Facing the daunting cost of a new roof?
With prices ranging from $6,000 to over $35,000, it’s no surprise many homeowners feel overwhelmed. But you don’t have to bear this financial burden alone. In this article, we’ll explore five practical financing options that can ease the strain on your wallet, ensuring you get the roof you need without the financial stress
These roof financing options include:
- Personal Financing
- Home Equity Loan
- SC Safe Home/Fortified Home (Grant Program)
- Veteran Programs
- Insurance Claim
Everyone needs a sturdy and safe roof protecting their home. It is important to act quickly when you notice signs that your roof might need replacing. So, let's dive into the 5 ways you can pay for your new roof!
How to Finance a New Roof
1. Personal Financing
Most roofing contractors will offer some type of personal financing options. This is when you borrow money from a lending partner of your roofing contractor. There are many different rates and plans available with financing programs.
There are some same-as-cash loan options and others that have a longer window for payment. Depending on your credit score, you can expect an interest rate somewhere between 7% and 15% if you are wanting to spread out payments for a long period of time.
If you are interested in different plans, you can check out our financing options. If you fill out the application on our website there will be no hard inquiry on your credit. This is simply a great way to help you get an idea of what you could be approved for and what plans are available. If you find a plan that works great for you, you can move forward with getting your financing approved through the platform!
Traditional financing has both advantages and disadvantages. The positive side is that you can secure funding quickly. The downside is that the interest rates are sometimes a bit higher than home equity loans, which are another great option for financing your new roof.
2. Home Equity Loan
A home equity loan is provided by the mortgage company that you have your mortgage with. With this loan you can use the equity you’ve built on your home.
For example, if your home is worth $200,000 and you’ve already paid $100,000 on your home, you have $100,000 in home equity. 
You can borrow this amount against the equity. The interest rate is typically the current market rate, which is around 7% as of January 2024. The main benefit of using a home equity loan to pay your roof is that if you have enough equity in your home, you can fully finance your roofing project.
The downside is that it takes a lot longer to go through this process than it does with a personal loan. It can take months to pull equity out of your home, but if your roof damage is not in an urgent state, it may be beneficial to have a lower interest rate.
3. SC Safe Home/Fortified Home (Grant Programs)
A grant offers financial support to encourage homeowners to improve their roofing systems. Usually, insurance companies provide these funds. Insurance companies support these initiatives because when homeowners enhance the wind mitigation features of their homes, they know homeowners are less likely to need to file an insurance claim.
This is due to the fact that upgraded homes are less susceptible to damage during a storm, making you less of a "liability" to your insurance company.
There are two main grant programs available to homeowners in North Carolina and South Carolina, SC Safe Home and Fortified. These programs are specifically intended for coastal communities.
For example, a standard roof could cost around $10,000. If you wanted to install a Fortified or an SC Safe Home roof, the cost could go up to the $12,500 range (depending on the retrofit needed for your home).
In this scenario you could have grant money available ranging between $3,000 to $7,500. So, while the total project cost is larger, you will pay less out of pocket depending on the retrofit you need.
$10,000 – Standard roof cost -$0 – Grant money provided = $10,000 out of pocket cost for homeowner |
$12,500 – Roof cost with retrofit – $5,000 – Grant money provided = $7,500 – Out of pocket cost for homeowner |
To check if these grants are available, check out SC Safe Home and Fortified to see what is available to you now or in the future. We at Linta Roofing are proud to say that we are certified to install both SC Safe Home and Fortified roofing systems. If you decide to apply for one of these grants, we would be happy to retrofit your roof!
4. Veteran Programs
If you are a veteran, there are dedicated programs to help cover the cost of your roof.
One such program is Roofs for Troops, offered by GAF in partnership with certified contractors. Typically, only one or two roofs per year are replaced at no cost to veterans through this program, making it a valuable opportunity for those who qualify.
As a GAF Master Elite roofing contractor, Linta Roofing is proud to extend this offer. Additionally, we provide all veterans with a $250 discount on their roofing project.
If you’re not eligible for Roofs for Troops, you might still benefit from making an insurance claim, especially if your roof has sustained damage from a recent storm.
5. Insurance Claim
We understand that an insurance claim is not necessarily a way to finance your roof. This is because the only time that you’re able to pay for your roof with an insurance claim is when you have legitimate damage.
It can be rare that the timing aligns from when a recent storm event occurred to when you need a new roof. However, it is common that homeowners have storm damage on their roof and they don’t know it.
Certain types of damage, like hail, may be identifiable from the ground. In this instance, a homeowner can save between 50% to 98% of the cost of their roof, depending on the type of damage and the insurance policy they have. Before filing an insurance claim, it may be beneficial to learn the 7 things you should know before you file an insurance claim.
If you are interested in filing an insurance claim, it is important to have a reliable roofer inspect your roof beforehand. This ensures that any insurable damage will be discovered by a roofing expert with a keen eye for storm damage.
We at Linta Roofing are happy to help customers through the insurance process.
Roof Financing for Peace of Mind
When it comes to getting a new roof, everyone’s first question is the cost, as it is a major financial investment.
Whether you had recent storm damage or you have an old roof, it is comforting to know there are options available that can help you finance your roof. Depending on the route you choose, we at Linta Roofing are here to provide you with additional information that will help you make the right choice for your home.
Now that you know the 5 ways to pay for your roofing project, you may be interested in learning how insurance companies determine roof cost or how we at Linta Roofing can guide you through the insurance process. And ultimately provide you with the peace of mind you deserve. It is best not to stall on a roof replacement but act quickly to secure a safe roof for you and your family for years to come.
It is important to have peace of mind as you navigate your roofing project. And we at Linta Roofing are here to help.
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