As a homeowner, you may struggle with what to do if you need new or replacement roofing or siding. Perhaps you need more financial resources to pursue a necessary home improvement project. This issue can be especially vexing if time is of necessity. What financing options exist for you to proceed sooner rather than later?

7 Financing Options For Roofing & Siding

Before pursuing financing alternatives, review your homeowner’s insurance policy and any home, roofing, or siding warranties to determine if there is coverage for your next roofing or siding project. If you don’t have coverage from an insurance contract or warranty, consider the following sources of borrowing:

1. Cash-Out Refinancing

If you have an existing mortgage, you can secure a new one at a higher loan amount than you currently owe. You can use the cash difference for your new roofing or siding project. Cash-out refinance rates are often more attractive than other options, including home equity loans and credit cards.

2. Contractor Financing

Did you know that certain reputable contractors offer financing or work through a qualified lending partner? This option enables the homeowner to access funds quickly through an expedited approval process. This avenue provides attractive financing terms, including low or no short-term interest rates and fixed monthly repayment plans.

3. Credit Card

A credit card can deliver quick access to funds. If you qualify for a new credit card, you could access a 0% APR as an introductory rate for 12 to 18 months. If you repay the borrowed amount within this timeframe, you have an interest-free “loan.” However, credit card interest rates are generally cost-prohibitive and are a less attractive alternative.

4. HELOC – Home Equity Line Of Credit

A HELOC, or home equity line of credit, enables the homeowner to access a home’s equity as needed. The lending institution will disburse funds as requested by the homeowner to cover various expenses, including the purchase of new roofing or siding. The homeowner repays the amount “borrowed” on terms outlined in this financing arrangement.

5. Home Equity Loan

A home equity loan permits homeowners to borrow against their home’s equity without replacing their existing mortgage. It provides the security of a fixed rate and a long repayment period of up to 30 years. As a borrower, you will need a home appraisal to verify your home’s value. However, if you default, the lender has the right to foreclosure.

6. Home Renovation Loan

This “fixer-upper” loan is based on the estimated value of your home after upgrading your roofing or siding. Typically, this option is government-backed and provides more borrowing power than other lending options.

7. Personal Loan

This lending option comes as a lump sum disbursement. The borrower repays it in fixed-rate monthly installments. A personal loan can be arranged quickly. In the unfortunate event of default, the homeowner does not have to face foreclosure. Although interest rates can be high, lower rates are an option for borrowers with a strong credit history.

Benefits Of Contractor Financing

As a homeowner, you budget for significant improvements, including a new roof or siding project. However, this expense can exceed your available funds when you need to move forward with the roofing or siding replacement. Quantum Roofing understands this dilemma.

Financing your home improvement or renovation project through a contractor-approved financing partner enables you to move forward with a lending solution that delivers competitive interest rates, flexible or fixed payment plans, and a streamlined application process.

At Quantum Roofing, our lending partner, Service Finance Company, LLC, offers over 50 financing options, including promotional and standard installment terms. As a leading financial institution in the home improvement industry, this lender is a trusted source for homeowners.

Consider the following advantages of pursuing contractor financing:

Ability to consolidate the funding into your mortgage
Attractive, affordable interest rates
Fixed, predictable monthly payments
No significant initial or upfront expenses

Pursuing Contractor Financing

Homeowners faced with financial challenges are encouraged to seek borrowing through a reputable contractor’s qualified lending partner. If you can relate to any of the following situations, contact Quantum Roofing today:

You face an emergency roofing or siding situation requiring immediate action.
You have budgetary limitations that mean you need alternative financing.
You lack liquid financial resources even if you are otherwise “well off.”
You prefer installing new roofing or siding to upgrade your home before selling it.
You want to leverage attractive financing options over using savings.

Borrowing Through A Reputable Contractor

For homeowners in North Carolina, South Carolina, and Tennessee, Quantum Roofing provides exceptional financing options for roofing or siding projects. We offer convenient, affordable lending solutions that ensure your roofing or siding replacement happens on your timetable.

Contact Quantum Roofing today to learn more about how we can assist you.