Financing a New Roof

Financing a new roof can in many cases, help out a homeowner’s budget. A roof is a significant and, in many cases, crucial investment. It doesn’t matter if you need a new roof because of weather-related damage like hail or windstorms, or it is a planned project, a well-installed and durable roofing system is essential to keep your family and home protected from severe weather.

Financing a New Roof or Home Improvement Project?

The price of your new residential roofing system can vary greatly depending on many factors, such as:

  • The size, shape, and complexity of your roof
  • The type and quality of your roof materials
  • The roofing contractor you hire for the roof replacement. Different contractors offer different labor rates.
  • Your location and local climate

Due to these unique factors, it can be difficult to accurately determine the cost of your roofing project. This is where available roof financing options can help you.

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Financing a New Roof: How Does Roof Financing Works?

Let’s look at a few important words that are widely used in the roof financing market. After that, we will delve into the reasons why homeowners might prefer to use roof financing on a new roofing project.

Financing a New Roof: Top Reasons to Consider Roof Financing

Most homeowners pay little attention to their old roof until they have a leak or see shingles missing. As a result, it’s easy to put off necessary roof repairs or replacements until it becomes too late and another damage like rot has occurred. Sometimes, extreme weather or a natural disaster can wreak havoc on your roof and cause irreparable damage.

If you can afford roof repair or maintenance, that’s good. But, in many cases, homeowners are not prepared to address emergency roof repairs or replacements immediately. Even if your insurance provides sufficient coverage for the roofing damage, you may have to pay large deductibles that may not have been budgeted for. At other times, you may want to go for total roof replacement with improved and advanced materials rather than performing a roof repair.

What Our Customers
Are Saying

Donna Huguenin
Donna Huguenin
2022-11-30
Very professional, and proficient.
Alex Grossman
Alex Grossman
2022-11-30
Ty did a great job handling our insurance claim and Lenox roofing put up a quality roof thank you Lenox
Art & Sue Weyermuller
Art & Sue Weyermuller
2022-10-25
Lenox Roofing Solutions did a superb job replacing our roof! Pablo Viafara was our sales representative/project manager and he did an exceptional job managing the build, ensuring that every question and concern we had was promptly addressed and answered. He spent a lot of time at the house making sure the build was going as planned. He makes it happen! John McNight was the onsite foreman who made sure every detail, however minor was taken care of. He, Roger and Devin, the quality control inspectors not only thoroughly inspected everything, but also did a lot of the work on the difficult areas to get to. Chris, the office manager, made the contract happen and couldn't have been more gracious and professional in dealing with us. And the office staff were very helpful and kept us informed of the status of the claim and insurance issues. The actual crew was amazing in how fast they worked, how thoroughly they did the cleanup and in taking care to protect our shrubs. This is the company you want to replace your roof!
Christine Mikrut
Christine Mikrut
2022-10-14
Devon was excellent in repairing the facia to our house from the hurricane. The company responded immediately. I will use them again and recommend them
Teena Garner
Teena Garner
2022-10-05
Called yesterday and they came today earlier then the time they gave me. Devon was very professional and did my repairs the same day. Will recommend and use them again if needed Casey Garner Myrtle Beach
James Cheatle
James Cheatle
2022-09-21
Sale presentation was perfect. Covered everything from what was going to be done to how there products and installation team was the best choice. After seeing everything from the delivery of material to the installation and clean up afterwards I was sure that I made the right choice. In closing the only thing I wish I could add to this is a "++" to the five star rating!
Linda Anne
Linda Anne
2022-09-20
We hired Lenox to replace our roof and it was such a smooth process from start to finish. Our lives were not disrupted at all and the whole installation was complete in one day. Pablo helped us made sure the entire process was easy from working with our insurance to selecting the best style and color. We couldn’t be happier. Highly recommend.
Edward Simard
Edward Simard
2022-09-19
It was a great experience working with Lenox and Pablo a really great salesman! This man helped me get a perfect roofing job! That is beautiful! He worked hard with my insurance company to get them to cover the damage from a hail Strom! And the workers were very professional! Thanks to all of the Lenox roofing Solutions ! For an excellent product! Thank to Pablo! He is now a member of my family!
linda boisvert
linda boisvert
2022-09-19
Pablo was a pleasure to do business with.His crew is efficient and very professional.The roof is gorgeous.

Financing a New Roof: Reasons to use financing

Low Monthly Payments

When you choose a roofing contractor certified by trusted manufacturers like Owens Corning Roofing Contractor Network, you can take advantage of their low monthly payments. This will allow you to pay for your new roofing system in small monthly installments that you can easily afford. Based on your credit history and payment terms, you may qualify for very low interest rates for your loan amount.

Defer Your Payment with No Interest

If you can’t afford the lump sum payment upfront and do not want to pay any interest, you can consider loans with no prepayment penalties and 0% financing up-front. In many installment loans, you don’t have to pay any payment or interest for the first six months. In this, you can pay back the entire loan with no interest within six months. Or you can opt for monthly payments at a new interest rate.

Delay Your Payments for a Set Period

In many roof finance loans, there’s a provision where you don’t have to make any payment for a set period. After the completion of this period, you can start making monthly payments at a fixed interest rate. This can be particularly beneficial for homeowners who have a tight budget right now but want to start their roofing project immediately for some reason.

Quick & Easy Approval

Today’s technology has made it easier for homeowners to apply for loans from the comforts of their homes. All you need is a mobile App, like the Service Finance App and you can apply for any type of home improvement loan online, even without any complicated paperwork. The approval process doesn’t take more than a few minutes after the submission of your information.

Roof Financing in Times of Pandemic

Due to the economic crisis resulted from the Coronavirus pandemic, it is important to have multiple options at your disposal to deal with important, and often expensive, home improvement projects like a roof replacement. Roof financing enables you to protect your investment and get a solid and high-performance roof for optimum protection for your family. With roof financing, you can achieve all this without having to make an investment upfront.

Enjoy a High Return on Investment

As per the National Association of the Remodeling Industry report, a new roof can significantly increase the value of a home — homeowners can reap up to 107% return on investment when they sell their homes with a new roof. They also found that a new roof can help you sell your home faster and fetch a higher price than you can expect.

Frequently Asked Questions:

Your loan terms can vary depending on your lender. In general, the shorter the loan term, the lesser the interest you must pay. However, with longer loan terms, your monthly payments will be lower and affordable. While longer loan terms require more interest, most homeowners opt for 120 months or longer term to ensure that the monthly payments will have minimal impact on their bank balance.

Of course, we offer several attractive payment plans. Lenox Roofing’s main goal is to make your roof replacement project as affordable and hassle-free as possible. Payment options may vary according to interest rates, terms, and your exact requirements.

It depends on the type of your insurance policy and why you want to replace your existing roof. If it is due to some weather-related damage, then your homeowner’s insurance might cover it. On the other hand, if you need a new roof just because of some age-related damage or to increase the resale value of your home, your homeowner’s insurance might not help you with the cost.

Opting for roof financing will help you achieve all these goals — you can increase the value of your home for years to come, permanently fix your existing roofing issues, and get a stunning and durable roof without breaking a bank. To learn more, get in touch with our Lenox Roofing Solutions experts today. Call 843-839-2445 for roof financing options anywhere in the Myrtle Beach SC area.

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