Financing Your Roof Repairs: What You Need to Know

Roofing repairs and replacements form a normal part of homeownership. The cost of repairs can surprise many homeowners. Even if you don’t have enough savings to cover the full cost upfront, you can explore plenty of financing options. Here are a few facts about paying for your Kentucky roof repairs.

Roofer Lending

Because many customers cannot pay for repairs or replacements upfront, roofing companies often offer in-house financing. These plans vary between companies, so read the fine print to ensure a fair deal. Interest rates apply, so understand how much you will pay in total.

FHA Title I Loans

The Federal Housing Authority offers Title I loans, which are designed specifically for property improvement uses, including roof replacements and repairs. In general, owners of single-family homes can borrow up to $25,000 and pay off the amount borrowed over up to 20 years. While these loans can be a great option, you may need to secure the loan with your mortgage or deed trust.

Personal Loans

People take out personal loans for a range of uses, and home repairs and improvements are no exception. Most personal loans have shorter payoff periods, which can make them unaffordable for some people. For those who can comfortably make their payments, however, personal loans can provide extra convenience — they can be approved in as little as a day. It’s noteworthy, however, that interest rates vary significantly based on your credit score, and those with lower credit scores might be at risk of paying far more than is necessary.

Home Equity Loans

If you’ve paid off a significant portion of your mortgage, you’ll likely qualify for a home equity loan. These loans generally let you borrow up to 85% of what you’ve paid on your mortgage, often letting you cover the entire cost of roof repairs or replacements. However, note that your home is literally on the line with these loans, so make sure you can make your payments comfortably.

Repairing or replacing your roof can be expensive, but the benefits are clearly worth the costs. Fortunately, most homeowners can qualify for some sort of financing, making the process of paying far more affordable. If you’re in need of roof repairs or a replacement, talk with the experts at AIC Roofing & Construction in Lexington, KY, to discover how they can help you.