Things to Consider Before Applying For a Loan

28 Jan

Jan 28, 2021

Table of Contents

A roof replacement is a significant investment. Fortunately, homeowners have access to a wide range of financing options. Here are the factors you should consider before choosing a financing option:

Terms

In finance, term refers to how long your loan will last. A shorter term means you’ll pay back the loan in high amounts over a short period of time while a longer term means you’ll make smaller payments over a longer period.

Interest Rates

Homeowners with good credit scores can usually secure loans with low interest rates. However, there are other factors that can affect your loan interest rates. These include the type of loan, the bank you applied to and your overall financial profile.

Hidden Fees

If you’re planning a shingle roof replacement or roof renovation, make sure to keep an eye out for hidden fees, which quickly add up.

Some fees you might encounter are:

Origination fee – This is a fee for taking out a loan and is usually paid at the start of the transaction. Keep in mind not all lenders charge an origination fee, so it’s best to ask your lender if they charge one.
Late payment fee – As the name suggests, lenders charge this fee when you fail to make your payment after the payment date.
Early repayment fee – Some lenders also charge an early repayment fee, which as the name suggests is charged when you make your monthly payment before the payment date.

If you want more flexible financing options for a new metal roof or roofing project, ask your contractor if they offer any financing options.

Looking for contractors near you?

Dynamic Roofing Concepts, Inc. is a trusted roofing company with over four decades of experience. We partnered with Wells Fargo and GAF® with Admirals Bank to offer flexible financing options to our customers. In addition to flexible financing options, we also offer premium shingle, metal and tile roofing materials. To get a free quote, call us at (813) 657-7663 or fill out this form. We serve homeowners in Tampa, FL, as well as the surrounding communities in Florida.