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  • Writer's pictureMeredith Ott

Financing Options For Your New Roof in 2023

Updated: Jun 9

Any reputable roofer will not ask you to pay in full for the roof replacement project before the work commences. Be particularly wary of roofing contractors who demand full payment upfront. Paying a deposit is standard with many roofers, so enquire what the roofer requires before signing anything. Typically, a roofing company will ask for a deposit of 50% of the project’s total cost before the work begins and after the materials are delivered. This means a reputable roofer is financially stable so they can afford to pay for the materials and labor upfront. At Heart Roofing LLC, we think it isn’t right to make you pay for work before it’s done.

New shingle roof installation - Seamless rows of fresh architectural asphalt shingles in modern shade of brown covering entire peaked roof of residential home
New shingle roof

If your roofing company provides third-party financing, it’s common to pay in installments. Once you decide on a timeline for payments, ensure this is included in the contract to hold both parties accountable. It is ok to not have the funds for a new roof. Roofs are expensive, especially in Florida, and can be an unexpected expense at an inconvenient time.

Licensed and insured roofing companies, like Heart Roofing LLC, usually work with third-party financing partners who can make the payment plan for your new roof easier. They can help streamline your roof financing process through payment plans personalized to your situation and needs. Due to economies of scale, a roofing contractor can work with lenders to find competitive loan rates, payments, and/or length of loan. Additionally, they make every effort to simplify the financing terms and processes. Some roofing companies even offer a useful monthly repayment estimator tool to help you get an idea of how much you’ll be paying.

New shingle roof installation - Seamless rows of fresh architectural asphalt shingles in modern shade of gray covering entire peaked roof of residential home
New metal roof

When you have extensive roof damage and need a complete replacement, you may need a flexible way to pay for it. Here are multiple financing options to consider, including:

  • Mortgage Refinancing: This allows you to obtain a lower interest rate and shorten your mortgage term. Just make sure the interest rates are low enough to make this option a wise financial decision.

  • Paying through Insurance: Your homeowner’s insurance can pay for your roof replacement if your roof was damaged by a covered peril, such as a storm or fire. Check with your insurance provider if you’re eligible for reimbursement. They’ll likely cover a large portion of your cost unless they determine that your roof was not adequately maintained or neglected.

  • Personal Loan or Home Equity Line of Credit: Traditional credit unions and banks offer personal roofing loans you could use for a roof replacement. Whether it’s a personal or home equity loan based on the equity built up in your property, consider the interest rate and payment period to ensure you can comfortably furnish the loan.

  • Pay with a Credit Card: With a strong credit score and history, you could qualify for a 0% interest credit card. You can then use the credit card to pay for your roof replacement without worrying about interest piling up.

  • Florida PACE Program: FortiFi (the ONLY Brevard/ Indian River/ St. Lucie County approved PACE provider) offers a quick approval process, flexible payment terms, and access to FortiFi approved contractors the property owner selects. Basically, the roof payment is put on the property taxes based off of home's equity and the property taxes up to date. Bad credit accepted!!!

  • Home Improvement Loan Banks/Providers: Third-party banks that specializes in unsecured home improvement loans. Based on credit history, the terms and rates may be very competitive.

Many homeowners often delay acting on roof replacements due to the financial costs. It can cost you much more in the long run when you delay replacing your old roofing system. The longer you wait, the riskier it becomes to trust your old, worn-out, or severely damaged roof.

Some potential costs and costly problems could crop up when you wait too long to schedule a re-roofing job.

  • Excessive roof leaks and water damage

  • Mold removal and remediation costs

  • Rodent and vermin removal

  • Paying for a double-tear-off job

  • Your roof becomes more susceptible to storm damage

  • Denial of roof damage insurance claims

  • Structural damage & house fires

  • Reduced energy efficiency levels

  • Decreased property value

Two-story home new shingle roof installation - Roofers laying seamless courses of dimensional asphalt shingles in warm terra cotta color across multiple pitched roof planes and levels of multi-story residential structure
New shingle roof on a 2 story home

Heart Roofing LLC offers roof financing options for Brevard, Indian River, and St. Lucie Counties. We use Fortifi for the PACE Program and EnerBank to help our homeowners get the roof they really want to protect their prized assets. Please don't settle for a cheap, out-of-town roofer that won't warranty their work, call today to find out your options.

+1- 321-499-3012


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