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Roof Repair Loan Options

Loan options for Roof Repair or Replacement

Your Ultimate Loan Guide For Roof Repair or Replacement

It’s not wrong to say that the biggest investment you make in your life is the amount you invest in building your home. A home is not something you buy or build every other day, so you need to make sure you choose the best for your home. Moreover, you also need to make sure your home is safe enough from different perspectives. Therefore, it is better to keep inspecting if something needs a replacement, such as a roof replacement.

Roof repair or replacement is surely one of the major projects for any homeowner. As it is a major project, it automatically means that it is a major expense as well. Statistically, as per HomeAdvisor‘s stats, on average, a roof replacement can cost you $7,800 in the United States. Whereas, in Canada, the average roof replacement charges are $4,750.

Furthermore, you may have to bear more expenses if you keep delaying. Other factors may include the condition of the roof, home size, removal costs, and the material type you choose for a replacement.

Lifespan Of A Roof

It is difficult to define an exact lifespan of a typical roof because there are several factors that can affect its lifespan. For instance, it may depend on the type and quality of the material you use and how regularly or properly you do the maintenance. Moreover, the lifespan of laminate shingles usually lasts between 25-35 years, while the lifespan of cedar shakes and shingles is 20-30 years, but that too with proper maintenance.

There are some other factors that can affect the longevity of your roof’s lifespan. For instance, steeper roofs tend to have a longer lifespan as compared to flat roofs because the water and snow slide off quickly. Moreover, more exposure to UV rays also damages the shingles relatively quickly. Similarly, weather plays a huge role, for instance, in Ontario, hail storms, rains, fierce winds, and snow is a common thing and that can affect the longevity of the roofs.

Best Time For Roof Repair or Replacement

Generally, the construction processes gather pace during the spring. Well, there are three reasons behind that:

  • People don’t consider these expenses in the holiday season because of Christmas and then the New Year. These two massive events include a lot of gifts exchanging, so people usually avoid further major expenses.
  • Apart from that, winters bring snow and extremely cold weather, so people tend to avoid exterior renovations during this period.
  • Similarly, after the holiday season, people have to deal with their tax returns and also wait for the refund checks.

Lending Options For Roof Repair or Replacement

Well, there are different options to finance your roof replacement, and here are some of them:

1. Homeowners Insurance Policy

The first option for the homeowners is to make use of their homeowners’ insurance policy. This policy may provide different types of coverage and damages according to your contract. You need to ascertain whether the type of damage on the roof is covered by your insurance policy or not. Moreover, it is better to initiate the claim process before starting any repair work.

2. Credit Cards

There are a lot of roofing companies that take credit cards, but as a homeowner, you need to be very cautious about using your credit card for this major expense. If you can repay the amount quickly, then a credit card can be a good option.

However, if you think you will need time to make the settlements, then credit cards can be very expensive due to high-interest rates.

3. Roofer Financing

Several roofers also provide financing facilities to their customers. These roofing companies either arrange the funds on their own, or they may get help from a third party. However, as a homeowner, you need to make a comparison as to which financing option will suit you.

4. Personal Line Of Credit

Well, if you are looking for a loan for your roof replacement, then opening a personal line of credit is one of the best options for you. For starters, the interest rate in this option is lower as compared to many other options. Moreover, most Personal Line of Credit contracts includes low monthly payments. This can be very helpful for you if you are having a financial crisis. Banks, lenders, credit unions, and other financial institutions are offering this option.

Read More: Struggling with your mortgage payments in COVID-19? Here is what to do

Disadvantages Of Getting Personal Loans For Roof Replacement

Although a personal loan may seem a fair option for a roof replacement, here is what you should also know:

  • If you get a personal loan, keep in mind that you have to repay the loan within a specified period. Of course, you will pay the installments, but if you fail to clear your payments timely, your collateral may be seized by the lender, and you can be sued as well.
  • The interest rates are good for personal loans only if you have a good credit score. However, if your credit score doesn’t meet the criteria of lenders, you will have to pay higher interest rates.
  • Personal loans also give you an added burden in the form of “origination fees.” This fee covers the cost of loan processing. Moreover, the origination fee may range from 1-6 percent of the total borrowed amount, and you have to pay this amount upfront.
  • There is another “weird” drawback of getting a personal loan. That is, if you repay your personal loan earlier than your specified time, you may have to pay the prepayment penalties. Many lenders and banks charge these penalties as they lose the amount of interest they could have earned during the remaining period.
  • Personal loans are often associated with scams as well. Some scammers steal your private/personal information through your application and misuse it later. Moreover, they may ask you to pay a loan initiation fee and then disappear. This is commonly known as an “advance-fee scam.”

Difference Between Lines Of Credit (LOC) and Personal Loans

Personal Loan Line Of Credit
  • The type of disbursement in a personal loan is mostly in the form of a lump sum.
  • Obligation payment installments (principal amount + interest) on regular intervals such as weekly, semi-monthly, monthly etc.
  • You have to take the full loan amount at once, whether you want to use all of it or not, and pay the interest on the whole amount.
  • Interest rates are higher in personal loans, and if your credit score is bad, you may have to pay an even higher interest rate.


  • After getting approval, you can access your funds at any time and use them according to your need.
  • Line of credit allows you to pay the borrowed or used amount and the interest at the end of the term.
  • You can use the amount according to your need, and interest will be paid on the amount used.
  • Lower Interest rates in lines of credit. In fact, it offers lower interest rates than many other options as well.


If you are interested in getting a loan for your roof replacement, make sure to get in touch with us. We will offer you complete guidance and devise a plan according to your needs.


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