financing options!e it’s always in its best condition. Call us at 954 560 6443 to get your quote!