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Roofing Loans can be an Affordable Option if your Roof Needs to be Repaired or Replaced
If you need to repair or replace your existing roof, you may want to look at different types of Roofing Loans to help you finance and spread the payments of your new roof out over time. Financing a roof can add value to the home, as well as give it more beauty. There are many types of roofs that a homeowner can pick from
According to another 2013 study, this one from the National Center for Healthy Housing, 35 million metropolitan homes in the United States, or 40 percent, contain one or more health and safety hazards. The most common repairs that aren’t fixed? Water leaks from outside, which affect 11 percent of metro-area homes, followed by openings in homes that mice are able to exploit (10 percent) and interior water leaks (9 percent). Meanwhile, 5 percent of homes throughout cities and suburbs have unrepaired roofing problems, damaged interior walls and foundation problems.
So what happens when you have a home issue that needs attention but lack the funds to repair it? You can do nothing, of course, and live with your problem. But there may be more options available than you think.
Apply for a loan. You may scoff at first, especially if your credit is shaky or you’ve already been turned down for a loan by your bank, but there are nonprofits out there that are designed to help low-income and middle-class homeowners, says Douglas Robinson, a spokesperson for NeighborWorks, a nonprofit created by Congress that supports community development in the United States.
The most obvious and traditional way to fund a roof replacement is through planning ahead and saving. Ideally a home purchase should be at a price which still enables the homeowner to put away funds for a rainy day, as well as accumulate a nest egg that permits strategic repairs and upgrades. Saving a percentage of income regularly takes the sting out of the moment these repairs are needed.
Sometimes it’s not possible to set aside funds ahead of time, or perhaps your well planned funds were already consumed by an earlier crisis. In this case it may be necessary to consider some manner of financing for your roof replacement.
If your home value contains a substantial amount of equity, you may be able to use this to your advantage. A home equity loan, which allows you to borrow against equity you have accumulated, can provide for repairs, while also leaving you ample time to repay or replace the funds necessary for your new roof.