Residential Roofing, Roofers / By Midwest Roofing, Siding & Windows / January 24, 2024

Jan 24 2024

If you own a home or manage a commercial property, you should know what a free roof inspection from Midwest Roofing, Siding & Windows includes. A free roof inspection allows us the opportunity to evaluate your roof’s condition and provide […]

Residential Roofing / By Midwest Roofing, Siding & Windows / January 11, 2024

After the Storm: Replacing Shingles Blown off Roof and Restoring Protection to Your Home

Jan 11 2024

Following a storm, your asphalt shingle roof may have significant damage, including having shingles blown off the roof. Often, a professional roofing contractor can repair the roof in lieu of replacement.

Residential Roofing, Roofers, Storm Damage / By Midwest Roofing, Siding & Windows / November 8, 2023

An image of grey shingles on a roof and the text: If you own a home, you understand the importance of addressing known issues with your roof before they multiply into far more significant and costly problems. Unfortunately, the expense of repairing or replacing a roof often leaves homeowners at a meaningful disadvantage. This fact rings true, especially when funds are tight and time is urgent. So, what options exist for financing a roof repair or replacement? When Financing A Roof Project Makes Sense Time Is Of The Essence When a roof repair or replacement project needs to occur shortly to avoid a far more catastrophic outcome, the homeowner must take immediate action to identify sensible financing solutions. If the homeowner has sufficient available personal funds, the question of timing is mitigated. However, most homeowners typically don’t have this amount of cash instantly accessible. You Can Secure A Reasonable Financing Option A homeowner who can tap into a financing solution on reasonable terms should utilize this option while the window of opportunity remains open. In a world where interest rates and lending terms often change rapidly, selecting a favorable financing alternative makes the decision to move forward with a necessary roof repair or replacement project that much easier. Reasons That Impact The Cost Of A Roof Repair Or Replacement Many factors affect how much a roofing project costs. Think about the following considerations: Availability And Affordability Of Labor Cost Of Materials (Fluctuates Based On The Market) Square Footage And Dimensions Of The Roof Time Of Year (Busy Season Or Off Season) Options For Financing A Roof Repair Or Replacement Cash-Out Refinance In lieu of taking out a second mortgage or HELOC, a cash-out refinance permits the homeowner to pay off the original mortgage and replace it with a bigger mortgage to access cash funds immediately. Depending on the market, interest rates on a refinance may be lower than the interest rates on the current mortgage. Variable rates also may be refinanced into fixed rates. Credit Card Assuming the homeowner has sufficient access to credit through this method, paying for a roofing project with a credit card (or series of credit cards) is an option. Generally, funds are available instantly to pay for a roof project. If the homeowner has a credit card with a 0% or low APR introductory rate, this alternative might make sense, at least early in the repayment process. Government-Backed Loan Certain homeowners lack home equity to access a second mortgage, refinance, or obtain a HELOC. Thankfully, government-insured home improvement loans assist homeowners needing funds for roof repair or replacement projects. FHA-approved lenders frequently provide such homeowners with targeted loan amounts on modest interest rates and repayment terms. Home Equity Line Of Credit (HELOC) Not unlike a home equity loan, a home equity line of credit (HELOC) also functions as a second mortgage. The homeowner borrows against the equity in their home with borrowing limits (generally up to 80% of the equity in their home). Although interest rates often vary over time (but tend to be stable), the homeowner pays interest only on what they borrow during the draw period. Home Equity Loan For the established homeowner who has built up significant equity in their home, a home equity loan provides a meaningful (and reasonably fast) way to tap into the built-up equity with relatively low (often fixed) interest rates and affordable (typically monthly) repayment terms. Typically, the homeowner receives a lumpsum distribution of up to 80% of the equity in their home. Insurance Before pursuing other financing options, homeowners should determine whether their existing insurance policy covers roof damage. In many instances, a warranty also offers partial or total coverage depending on the circumstances causing the roof damage. The homeowner is advised to assess the situation with their insurance agent first and then consider alternatives. Personal Loan Many lenders (including banks, credit unions, and online lending institutions) offer personal loans to fix or replace a roof. In many cases, no collateral is necessary to qualify. Homeowners frequently access cash quickly through this method, especially if they are well-qualified and have a favorable credit score, a steady income, and a relatively low debt-to-income ratio. Roofing Company Financing Certain roofing companies, like Midwest Roofing, Siding & Windows, offer financing. Typically, they partner with a reputable lending institution to provide customer loans to help pay for roofing projects. Choosing this lending solution typically benefits the homeowner, including (i) no equity or collateral requirement, (ii )a fast qualification process, and (iii) reasonable loan terms. Why Choose Roofing Company Financing When evaluating financing options, working with a roofing company like Midwest Roofing, Siding & Windows to secure financing gives homeowners a significant advantage. We offer attractive lending terms, including 0% interest if paid in full within 18 months. For homeowners needing additional time, we provide loans for up to 11 years. Applying and qualifying for financing is fast and painless. Contact us today.

Nov 8 2023

If you own a home, you understand the importance of addressing known issues with your roof before they multiply into far more significant and costly problems. Unfortunately, the expense of repairing or replacing a roof often leaves homeowners at a

Residential Roofing / By Midwest Roofing, Siding & Windows / October 25, 2023

Image of roof sheathing on a roof and text: When Should You Replace Roof Sheathing

Oct 25 2023

What Is Roof Sheathing Commonly referred to as “roof decking,” roof sheathing is a sturdy layer of wooden boards (and, in some cases, concrete, metal, or steel sheets) affixed to a roof’s joists and trusses. These boards or sheets form

Exterior Services, Residential Roofing / By Midwest Roofing, Siding & Windows / October 11, 2023

Icicles hanging from the gutters of a house forming ice dams. With text: What Causes Ice Dams and How to Prevent Them?

Oct 11 2023

As a homeowner in the Twin Cities, you know how important it is to have a reliable roof during snowy winters. Having an ice dam form can lead to damage that makes it hard for your roof to protect your

Residential Roofing, Roofers / By Midwest Roofing, Siding & Windows / September 3, 2023

Image of people standing in front of a house with a sign and with text: What Does a Roofing Contractor Do, And Why You Should Hire One?

Sep 3 2023

Carrying out any construction work on your residential or commercial property can be exciting, but it can also be frustrating. While there are some areas or parts of a house that you can handle as a DIY project or hire

Residential Roofing / By Midwest Roofing, Siding & Windows / August 9, 2023

Shingles on a rood and a picture a a house with the text: Your Residential Roof Warranty: How to Properly Understand What it Covers

Aug 9 2023

As you prepare for your roof replacement, you will wonder about fallback options if your new roof develops unexpected problems. That’s where the topic of roof warranties comes in. Understanding your warranty options and what they cover can help you

Residential Roofing / By Midwest Roofing, Siding & Windows / June 21, 2023

What Are Shingles Made Of and What’s the Best for My Roof

Jun 21 2023

If you plan on renovating or installing a completely new roofing project, you will have multiple choices regarding the type of roofing design you want. Shingles are small sections of certain materials arranged in a particular order on top of

Residential Roofing / By Midwest Roofing, Siding & Windows / June 7, 2023

Jun 7 2023

Your roof is arguably one of the most significant parts of your house. Essentially, a home is only complete after the roof work is complete. As a homeowner, you may want to change up your roof and wonder about the

Residential Roofing / By Midwest Roofing, Siding & Windows / March 28, 2023

What Do I Need to Know About Gutters and Why Do I Care?

Mar 28 2023

Gutters are easy to overlook. Many homeowners rarely think about their gutters until they have an issue with them. But paying closer attention to your gutters early on has some big advantages. You can leave the hard work of gutter