Roofers Have Things Nailed Down

Understanding No Money Down Residential Roofing Options

10 March 2022

Nora Mcdonalid

An issue homeowners will face with the maintenance and upkeep of their home is roofing repair or replacement. This is an issue that may be brought on by age or by damages the roof may have sustained during storms. When you begin looking at your options for financing and funding of the repair or replacement, you may notice your roofer of choice offers in-house financing for a 10-year guarantee residential roofing option. Before you agree to this option, there are a few things you need to know. 

Home Owners Insurance

The first thing you need to know is how your home insurance company pays out. If your roofing damage is covered by your insurance company, they may offer a payout to you for a certain amount of the roofing repair or replacement. In most cases, this is paid to the roofing company—but in some cases, it may be paid to you to give to the roofing company. The date of this payment and how this date is determined are important. If the payment happens before services are rendered, you may be able to obtain your insurance payment quickly. However, if it is paid as a reimbursement, you may want to choose an option that is not based on payment plans if you need the money quickly. 

Credit Score

Anytime you are dealing with a program that offers you payments, you are also likely dealing with your credit score. You may want to find out what credit score is needed for approval. In some cases, the credit score is not as vital as having a long-time standing job that pays on a routine basis. Keep in mind, you will need to show proof of income and agree to a credit and financial background check in order to receive most no-money-down residential roofing program acceptances. 

Payment Plans

A key point to keep in mind is to ensure you are using a payment plan that has auto withdrawal. There are many residential roofing companies that have a clause stating what will happen if you miss a payment or stop making payments. This may mean the company will stop working on the roof until payments are made. It may also mean you will have a lien on your home until the payment is made. Make sure to check the fine print on the payment plans, missed payments, and house liens for unpaid services. 

If the company you have chosen offers in-house financing or other no-money-down programs, make sure to understand the process. If you have questions before signing on for this type of program, ask during your consultation. Also, ensure your home insurance company will still work with you if you choose an in-house financing or no-money-down program. 

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