How does one finance a new roof?

Question

I've owned my home for 2 years. It needs a new roof. Estimated cost $10K. I'm not sure what the first step is in getting the financing for it.

Answer 1

Some roofers will finance it, meaning you make partial payments until it's paid off. You could do a home equity line of credit to finance it if you have any equity in your home.

In my city, they have a rehab program and the city actually paid for my roof, but at the time I met their income requirements (made under $29,000 documented income). That was through a program grant from HUD for "blighted" neighborhoods. My neighborhood isn't really blighted, but compared to the million dollar waterfront condos, I guess it would be considered the poor part of town. Anyway, that program was adminstered through the Code Enforcement/Housing Division of my local county gov't.

Answer 2

The last answerer has it correct. Get your own team together or atleast shop around. 10k is way too much. If you are intent on refinancing, check out the free evaluation form at the source website. They have a nationwide network of loan officers who can help you. Good luck and be careful if you get on that roof.

Answer 3

Some companies will offer financing (places like Home Depot).

If you have credit cards you could use them, but a better option might be to get a Home Equity Line of Credit (HELOC). You will have a much better interest rate.

Another option might be to do the work yourself. You will save many thousands of dollars. It is hard work, but it is not complicated.

Answer 4

The best way to save money on a new roof is to do it yourself!

Find some friends, do some research, and you can turn a $10,000 roof into a $1,500 roof. Labor on roofing is outrageous.

Answer 5

Probably get a home equity loan from a local bank or credit union.

Answer 6

Thankyou for all the answers.