When the time comes to replace your roof, one of the first questions you may ask is: How am I going to pay for it?
The average cost of a new roof in Texas ranges from several thousand to tens of thousands of dollars, depending on size and materials. Many people can’t write a check on the spot.
That’s where financing a new roof comes in.
From insurance claims and contractor financing programs to personal loans and home equity lines of credit, homeowners have more options than ever to make a roof replacement affordable.
In this article, we’ll walk you through the most common ways to secure new roof financing, explain the pros and cons of each, and help you choose the solution that best fits your budget and timeline.
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Do you need to finance your new roof? Contact us today to get the process started.
The True Cost of a New Roof
Your need for new roof financing obviously depends on the cost of replacing your roof.
The average national cost to replace a 1,500-square-foot roof with asphalt shingles is $6,695. Note that this is only 1,500 feet, and the material used is asphalt shingles. The total cost may vary significantly depending on the materials used, the size of your roof, and the complexity of your roof.
In Texas, the average cost of replacing a 2,000-square-foot roof is between $6,000 – $20,000.
(Note: These figures are just estimates, and actual costs will vary. We recommend contacting us for a free roof inspection so we can give you an accurate estimate.)
Not everyone can pay $6,000 in one payment. Hence, the need to find financing for a new roof.
How do you get that financing?
Step 1: Check If Insurance Covers It
Depending on the circumstances, insurance may pay for a new roof. Storm-related roof damage (hail, wind, hurricane, etc.) often qualifies for insurance coverage.
Before you look for other types of new roof financing, check your insurance policy to see if your home is covered for storm damage.
Before you contact your insurance company, have a trusted, local roofing contractor look at it. They will be able to determine the extent of the damage and provide you with an estimate of how much it will cost to fix your roof.
At M&M Roofing, Siding, and Windows, we provide free roof inspections. We’ll send one of our expert roofers to assess the damage to your roof and then give you a detailed estimate. We’ll also help you decide on the next steps.
Step 2: Explore New Roof Financing Options
If insurance won’t cover your roof replacement, it’s time to start exploring financing options. You have a number of options.
Roofing Company Financing
Many roofing companies (including M&M Roofing, Siding, and Windows) partner with lenders to offer their own financing options, allowing you to pay for your new roof in installments rather than all at once. This makes the cost more manageable and affordable for you.
We’ve designed our new roof financing solutions to make roof replacement affordable, simple, and fast. Here’s what you get if you finance through M&M Roofing, Siding, and Windows:
- No Money Down: You can get a new roof without having to make a large down payment, and monthly payments are easy to manage.
- Fast Credit Decisions and Simple Application: Our streamlined application process ensures quick approvals. In many cases, you’ll know within a short time whether you qualify.
- Unsecured, Revolving Credit Lines: Instead of tying your home up as collateral, our financing options are unsecured, giving you added flexibility and peace of mind.
- Lifetime Labor Warranty Included: Every roof we install through our financing program is backed by a lifetime labor warranty. Both your roof and your investment are secure.
- Promotional Financing Offers: We’ve partnered with Synchrony Bank to bring you promotional financing that often includes attractive interest terms and payment structures.
Personal Loans
You may also be able to finance your new roof through an unsecured loan from a bank, credit union, or online lender.
Another option for financing a new roof is taking out a personal loan. Unlike home equity loans, which use your house as collateral, personal loans are unsecured. You don’t need to put up your property or other assets to qualify. For homeowners who don’t want to risk their property, this can be an attractive way to fund a roof replacement.
One of the biggest advantages of personal loans is speed. Many banks, credit unions, and online lenders offer quick application processes and fast approvals, sometimes within a day or two.
However, personal loans usually carry higher interest rates than secured options like home equity loans. Your credit score plays a significant role in determining how much you’ll pay in interest.
Shop around, compare offers, and make sure the monthly payment fits your budget before signing on.
Home Equity Loans
Tapping into your home equity is one of the most cost-effective ways to pay for a new roof. A home equity loan allows you to borrow a lump sum of money based on the difference between your home’s current value and what you still owe on the mortgage.
Because the loan is secured by your property, lenders may offer lower interest rates than you’d find with unsecured options. Also, you may be able to borrow larger amounts than with a personal loan.
However, it’s important to remember that these loans use your house as collateral. If you can’t pay, you risk foreclosure. You should carefully evaluate your budget and long-term plans before committing.
Credit Cards
Using credit cards to finance a new roof works best for smaller projects or partial expenses. For example, if your roof replacement is mostly covered by insurance, but you need to pay a deductible. Because they don’t require a lengthy approval process, you can use them immediately once the roofing contractor is ready to begin.
Many cards offer 0% introductory APR for a limited period, typically 12 to 18 months. If you can pay off the balance within that window, you essentially get an interest-free loan to finance your new roof.
However, credit cards carry some of the highest long-term interest rates of any financing option. If you can’t pay off the balance quickly, the interest charges add up significantly. Your roof ends up being far more expensive in the long run.
Before using a credit card for such a major expense, make sure you will be able to keep up with the repayment timeline.
Step 3: Compare and Choose the Right Option
It’s essential to compare options before deciding how you’ll secure financing for a new roof. Each financing path comes with its own set of trade-offs:
- Monthly payment amounts
- Interest rates
- Loan terms
- Overall costs
Think about both your immediate budget and your long-term financial goals. If you plan on staying in your home for years, a loan with lower interest might save you thousands in the long run. On the other hand, if you just need a quick solution until an insurance claim is processed, a short-term financing option may be the smarter move.
Weigh the pros and cons of each option and align them with your personal financial picture. You’ll be able to move forward with confidence, knowing your home is protected without putting unnecessary strain on your finances.
If you need a new roof or need to repair your roof, give us a call for a free roof inspection!
Final Thoughts
Securing financing for a new roof can feel overwhelming at first. The good news is that homeowners today have more options than ever. The key is understanding the pros and cons of each choice and selecting the one that provides both immediate relief and long-term peace of mind.
A new roof isn’t just another home improvement. It’s an investment in safety, comfort, and property value.
If you’re ready to explore your options, M&M Roofing, Siding & Windows is here to help. From free inspections to flexible financing programs backed by a lifetime labor warranty, our team makes the process simple and stress-free.
Contact us today to schedule your inspection, and let’s find the best way to protect your home.
M&M Roofing, Siding, and Windows has been serving homeowners for over 40 years. Call us or complete the request form to schedule a FREE roof inspection and consultation.
