5 Ways to Finance a New Roof (Myrtle Beach)

Financing a new roof can be a significant expense.

With a new shingle roof costing anywhere from $6,000 – 35,000 or more, you may find yourself overwhelmed with the possible cost of a new roof for your home. Thankfully, there are a few ways to finance your roof and relieve some of the stress associated with purchasing a new roof.

In this article we will explain the 5 common ways you can pay less out of pocket or spread out payments for your roofing project.

These roof financing options include:

  1. Personal Financing
  2. Home Equity Loan
  3. SC Safe Home/Fortified Home (Grant Program)
  4. Veteran Programs
  5. 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 finance your roofing project.

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, the likelihood of insurance claims decreases. 

This is due to the fact that upgraded homes are less susceptible to damage during a storm, reducing the likelihood of insurance payouts.

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 options available that help you pay for your roof. One specific example is Roofs for Troops

GAF partners with its best certified contractors to provide new roofs at no cost to veterans. Being a GAF Master Elite contractor, we are able to provide this at Linta Roofing. 

If you are hoping to qualify for this program, feel free to reach out to us.

Normally, a roofing company will replace one to two roofs a year when they partake in Roofs for Troops through GAF.

If you do not qualify for this program, you may be interested in making an insurance claim. 

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 [link]. 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.

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 finance 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. 

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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