Benefits of Financing Roof Replacement

It can be difficult to prepare for a roof replacement, requiring a large amount of saving ahead of any problems with the roof. Or worse, unexpected damage to the roof can affect your plans for home improvement. Financing a large purchase like a roof replacement can be intimidating to many homeowners, especially if it’s the first time you’ve replaced your roof, but fortunately there are a number of financing options available that are also easy to access.

In this article, we’ll cover the options available to homeowners when financing a roof replacement. No matter what, Harford Roofing & Exteriors has your back, ensuring you can keep the elements out and protect your home investment — we even offer financing ourselves. You can complete our application, which is forwarded directly to the banks and not reviewed by us, or read on to learn about the various options for roof replacement financing.

The financial aspect of roof replacement is a daunting subject, and one that many homeowners tend to skimp out on until it becomes an unavoidable problem. Such a significant investment can be mitigated, however, with proper planning years in advance – or simply knowing your way around a financing loan.

First, let’s talk about the long-term benefits of immediate action. If there are urgent repairs that need to be made to your roof, it should be done sooner rather than later, which means you need financing options that can get a new roof on your home immediately.

Because your roof is the first line of defense for keeping your home protected from the elements, it’s important to keep it in tip-top shape with regular inspections and promptly addressing any damages.

Letting the problem get worse while you save up to pay cash all at once can be detrimental to the value of the home. Worse, leaving a roof go without addressing damage or minor needs for repair can cause further structural damage to the interior of the home once the elements get in.

Financing is also a great way to improve your cash flow, letting you pay over time, rather than a hefty up-front sum. As the saying goes, a dollar today is worth more than a dollar tomorrow. Financing allows the frugal and financially smart homeowner to maintain your liquidity, making manageable monthly payments instead of lump-sum payouts.

Lastly, a new roof benefits the home’s resale value, and it lasts for 25 years or more. Financing the roof allows you to make a positive, long-term impact on the value of the home for when you choose to sell the property.

Use Your Home Warranty If You Have One

When looking at financing options for a roof replacement, you should first look at your home warranty. If you have a warranty, discuss your benefits with the company – or read the coverage terms – and determine if a roof replacement is covered. Every home warranty is different, but many pay for repairs and replacements. Even if it covers a large portion of the replacement cost, it can save you a lot of money and stress to go this route.

Typically, home warranties only cover a certain number of roof replacements, and they must be valid at the time of coverage. This means if your warranty is recent and you have a waiting period, you may need to wait to get a roof replacement. Likewise, if the warranty is expired or doesn’t explicitly state replacements as a coverage option, it will not cover the roof replacement. Talking with the policy company can clear up any confusion about benefits your home qualifies for.

If your home warranty does cover a roof replacement, you will need to have the professionals at Harford Roofing take a look at your roof for a professional assessment. This allow the warranty company to verify the damages and determine whether a roof replacement is truly necessary, or if it can be simply repaired.

Once this is done, and if your warranty provides the appropriate level of coverage, you can file a claim with the home warranty provider and they will handle the rest. This is the best option if you have it available, otherwise you may need to seek financing for roof replacement on your own.

Should You Take Out a Personal Loan to Finance a Roof Replacement?

Taking out a personal loan isn’t always the answer to roofing replacements, but it may be the right fit depending on your situation. (1) It’s always recommended to look into your home warranty if you have one. If you don’t have a home warranty or an insurance policy that will cover the roof replacement, then a personal loan may be a good choice.

A personal loan allows you to spread the cost of a roof replacement out over time, but you should also shop around for the best deals. Personal loans typically offer the benefit of fixed monthly payments, unlike credit cards. Furthermore, if your credit score is good, you can usually secure a personal loan without putting down any collateral.

Unfortunately, everything has its drawbacks as well, and a personal loan is no different. If you choose to go with a personal loan, you will need to shop around for the best interest rates.

“A low interest rate doesn’t necessarily make one loan more affordable than another if it comes with high fees.”
—Forbes Advisor

Your credit score will influence the rate you are offered, but different institutions will offer different interest rates based on that credit score or your history with them.

Lastly, if you can’t meet the monthly minimums, you can default on the loan and face additional fees, which harms your credit score. It’s important to plan ahead and budget accordingly to make sure you can take on the financing obligation before you sign up for a personal loan. It’s also important to keep in mind that different types of loans are best suited to different needs; not every loan is made equally.

Financing Options for Homeowners

There are multiple financing options available for homeowners depending on the situation. Fortunately, roof replacements aren’t always necessary, but in the event that your roof has been damaged beyond repair, or if the roof itself is degrading and towards the end of its typical lifespan, it may be necessary to replace it.

Depending on the urgency of your roof replacement, you may want to consider different types of financing options. (2) For homeowners with good credit, you can typically borrow what you need with a personal loan.

“You can typically borrow between $1,000 and $100,000, depending on your credit score and the loan term.”
Lending Tree

Another common option is to work with the roofing contractor for financing, which is often the fastest way to get the roof replaced. If you do this, you will need to clear the contractor lien on the home before you can sell the property, however, so keep that in mind if you are replacing the roof to improve the value pre-sale.

Other options for financing include renovation loans, home equity loans, and cash-out refinancing, but these both involve a complicated approval process and can involve higher closing costs or interest rates depending on the lender. Cash-out refinancing or home equity loans can be complicated, however, and may put ownership of your home at risk if you default on these loans before they are paid off.

Another popular method of financing roof replacement is to opt for a 0% APR credit card. With a good credit score, you can typically get approved to cover most of the roofing costs, if not all of it. In this case, however, it’s important to work with the contractor to make sure partial payments with this method will work.

Is Replacing a Roof a Good Investment?

Yes, replacing the roof is a great investment for your home, raising the sale value of your home and protecting any interior investments you make into the property. Furthermore, a new roof comes with a manufacturers warranty, and often a contractor’s labor warranty, providing you with extra peace of mind.

Out of most other common home improvement projects to raise a home’s value, a roof replacement will provide you with the best return on investment, putting up to 80% of the invested amount back in your pocket when it comes time to sell the property. It’s also one of the most long-lasting improvements that you can make as a new roof will last anywhere from 20 to 30 years.

Best of all? Roof replacement never goes out of style.

What Roof Financing Payments Look Like

Financing payments will look different based on many different factors including the method of financing, your credit score, the total cost of the roof replacement, your home’s location, and your credit score. Don’t forget the term length of your financing and any additional fees that may be associated with the financing agreement.

That’s a lot of different factors to consider, but you can also negotiate the monthly cost of a new roof by negotiating different terms and interest rates. Depending on the method and your credit score, you can expect to pay as little as $100 each month before interest for your roof replacement. When you compare that to the total cost of a roof replacement paid in cash, that’s a pretty good deal!

What Credit Score Do You Need to Finance a Roof?

Where you finance your roof makes a big difference in the minimum credit score you need to finance a roof. It’s a big purchase, and lenders are always looking to mitigate the risks of default payments. Unfortunately, the credit score is often the best way to determine that risk factor.

While there are financing options that don’t require a credit score, you may need to provide a credit score to determine eligibility for credit cards or loan financing options. In most cases, you will need a score over a minimum of 600 to qualify for credit lines that will cover the cost of a roof replacement.

What Time of Year is Cheapest to Replace a Roof?

The time of year can impact labor and material costs, as well as the difficulty of replacing the roof due to weather conditions. Unfortunately, the summer months are demanding for many roofing contractors – Harford Roofing Contractors included – and this can raise the rates during the season.

In northern Maryland, the best times to get your roof replaced is between the months of September and March, as roofing work slows down and we tend to have more time. Getting a quote and scheduling a roof replacement during fall or winter months also allows us to plan around the weather, unlike many years with a rainy spring or early summer season.

What to Know Before Choosing Roof Replacement Financing

Financing roof replacement is not a simple process, but it can be easy if you know the right questions to ask. You should also have a complete inspection done on the roof to determine the extent of the damage and the urgency of the replacement. Furthermore, the time of year can affect your replacement costs, which in turn, affects your financing agreement.

By working with your contractor and choosing the right timing of your roof replacement, you can split the difference between acting promptly, and acting with your budget in mind. At Harford Roofing & Exteriors, we can help you better understand your roof’s current condition and walk you through the process to get your roof replacement financed. We’re here to help you every step of the way, even before we start tacking shingles.

Why Choose Harford Roofing & Exteriors?

At Harford Roofing & Exteriors, we are dedicated to keeping the elements out with quality roofing materials and superior customer service. That means we care about your ability to finance a new roof stress-free. For a free roof inspection give us a call or request a quote today.

Our team has years of experience in roofing and home remodeling, ensuring your repairs and replacements are done with proven craftsmanship. We’re happy to help you make the most of your home investment with advice based on your specific needs. We are here to help you through the process every step of the way, serving all of northern Maryland.


  1. Forbes, Best Roof Financing Options of 2023,
  2. Lending Tree, How to Finance a New Roof,