new roofReplacing a roof is one of the largest expenses you’ll face as a homeowner. A new roof costs on average $8000 in the United States. You can get financing if you are unable to obtain insurance that covers the cost. Here are some ways to finance your roof.

It can be overwhelming to pay for expensive home improvements, especially if it isn’t possible to pay out of your own pocket or you aren’t certain about financing.

The roof replacement is not something you want to do, but a necessity in many cases. You have no other choice than to replace your roof if you are subject to severe storm damage or a natural disaster.

What should you do if you don’t have the funds to buy a new roof?

There are many financing options available that can help you pay for a roof replacement. This article will help you make informed decisions about financing a new roof before you start your home improvement projects.

How does roof financing work?

Understanding how financing a new roof works is essential before you can learn about your options. A roof inspection is necessary to determine if your roof needs to be repaired or replaced. Greg Lilly Roofing & Restoration is a professional roofing company that can provide you with the best inspection and advice about how to proceed.

Once you know the extent of the roof’s structural requirements, you can calculate the cost for the project. To see your financing options, you can review your insurance policy and personal loans.

Once you have decided that financing is the best option, you can start the application process. Once your roof has been installed, you will begin paying your monthly installments.

Roof Financing Options

It is not possible to delay a roof replacement project because these structures are vital in protecting your home and property. What should you do if you don’t have the cash?

There are many ways to finance your home improvements, whether you need to repair a roof or install one.

1. Roofing Company Financing

Some roofing companies understand that not everyone has the money to replace their roof immediately. They may offer financing options that allow clients to spread the cost of a new roof over time. Some roofing companies do not offer to finance. Others may use unreliable third-party vendors to finance their projects.

2. Homeowners Insurance

Although homeowners insurance is not technically financing, it can be used to pay for a new roof. Most people looking for financing have done the insurance claim route.

3. Home Equity Loan

A home equity loan is another option if your insurance doesn’t cover roofing repairs or replacement costs. A home equity loan is a loan that you use your home as collateral and for a set amount of money. This loan is also called a second mortgage. It’s repaid in the same manner over a specified period.

If you have good credit and steady income, this financing option may be a great choice. Lenders will typically allow you to borrow 85 percent of the home’s worth, minus any outstanding mortgage balance.


A HELOC or home equity line credit can be used to finance your roof. This home financing option lets you to borrow a lump sum amount, however, it is not a revolving credit line like a credit card. You can borrow as much as you need at any time, provided you don’t exceed the credit limit.

5. Refinance with Cash-out

You can finance roof repairs or roof replacements by borrowing money from your home equity. This financing option will replace your existing mortgage with a loan that is higher than the amount you owe on your property. The lender will then disburse the loan funds and you can use the excess to pay for roofing materials or services.

6. FHA Title 1 Loan

A Federal Housing Administration Title 1 loan is also an option. If you don’t have enough equity, this loan is an option. These fixed-rate loans are offered by the Department of Housing and Urban Development through FHA-approved lenders. They can be used to fund projects that will improve the basic living conditions of a property.

7. FHA 203(k), Loan

The Federal Housing Administration (FHA), 203(k), loan is another government-backed mortgage that you could try. This financing option is ideal for homeowners with insufficient equity. FHA 203(k), which is designed to assist lower-income homeowners who need help with their primary residence, helps mortgagors.

8. Personal Loan

You may be eligible to get a personal loan to finance the roof, depending on the terms of your lender’s loan and other approval factors. This financing option is great because your home and other assets will not be at risk of being foreclosed since they won’t require it as collateral. Personal loans are usually funded by banks or financial institutions.

This unsecured loan allows you to borrow a fixed amount, which you’ll have to repay over a specified term. Typically, this term lasts for several years. You should research different creditors to find the best deal, as each one offers a different interest rate and repayment term.

Personal loans are not backed by collateral. This is a major disadvantage. Personal loans typically charge a higher interest rate because there is no collateral. You won’t be eligible for a tax deduction to pay the interest.

9. Credit Cards

Your last resort should be to use your credit card to purchase a new roof. Credit cards offer higher spending limits than personal loans and can be used to pay for roof repairs or replacements. However, the high-interest rates of many cards could make your project very expensive.

How do you qualify for new roof financing?

Every financing option is unique, just like each lender’s terms. You should carefully review the terms and conditions of the financing option that you feel is the best. People who can afford a new roof but cannot pay the full cost upfront can be eligible for financing.

The bottom line: How to finance a new roof

It should be your first priority to repair or replace your roof if it is damaged or has reached the end of its useful life. This structure protects your home and property from the outside elements.

Contact Greg Lilly Roofing & Restoration now if you need help with your roofing problems.

Greg Lilly Roofing & Restoration
4201 Carolina Exchange Drive Suite 202
Myrtle Beach, SC 29579

Areas We Serve – Surfside Beach SCMyrtle Beach SCMurrells Inlet SCCarolina Forest SCConway SCHorry County SCLongs and Loris SCLittle River SCNorth Myrtle Beach SCSocastee SC


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