After you discover that your roof has a leak, you should then perform an inspection to determine if your roof needs to be repaired or replaced. A roof replacement can be expensive, but through loans and credits, you can make the repairs much more affordable.
Start With An Estimate Of The Repair Costs
Before you seek financing for your roof, you will need to get an accurate estimate of how much the roof will cost. You may find that you can afford to finance part of the roof construction with your savings. The least expensive way to pay for a roof is to use cash, thus avoiding the need to pay interest.
Go To Your Bank
Banks are the traditional place to go to get a loan for an addition to your home. Your bank will be more willing to make a loan than other lenders. Consider getting a home equity line of credit. This credit line relies on your home equity as collateral.
Contact A Mortgage Broker
Besides the bank, a mortgage broker will often have several programs for loans to pay for modifications to your roof. How much you receive will be based on your credit score, your loan-to-value ratio and your income.
You may be able to receive a government loan and a rebate for building an energy-efficient roof. Those who are the most likely to qualify are those who have good credit and low home equity. Banks also make loans that are insured by the FHA against loss. FHA-insured Title I loans are an option if you need to make repairs to your home to make it livable. This kind of loan can cover the expenses of improvements you make yourself or improvements performed by roofing contractors.
Take Advantage Of Tax Deductions
Tax credits are provided to homeowners who use metal roofing products, roof coatings, roof tiles, and spray polyurethane foam. Products that carry the EnergyStar label are also more likely to be eligible for tax credits.
To save money on your loan, you can use a loan-interest deduction on your taxes. However, the modification made to your roof must increase the value of your home and it must not be a repair. While you cannot use all of these methods on every roofing expense, if you take advantage of each credit and if you choose the right loan, you can make your roof replacement project much more affordable.