The importance of timely roof repairs is known by many. However, it’s also no secret that roofing work is rarely inexpensive. Fortunately, property owners have financing options, often offered by roofing contractors themselves. In this article, trusted residential roofing company M&A Exterior Home Improvement takes a look at the factors that homeowners should consider when choosing a financing option for their roofing.
Term
In financing terms, ‘term’ refers to how long you’ll be paying off your loan. A longer-term will mean you’ll have to pay over a longer period but only make smaller monthly payments, as opposed to a shorter-term wherein you can pay off your loan in a short amount of time but in larger payments each time.
Interest Rate
One of the most important factors to consider when applying for a loan is the interest rate. Apart from the borrowed amount, you also have to pay back the accrued interest rate.
Additional Fees
When applying for a loan for your roof repair expenses, you’ll want to read the fine print for other charges such as origination fees, a late payment fee, and an early repayment fee. Check with your loan source if they charge any other fees that you should know about.
Types of Debt
You can finance your roof renovation through different types of debt, such as revolving debt, installment debt. Revolving debts are relatively easy to apply for. You can borrow based on your financial profile and you can borrow more as you repay it. Installment debt, on the other hand, is paid in monthly installments.
Monthly Payments
Different financing options offer different payment terms. Look into longer terms with lower monthly payments that are easier on the wallet. Be wary of monthly payments that only include the interest rate and not the principal amount.
As a trusted roofing contractor M&A Exterior Home Improvement believes that reliable roofing doesn’t have to break the bank. This is why we offer financing solutions. You may call us at (757) 779-5244 to get a free quote. We serve Virginia Beach, VA.