Roof damage from tropical Tampa, Florida storms is all too common. If it’s time to replace the said roof, it's important to know what the process entails and how to prepare for it. With a little bit of information up front, you'll feel more confident about the decision. Moreover, you will be able to navigate it without any surprises or disappointments along the way. We will be discussing in detail what exactly financing is, what it will require on your end, and how it can help alleviate the financial burden of an entire roof replacement.
What is Financing a Roof Replacement?
Financing is when you get a loan from a (you guessed it) financing company for the amount of money you need to pay for your roof replacement. The financing company will have you pay this money back to them for (x%) of interest over (x) amount of time. However, with our financing partner, Service Finance Company, LLC. We offer a no-interest option if you qualify! However, if you are not approved through this company, we have partnered with many others to increase your chances as much as we possibly can.
What Do We Need From You?
At the start of the application process, we will give you a link to a form. This form will first ask you what you are requesting the loan for, (roofing). Then it will ask how much the job is going to cost and if you are able to make a down payment. If you are able to make a down payment, it will significantly increase your odds of approval. It will then calculate the difference between how much you owe and how much you are able to put down (if applicable). That total will then be your requested loan amount.
You are then prompted to select either the no-interest option or the low monthly payment option. The approval rate will be affected negatively or positively, respectively, though not by much. On the next page, you will be prompted to provide some more personal information, so the company can check your credit history. You will be asked for your first and last name, phone number, email address, social security number, date of birth (must be over the age of 18) and provide a valid government I.D. All of this information may seem excessive, but it is crucial to the finance company to ensure they pull all of the correct information to give you the highest approval rating possible.
How Does Financing Help Take the Financial Pressure off?
Tampa, Florida, and the surrounding areas are not easy to live in when it comes to expenses. The houses are worth a lot and the taxes can be high, so it is important to take care of your home and keep it in the best shape possible.
However, we understand that a complete roof replacement isn't cheap and that you don't want to cut corners and go with an unlicensed and unknown contractor. Because, let's face it, we’ve all gone to the one connection who can, “Do it for way less than that”, that ended up costing us more having to get it re-done the right way than if we had just gone with the professional to start. That being said, with quality comes to the price of doing the work correctly and not cutting corners. As aforementioned, that isn't always ideal. That is where financing can be a huge benefactor for you, and why we have chosen to provide our clients with this option.
Importance of Financing your Roof replacement project
With financing, you are awarded the opportunity to only put a small portion of what is owed to us for the work down. But also pay small monthly payments on your own time instead of a large lump sum of cash at the start. With a good credit score and high approval odds, you can even be approved to put zero down and get everything on an interest-free loan!
This is especially helpful if you don't have good homeowners insurance and need your roof completely replaced--even if you want to simply upgrade from a three-tab shingle to an architectural shingle, or an asphalt roof to a metal one.
Most insurance companies will not cover a roof replacement if it is for anything other than an emergency. They will even send an insurance inspector down to inspect your roof and give an appraisal as to how much you will be allotted from your insurance company.
Even in the worst-case scenario, if you are approved, you will only have to pay off your loan with a set amount of interest. You will still be afforded the opportunity to pay smaller payments over a long period of time. When approved for these kinds of options, a homeowner is not only relieved of partial (or complete) financial responsibility at the time of your new roof's completion. but also relieved of some of the stress that goes along with a complete roof replacement.
Benefits of choosing SouthShore Roofing & Exteriors
The final benefit we have worked tirelessly to get for our clients is the relief of a hard inquiry on their credit score. When applying with us, we understand that you may not always get approved for the first loan you apply for, which is why we have many companies to choose from.
However, all of the companies that we have partnered with run what is called a soft inquiry on your credit report. This means that the financing department does a pre-approval. They check your score without hitting your credit score, giving you an offer before there is any commitment or effect to your credit score. This is massively beneficial to our clients who are very credit conscious or just may not have the best credit. It preserves your score and gives you the option to apply and find the best loan rates possible.
We hope the information provided to you in this post not only takes some stress off of your plate. But it also proves to you how everyone here at SouthShore Roofing & Exteriors wants nothing but the absolute best customer experience for our clients.