Loan Options To Finance Your Roof

Published August 24th, 2020 in Roofing Tips, Finance
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Roof replacements are an inevitable part of owning a home. Just like everything else we own, no matter how well a roof is maintained, the materials will eventually wear out and need to be replaced. Roofs are the gateway to the rest of a house, and if there is significant damage, it opens the house up to water damage, leaks, mold, and other forms of structural damage. 

Loan options to finance your roof

When damage is extensive, or the roof is very old, the best option for homeowners is usually to completely replace the roof. Once a new roof has been installed the lifespan is 50+ years, depending on the roofing material that is chosen. When you choose Cenvar Roofing for your roof replacement, your new roof will come with a 50 year warranty, which is another reason the new roof is a good investment in your home and future. 

While a new roof is an important part of caring for and maintaining a home, it can be an unexpected expense, especially if the damage is the result of a storm or other destructive incident. Here at Cenvar Roofing we offer high quality service at very competitive prices, however, we understand that many homeowners can’t afford to part with the amount of cash necessary to replace a roof right away. We don’t offer in-house financing options, but we have chosen to partner with BB&T Bank to offer a simple, streamlined process to achieve financing for a new roof. 

Financing Options 

There are many home improvement financing options available online through a simple google search and a few simple clicks. However, many of the options that come up initially can trend toward the predatory side of loan companies. As a homeowner searching for a home improvement loan, it is important to be aware of the interest rate you are agreeing to. Many quick and simple home improvement loans available come with high, even predatory,  interest rates that keep homeowners paying much longer than they need to be, and ultimately raise the cost of the roof by a substantial amount. This is why it is extremely important to work with a company that has a solid track record and great customer service, as well as open and transparent policies. Working with a company like this will not only minimize your risk of choosing the wrong loan for your situation, but it will also ensure that you have a seamless, pain free loan acquisition process with minimal headaches. 

BB&T offers a variety of loan options for homeowners

BB&T 

Here at Cenvar Roofing we understand that obtaining a loan for necessary roof work can be complicated for many homeowners. While we don’t offer in-house financing, we have a direct partnership with BB&T that allows our clients to have a seamless, and pain free loan acquisition process through a trusted company. Depending upon the unique client situation and needs, they offer a variety of options, and work with you to find the best financing option for your home and roof.  

The Process 

BB&T is proud to offer a wide range of financing options for homeowners, ranging from a credit card with a 0% interest rate, to a home equity line of credit. When Cenvar Roofing customers start the loan acquisition process, they will work with an agent to decide the best financing option for their home. 

When a client calls to start the loan process, they will be redirected to the voicemail of the representative assigned to our company, and from there, they will receive a phone call back within 24 hours. From there, the client will receive information about the different loan options, pros and cons of each, and approval timelines. 

What They Offer

  • Unsecured Loan. An unsecured loan is a signature loan with zero collateral offered. With this loan type, the client will choose a fixed rate and term for predictable payments, and has the ability to pay off the loan early with no penalty. This option is great for someone who is in need of the funds quickly, as there is no required appraisal process. Usually the funds are available within 48 hours of approval. 
  • Credit Card. BB&T also offers clients the options of a credit card to finance their home improvement project. This credit card has a 0% interest rate, which allows homeowners to pay off the loan incrementally without risking high interest fees. A credit card takes slightly longer to be approved, due to credit checks, etc. but is a quick and safe option for financing. 
  • Home Equity Loan. The other main loan option BB&T offers is a home equity loan, or a home equity line of credit. These loan options are fantastic for homeowners who have a substantial amount of equity built up in their home already. With a home equity loan, you can be approved for a fixed rate loan up to the amount of equity you have established in your home. This loan  requires monthly payments, and an appraisal which is covered by BB&T.   
HELOC’s are a great option for homeowners with equity built up
  • Home Equity Line of Credit. Similar to a home equity loan, a home equity line of credit (HELOC) is based upon the amount of equity built up in your home. The main difference, however, is that the HELOC is a flexible credit line that allows you to use what you need, when you need it. BB&T offers a low variable interest rate, and no closing costs with this option. 

Cenvar Roofing  

Here at Cenvar Roofing, we are proud to provide you with high quality service at competitive prices, and want to do everything possible to make your experience with us as seamless and painfree as possible. No matter which credit option looks like the best fit for you, be sure to have a conversation with our BB&T specialist to find out all of your options, and specific details for you and your home. As early as the day of the estimate, our sales representative will give you a quote with all of the information you will need to start securing a loan. If you have any questions about pricing, payment or financing, feel free to schedule a further conversation with one of our qualified sales representatives. Visit our website to find the branch nearest you and schedule an appointment today.