About Contractors Archives |

What To Do If Your Roof Is Leaking After A Hurricane

Image of a hurricane with the text: What To Do If Your Roof Is Leaking After A Hurricane

Life after a hurricane can be challenging for people whose homes were affected by it. Some may lose their house or have it heavily damaged, while others may face power outages, flooding, and other inconveniences. If your roof is affected by a hurricane, you will want to take action to prevent further damage to your house or business. What should you do if your roof leaks after a hurricane? Keep reading for the next steps!

Continue reading “What To Do If Your Roof Is Leaking After A Hurricane”

What Is A Complete Roof Replacement? 5 Things to Know Before You Get One

What Is A Complete Roof Replacement? 5 Things to Know Before You Get One. Black and white image of a roof top

If you received the news that you need a roof replacement due to old age or severe damage, you’d likely have several questions about the process. Replacing a roof can be a huge and costly undertaking that involves a lot of decision-making. So, learning as much as possible about the process and best practices is important before starting it. 

Continue reading “What Is A Complete Roof Replacement? 5 Things to Know Before You Get One”

Are Gutter Warranties Really Necessary For The Average Homeowner? Yes! And Here’s Why:

Are Gutter Warranties Really Necessary For The Average Homeowner? Yes! And Here's Why:

Most homeowners are familiar with roofing warranties and their perks. This is why they always hire expert roofers for repairs and replacements. Sadly, most don’t know gutters, too, have unique warranties. Do you? If not, don’t worry; you’re in the right place. This article explores the roles of gutters and the options available in the market. It also discusses gutter warranties and common issues covered by them. Dig in and read till the end.

Continue reading “Are Gutter Warranties Really Necessary For The Average Homeowner? Yes! And Here’s Why:”

7 Questions To Ask When You Need To Hire A Roofing Contractor But Don’t Know How:

7 Questions To Ask When You Need To Hire A Roofing Contractor But Don't Know How:

If this is your first time requiring a roof replacement, you may not know how to hire a roofing contractor. The best way to determine whether a particular roofing company is a good fit is to schedule a quote. Then, while the roofing contractor is looking over your home and roof, strike up a productive conversation. Here are seven key questions you can ask to learn more about roofing businesses, their services, and how equipped they are to work on your home.

Continue reading “7 Questions To Ask When You Need To Hire A Roofing Contractor But Don’t Know How:”

Home Exterior Upgrades Can Be Expensive. Is It Possible To Finance Your New Roof & Siding? What Are Your Options?

Home exterior upgrades can be expensive! Is it possible to finance your new roof & siding? What are your options?A new roof boosts your home’s value, energy efficiency, and curb appeal. New siding has the same benefits; plus, it can improve your building’s structural integrity and reduce painting and maintenance costs.

Professional exterior companies, like Allstate Exteriors, offer roof and siding installation services in exchange for payment. Hiring our services is indispensable for many reasons, including reliability, cost-effectiveness, and safety. Several financing options are available to help you pay for a new roof and siding, including the ones discussed below.

Cash

If you have enough cash at your disposal, paying outright instead of financing your new roof and siding will be within your means. This option is the most convenient for homeowners because it involves fewer documents and processes than other alternatives.

Most roofers encourage cash payments by offering discounts to homeowners who choose this financing option. Why? By paying cash, customers help roofing companies to avoid the gateway payments and fees associated with most e-commerce transactions and credit cards. It also reduces paperwork and the time they must wait for payment. Using cash to cover a new roof and siding is also advisable because it attracts zero interest, unlike credit cards and loans.

Personal Loan Financing

Various institutions and platforms offer personal loans, including online lenders, conventional banks, and credit unions. This option is a lifesaver to most people, especially when home improvement projects like roof replacement or new siding installation are involved.

Using a personal loan to pay for a new roof and siding may be a good idea because it comes in a lump sum. This aspect makes it easier for you to cover significant expenses without making countless applications. Most institutions also offer personal loans with minimal documentation and zero collateral requirements.

To get a sizable loan in an area like South Florida, you may need a good credit score (at least 610). Also, a lender can request proof of address, income verification, and identification documents. Keep such items within easy reach.

Home Equity Loan

A home equity loan allows you to seek financing and use the equity you have in your home as collateral. Simply put, financial institutions that offer this option let you tap into the value of the financial interest you have in your property.

A home equity loan can help you pay a roofer to install a new roof and siding. Using this financing option is advisable because, compared to alternatives like personal loans, a home equity loan option like a HELOC attracts significantly lower interest rates. Moreover, a home equity loan has predictable payments and potential tax benefits. Most financial institutions offer home equity loans to homeowners who meet specific requirements. These often include a 15% minimum equity and a credit score of 620 or above.

Cash-out Refinance

Did you know you can convert your home equity into cash? All you have to do is opt for cash-out refinancing. Different institutions let you use this financing option, including mortgage companies, credit unions, and banks.

Once you’ve converted home equity into cash, you can use the proceedings to pay off any existing mortgage and request a new loan. You can direct the surplus cash towards home improvement projects like installing a new roof or siding.

Choosing cash-out refinancing can be a good move if you want access to a large sum, predictable payments, and reasonable interest rates. But to enjoy this option in South Florida and many other regions, you may need a 20% minimum equity in your home, a good credit score, and income verification.

Credit Card

Most people use credit cards to buy household appliances, electronics, travel tickets, groceries, and fast food. But many don’t know they can use the same financial instruments to pay for a new roof and siding.

A credit card can come in handy when financing your new roof or siding urgently, but you don’t have enough cash or time to apply for a loan. It can also be a lifesaver when other alternatives fail to deliver the necessary financing.

Using a credit card to pay your roofer comes with its fair share of benefits. First, you can earn mile points or cashback. It also boosts your purchasing power. Remember, some credit card companies support interest-free cash withdrawals. If you have a credit card with a low-interest rate, this may be an option for you.

Government-Insured Loan

Entities like the Federal Housing Association (FHA) have enabled homeowners to seek government-insured loans for home improvements. One of the government-insured financial solutions you can use to get a new roof and siding is an FHA-insured Title I loan. This option is for low-to-moderate-income homeowners who don’t qualify for a conventional home equity loan but have critical home improvement projects.

You should check out government-insured loans because they have lenient qualification criteria and down payment requirements. For instance, the FHA Title I Property Loans Program has no specific credit score requirements and doesn’t require borrowers to have home equity.   

Financing Your New Roof and Siding

You can use many financial avenues to install a new roof or siding. But if you want to enjoy stress-free financing options, let Allstate Exteriors & Restoration Services LLC help you. We’ll guide you through the process and explain your options in a way that is easy to understand.

We are experts in roof and siding installation. Our elite professionals have served thousands of homeowners in many areas, including the Columbus Metropolitan Area. Contact us today and get a free, no-obligation estimate. 

 

 

Is Financing Your Roofing And Siding Project Possible? How Does It Work? What Is The Best Option?

Destruction often strikes when you least expect it. For instance, strong winds may blow away a sizable chunk of your roof and lead to significant leaks. Or, your roofing system may show warning signs of collapsing after a raging storm.

Sadly, nightmarish roofing problems can manifest when you don’t have enough to pay for repairs out of pocket. The Allstate Exteriors & Restoration Services team is familiar with this issue. For this reason, we’d like to introduce several financing options. They will help you cover most roofing and siding projects if those projects become necessary.

Common Roofing and Siding Financing Options

Below are viable financing solutions for roofing and siding projects:

Home Improvement Loan vs. HELOC

HELOC is short for Home Equity Line of Credit. This term refers to a revolving line of credit designed to use your home as collateral. Therefore, unlike home improvement loans, which are often unsecured, a HELOC requires you to put your property on the line.

A Home Equity Line of Credit has two periods:

  • Draw period: During this period, you can seek and use the funding from your line of credit. Once it’s over, you can’t borrow any more funds.
  • Repayment period: As the name suggests, this is when you must repay your loan balance. It can last 10-20 years.

Home Improvement Loan vs. Refinance

Do you have an existing loan? If yes, here’s some good news: you can revise its terms, including payment schedules and interest rates. This is made possible by a financing option known as a refinance.

Simply put, a refinance lets you switch current loan terms and get more favorable ones. For instance, you can refinance your loan and take out a new mortgage with lower interest rates.

Various refinance loan options are available today, including cash-out refinance. Generally, a cash-out refinance loan allows you to convert your home equity into cash and use the funds to pay off an existing mortgage. Once you’ve covered the loan, you can use the money left to pay for projects like roof repairs or siding replacement.

Home Improvement Loan vs. Credit Card

Many roofers accept credit cards.

What’s more, by using credit cards to cover roofing and siding projects, you may reap benefits like:

  • Improved credit
  • Cash-back rewards
  • Redeemable points

Despite those benefits, using credit cards over a home improvement loan to pay a roofer can have one major downside. Credit cards can accrue enormous fees and interest charges over time.

Home Improvement Loan vs. Mortgage

Mortgages are tailored for homebuyers. Many don’t know they can use these loans to cover extensive projects like roof replacement or siding installation.

But to get a mortgage for roofing and siding in an area like Southwest Florida, you must meet specific requirements. For instance, you may need a good FICO score (at least 620) and an acceptable DTI (debt-to-income) ratio.

Here’s the differentiating factor between a home improvement loan and a conventional mortgage. You take out the former when home renovations are necessary. On the other hand, a mortgage can help you buy a property or pay for projects like maintenance, siding replacement, etc.

Home Improvement Loan vs. Line of Credit

A line of credit (LOC) consists of a predetermined loan limit you can tap into whenever necessary and repay in a lump sum or over a specific period.

The most common type of line of credit available for homeowners is the HELOC. However, other options exist, including:

  • Personal lines of credit
  • Business lines of credit
  • Demand lines of credit

The main difference between a LOC and a home improvement loan is the former lets you take out small sums of money whenever necessary, while the latter offers a lump sum, upfront payment.

Home Improvement Loan vs. Second Mortgage

As the name suggests, a second mortgage is a loan you take out on a property with an existing debt obligation. It comes from any other source besides the original lender.

As a homeowner, you have access to 2 common types of second mortgages:

  • HELOCs
  • Home equity loans

Both can help you cover significant expenses like siding replacement and roof installation.

Home Improvement Loan vs. Cash

Cash is the most straightforward and readily available option for paying for roofing or siding projects. And luckily, some roofers offer discount prices to homeowners who pay using cash because they do not have to wait for loans to be approved.

Also, cash can be a superb payment option because it doesn’t come with interest charges or throw you into debt from which you can’t recover. Moreover, some home improvement financing solutions can front you the money you need to pay for roofing or siding with cash.

Which is the Best Roofing and Siding Financing Option?

The best roofing and siding financing option depends on your needs and preferences. For instance, cash should be your go-to if you want to pay less for your project. On the other hand, if your goal is bolstering your credit and know you have the ability to re-pay, your plastic cards can come in handy.

Considering the above, factor in the following while choosing the best financing option:

  • Interest rates
  • Repayment term
  • Type of debt (revolving vs. installment)
  • Projected monthly payments
  • Additional fees

The factors we’ve outlined above should help you zero in on a suitable option based on all perceptible benefits and drawbacks.

We Can Help

At Allstate Exteriors & Restoration Services LLC, we offer exceptional roofing and siding services in various areas, including Ohio and Florida. Our experts can tackle roof inspection and repairs. We can also help you upgrade your siding.  

Additionally, we offer financing options for diverse projects, including roofing and siding. Contact us now for more information and get a free estimate!