Roofing Companies in Albuquerque Offer Options to Help You Pay for Your New Roof

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Roofing Companies in Albuquerque Offer Options to Help You Pay for Your New Roof

Can’t afford a new roof? Nothing causes more stress than needing an expensive project done when you don’t have the money for it.

Roofs are one of the most important structures in your home. When it begins to fail, leaks, ceiling collapses, and mold growth makes your home dangerous to live in and more expensive to repair.

We understand that not everyone can afford a new roof.

That’s why at Enchanted Roofing company in Albuquerque, we want to give you some options to help you afford a new roof installation.

Begin with a Free Estimate

It’s easy to start thinking the worst before we know exactly what’s happening. Look for roofing companies, like Enchanted Roofing, that offer free estimates. That way, you’ll know exactly how much your new roof will cost without having to pay to gain this knowledge.

Ask About Material Costs

While getting your estimate, ask the technician about budget-friendly options. For example, single-layer shingles cost less than multi-layer shingles. Asphalt shingles cost less than clay tiles. Knowing the different pricing for each kind of roofing material can help you make the right decisions.

File an Insurance Claim

If you have homeowners insurance, your roof replacement may be covered. Check your policy, or talk to your insurance company. Most cover damages involving weather-related events or accidents.

If it looks like your insurance covers roof damages, work with your insurance agent to begin collecting the necessary information to file a claim.

Consider a Title 1 Home and Property Improvement Loan

Title 1 home and property improvement loans are given through the Federal Housing Administration (FHA). You may qualify for this loan if you’ve lived in your home for over 90 days. The FHA insures their loans with their lenders, making the lenders more willing to work with you.

You can borrow up to $25,000 and have 20 years to pay it back. It’s important to note that if you want to borrow more than $7,500, you’ll have to secure the loan through a mortgage or deed of trust on the property.

Research Grants

The best parts about grants are that they typically don’t need to be paid back.

Many grants are available for low-income residents and retirees. If you live in a classified “historic” home, you may qualify for grants supporting these buildings.

Here are some resources to help you find grants you might qualify for:

Single Housing Repair Loans Grants

Weatherization Assistance Program

Preservation Directory

Start a GoFundMe Campaign

A GoFundMe campaign works great when you’ve experienced a tragedy like a fire or a flood. It’s also appropriate when you or a family member is sick and can’t afford your mounting bills.

Your GoFundMe campaign may not be well received if you’re just looking for a new roof. Unless you’re suffering from some sort of tragedy, we suggest looking at other options.

Apply for a Home Equity Loan

Depending on how long you’ve owned your home, you may have built up some equity by paying your mortgage payments. Home equity loans are typically low-interest loans backed by your assets.

When you apply for home equity loans, lenders look at how much of your mortgage remains unpaid. They’ll also evaluate the current market value of your home.

If the ratio favors the lender, they’ll grant you a home equity loan.

Try Cash-Out Refinancing

Cash-out refinancing also requires you to build up equity by paying your mortgage payments.

This is a home refinancing option where you receive more than you need to cover your mortgage. The extra money is then used for your roof replacement.

Cash-out refinancing works best for those who’ve owned their homes for several years and know they won’t be moving. Interest rates are typically low, and you might be able to get a better mortgage rate than before.

Another advantage to cash-out refinancing is that it doesn’t give you another bill to pay as a home equity loan would. You’re basically swapping out your old mortgage payment with a new one.

Are you ready to call an Albuquerque roofing company?

We hope one of these options worked for you, and when you’re ready to schedule your roof replacement, give us a call.

At Enchanted Roofing company, our Albuquerque roofers have been repairing and replacing roofs since 2015. Our skilled technicians ensure your roof is fixed correctly, and we warranty our work so that you don’t have to worry about immediate repairs.

Contact our Albuquerque roofing company today to schedule your free estimate.