Major damage to your roof can happen at any time. It could be due to a variety of reasons like high winds, hail storms, hurricanes, and more. Thankfully, even if you don’t have an emergency fund or insurance to cover the costs of emergency roof repair, there are other options you can try. This allows you to finance your roof repair, preventing the damage from causing more serious issues.
In case you need roof repair in New Hope, PA, here are some financing options to consider:
Home Equity Loans
One way to finance your emergency roof repair is through a home equity loan. With this financing option, your property will act as collateral. This allows you to get a lower interest rate and lengthier repayment terms.
It is a good financing option since the lender can let you borrow up to 85% of your property’s value, which in most cases is more than enough to cover the costs of the emergency roof repair. Also, the interest you pay can be categorized as a tax deduction too.
However, home equity loans take about two to four weeks to be approved. If your home truly needs an emergency roof repair, you may not have the time to wait that long. Another drawback is that since your property acts as collateral, there’s a chance you can lose your home if you aren’t able to keep up with repayments.
Personal Loans
If you don’t want to use your home as collateral, you can apply for a personal loan. It’s easy to qualify for one and lenders typically approve it quickly, making it ideal if you need immediate repairs.
However, since there are no assets backing the loan, lenders will typically charge you higher interest rates compared to home equity loans. As such, make sure that you can keep up with the repayments. Failing to do so will negatively impact your credit score, making it difficult for you to apply for loans in the future.
Contractor Financing
There are some contractors that have partnered with a financing company, making it easier for their clients to finance their emergency roof repairs. What’s good about this option is that the application process is quick and can be done via phone or online.
Interest rates can vary depending on the contractor and your credit score. You don’t also need any collateral. Just make sure that you carefully read the terms of this loan before signing up to fully understand what you are getting into.
Best Emergency Roof Repair Service In Philadelphia
For all your emergency roof repair service needs, contact RAM Exteriors. We are an emergency roof repair in Sellersville company committed to providing professional roofing services, ensuring that your roof will be in top condition once again. We also offer financing options for emergency roof repairs, giving you an easy way to fund this unexpected expenditure