Roof Replacement Financing: Tips to Obtain a Lucrative Deal!
Repairing an old roof or choosing a replacement is indeed an expensive enterprise, costing several thousands of dollars. For a new roofing job or complete replacement, you might need to shell out as much as $15,000 from your pocket, and this is by no means a shoestring amount! Fortunately, if you have an amazing or at least stable credit report, you can obtain roof replacement financing easily. According to the Privacy Rights Clearing House, a non-profit consumer information company, an individual having a credit score of 720 or more is usually eligible for the lowest rates of interest on roofing loans.
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However, roof financing is also available for property owners having a lower credit report. If the score is below 620, then you may be expected to pay a higher rate of interest. Regardless of your credit score, credit companies and banks are likely to offer you a more competitive deal on your roofing project vis-a-vis roofing contractors, and thus you should shop carefully. Here are a few quick tips on how to fetch a lucrative finance scheme for your roof replacement job.
- First, it is important that you review your credit report and grab ahold of your score. Under the terms of Fair Credit Reporting Act, you are eligible to attain three free credit reports in a year, from the major credit reporting bureaus. Reviewing the credit report will help you decide whether it is the perfect time to apply for roof replacement financing, or if you should delay the project till your score improves.
- You can apply for home equity credit line or a home equity loan although the latter is a better option. This is because you can use the money for all sorts of home improvement jobs without any hassles.
- If the home equity loan is not the right option for you, apply for installment loans from credit companies or banks. These types of loans offer a low rate of interest, unlike credit cards, and you need to repay the loan amount in fixed equated monthly installments. If you shop smartly and negotiate well, you can even manage the banks to get you special rates on such home improvement loans or . Compare and review the quotes and interest rates offered by different banks and credit unions, and then take a definitive decision, depending on the rate of interest offered and repayment period.
- If there are no better options left for you, or have been rejected a home improvement loan, you can finance the roof replacement project with your credit card, as a last resort. However, make sure that your current credit card offers extensive credit limit so that you can go for rigorous roof replacement, without running short of money. Elsewhere, apply for a new credit card with extended credit limit to pay for the replacement project. However, with higher rates of interests, credit card financing for your roof replacement can be really expensive for you during the repayment process. Hence, this should be the last resort always.
Besides following the above tips, it is equally vital to peruse through all the details of the roof replacement financing documents offered to you. In addition, do not hesitate to ask for written explanations of terms or conditions that are not clear to you. Stay informed on all fronts for the true success of your project.
