With so much money on the line, replacing a roof can feel daunting. However, we’re here to tell you there are options out there to help manage the expense. Most notably, financing and payment plans.

So, in this article, we’re revealing different Los Angeles, CA -based companies, both roofing, and finance offering roof replacement financing. We’ll also look at different methods to finance your new roof.

Personal Loans

A personal loan is where you borrow money and can use it for various reasons, including roof replacement and renovations.

Personal loans are offered by banks, online lenders, and credit unions. This loan must be repaid over time, usually with interest added onto it. Some lenders charge fees for personal loans.

Typically, a personal loan has a fixed end date by which you’ll have to pay it off. This differs from a personal line of credit, which can remain open and available indefinitely as long as your account is in a good position with your lender.

There are two types of personal loans- secure and insecure.

A secured loan typically requires a form of collateral as a condition for borrowing. In contrast, an unsecured loan requires no collateral. Usually, the latter will come with higher interest rates.

Home Equity Loans

Home equity loans AKA a home equity line of credit (HELOC), enable homeowners to secure low-cost funds as a second mortgage.

Home equity works by calculating the difference between your home’s value and your current mortgage value. It then uses this as collateral.

The pros are that you tend to get competitive interest rates, and you tend to pay less in financing fees.

The con is that because you have used your house as collateral, lenders have the right to your home if you fail to make your payments.

The more you borrow against your home, the more you are at risk. It’s definitely something to give careful thought over.

Home Owners Insurance

All homeowners are required to take out insurance. Suppose your roof has been damaged by extreme weather or an unforeseen event. In that case, it may be worthwhile checking to see if you qualify for a roof replacement.

Insurance companies won’t pay for a roof replacement due to wear and tear.

Government-Insured Loans

The Department of Housing and Urban Development (HUD) has made available government-insured FHA loans for those who can’t qualify for home equity loans.

It’s worth checking whether you’re eligible for this loan. A lower minimum credit score than typical loans is often required.

Roofing Company in Los Angeles That Office Financing

LA based roofing companies sometimes offer different financing options to their clients to cover the cost of their roof replacement. Let’s take a look at some roofing and financial companies that offer monetary payment plans:

Preferred Roofing Co

This roofing company in Southern California can offer 100% financing. They use HERO and Ygrene financing programs.

7118 Gerald Ave
Van Nuys, CA 91406

HERO financing offers:

• Fixed, low rates
• You can borrow up to 15% of the home’s value
• Up to 25-year fixed terms.

Preferred roofing offers Ygrene financing for energy-efficient roof upgrades. Ygrene offers:

• Up to 30-years fixed terms
• No up-front payment
• Only pay for the improvements while you use them- so if you move, Ygrene financing may transfer to the new owner.

Also, it isn’t considered personal debt- your eligibility is based on your property’s equity, amongst other things.
Acorn Finance
Get personalized roofing long in minutes with Acorn finance. Acorn finance offers the following:

• Loans up to $100,000
• You can take as long as 12 years to pay back the loan
• APR can be as low as 3.99%
• Get pre-qualified for loans quickly and without affecting your credit score
• Fixed monthly payments

You can also compare leaders by APR and lenders by monthly payments.
LightStream
Lightstream can offer loans for home improvements up to $100,000. Unlike Acorn finance, they don’t provide a pre-qualify option, and they require several years of credit history. Lightstream offer:

• 2-7 years to pay back
• No Fees: no origination fees or late fees
• APR between 4.49 – 20.49%
• Loan amount between $5,000-$10,000

You’ll also get a discount on Autopay.

Jobe Roofing Co.

Jobe roofing co. offers several financing options for you to choose from, like Preferred Roofing co. They also provide HERO financing, as well as Wells Fargo, Mosaic, and Hearth.

3022 W 48th St
Los Angeles, CA 90043

Wells Fargo offers:

• Fast and at-home credit application
• Monthly card payments
• Loan amounts between $3,000-$100,000
• No origination fee (though they charge a $39 late fee)
• 1-7 years term length availability

Mosaic offers:

Mosaic is for solar financing. They offer:

• No payment needed for 12-18 months
• You can choose whether you pay back your loan over 10,15,20 or 25 years
• No pre-payment penalty

Hearth offers:

• Loans up to $100,000
• Monthly payment options
• No pre-payment penalties

Best of all, no home equity is required.

Top Tips

Check your homeowner insurance: as previously mentioned, you may find that you qualify for your insurance to cover your roof replacement costs.

Home warranty: Check whether your home warranty covers roof repairs. This is usually down to whether the roof leaks or not.

Shop around: Don’t just go for the first roofer and financial plan you see. Look at multiple roofers, or get professional help to gather estimated costs and financial options with you.

Finding The Best Payment Plans for You

Finding payment plans that suit you and your budget is essential. Getting a roof replacement can be an expensive undertaking, but you don’t have to tackle it alone.

Seeking professional guidance on estimates and potential roofing companies is an excellent step to make. Why not get a quote today to see where you stand?