ROOFING COMPANIES THAT FINANCE DES MOINES
Whether your new roof is the result of a planned project or because of unexpected circumstances, it can represent a significant, but necessary, home investment. After all, a roof keeps your home and your family protected from outside elements and ensures everyone inside is safe – all due to roofing companies that finance.
Finance Your Next Roofing Project
The cost of a new roof varies widely because it depends on several factors, including:
The size and complexity of the roof
The roofing contractor hired to do the job, as labor rates vary among pros
Your geographical area
These variables can make it difficult to save for a roofing project accurately, and that’s where roof financing Des Moines can help.
Roof Financing Des Moines Explained
Before diving into the reasons homeowners choose to finance their roofing project, let’s cover a few basic words often thrown around by lenders:
Term refers to the length of time you have to repay the loan. It’s usually expressed in months or years.
APR (annual percentage rate) determines how much the lending company is charging you for the loan of the money. It may or may not include fees, and it doesn’t include the compounding effect of interest — most interest compounds monthly. APR is a useful tool for comparing loan products.
Principal represents the total amount of money borrowed at the onset of the loan.
Interest is the cost of your loan over and above the principal amount.
Why New Roof Financing Des Moines Can Be a Good Idea
It’s easy to forget about your roof, and homeowners often put off repairing or replacing an aging roof until serious warning signs appear. Other times, Mother Nature may wreak havoc with your shingles or send a wayward tree branch that causes damage.
If you’ve built up a fund for roof maintenance and repair, that’s great, but many times we’re left unprepared when roof needs come calling. Even if the damage is covered by your insurance, you may be left with a hefty deductible that’s not in your budget. Or, you may decide it’s time to replace the entire roof with new and improved materials rather than do a repair.
Here are some reasons to consider roofing financing for your new roof or reroof project.
Enjoy Low Monthly Payments
When you finance a new roof through an independent roofing contractor, you can benefit from low monthly payments. This lets you pay for your roof in installment amounts you can afford and prevents you from having to pay for a multi-thousand-dollar roof project in one lump sum.
Depending on your payment terms and credit history, you may also be able to benefit from low-interest rates during the life of the loan.
For example, an unsecured home improvement loan of $10,000 for 120 months results in a low monthly payment of $132 with a 9.99% APR*.
Defer an Upfront Payment Without Interest
Homeowners looking to delay a lump sum payment while still avoiding interest should consider loans with 0% financing up-front with no prepayment penalties.
Installment loans that offer six months of no interest and no payments let you defer making any payments at all during the first part of the loan.
You can pay the entire loan off (interest-free) any time before the six-month deadline or begin making the required monthly payments at the updated interest rate.
Some loans let you put off making payments for a set period. Once the time is up, you’ll begin making regular payments at the fixed interest rate. This is especially helpful for situations where you’re short on cash but need to get started on the roofing project without delay for safety concerns or other reasons.
Quick Approval Process
Applying for roof financing can be an easy, seamless process thanks to modern technology. You can apply for roof financing online, via a mobile app, or call in, completely eliminating paperwork. You will need to provide an electronic signature. Once you submit your information, approval notices usually arrive within minutes.
An Investment with Attractive Returns
According to a 2019 Remodeling Impact Report from the National Association of the Remodeling Industry (NARI), the impact of installing a new roof can be significant — homeowners may be able to recover 107% of the cost after installation when they go to sell their home.
In this same report, it was found that new roofing ranked high on home buyers’ lists, which means that if you’re thinking of selling your home in the future, a new roof might help you do it faster and fetch a larger price.
When you choose roofing financing, you get the best of both worlds — you can invest in your home for the future, address existing roof problems and get the roof of your dreams at a price you can afford.