Financing

Flexible Financing Options

We understand that financing a home improvement project can be stressful. That’s why we offer a range of flexible financing options for homeowners and business owners.

Get a new residential roof for as low as $135 a month!*

*Example shown reflects: (1) a FICO score of 780+ and approval through finance partner; (2) Auto-draft discount; (3) 20 year term, Estimate based on a $15,000 loan amount or average 32 square roof.

Get Affordable Payments for Your Project!

Borrow up to $100,000
Approvals for all credit types
Fast and easy application process
Excellent customer service
Get approved in under 5 minutes!

At Cornerstone Construction, we understand that financing a home improvement project can be stressful. That’s why we offer a range of flexible financing options for homeowners and business owners. We are partnered with Service Finance to ensure you are able to protect your home and wallet. Rather than invest thousands upfront, our partnership allows you to set up low monthly payments.

During your consultation with us, our team will help you explore the financing options best suited for your specific project. To get started, simply fill out the form on our website or give us a call to schedule your free consultation.

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Financing Options

More Financing Options For Your New Roof Or Solar System

Investing in a new roof, solar system or gutter system is an important decision. In addition to applying for financing using Service Finance Company LLC to finance your next project, there are quite a few other ways to acquire the funds you are needing. Here are some of the most popular financing options for your next home or business project.

Personal Loan

Personal loans are a type of unsecured loan that offer a fixed amount of money to homeowners that must be repaid over a set period of time. One of the key benefits of a personal loan is that you are not required to put up any collateral, such as your home or other assets, in case you are unable to repay the loan. Additionally, personal loans often come with lower interest rates compared to credit cards, especially for those with a good credit score.However, there are also some drawbacks to consider. Personal loans tend to come with higher interest rates compared to home equity loans due to the absence of collateral. Furthermore, the interest paid on a personal loan cannot be claimed as a tax deduction.

Home Equity Loan or Home Equity Line of Credit (HELOC)

The loan-to-value (LTV) ratio, which represents the difference between the current mortgage balance and the value of your home, is a crucial factor that determines the amount of equity you are eligible to borrow through home equity financing. To qualify, your LTV must be 85% or lower.Home equity financing is attractive due to the low interest rates compared to alternative financing options for home improvements such as a new roof. This is because your home acts as collateral. However, it’s important to proceed with caution as this option comes with risks, particularly if you have poor credit or unstable income. It’s best to only consider home equity financing if you have excellent credit and a steady source of income.

Homeowners Insurance

If your roof has suffered damage due to severe weather conditions, you may be eligible for roof replacement financing from your insurance provider if you have homeowner’s insurance. It’s important to note that normal wear and tear over time is not covered under homeowner’s insurance.

Cash-Out Refinance

You have the option of accessing your equity through a cash-out refinance, which involves obtaining a loan that exceeds your current mortgage debt. The additional funds can then be utilized for purposes such as financing a new roof.Cash-out refinancing often offers a lower interest rate compared to home equity loans or lines of credit. Additionally, since the refinancing is being used for home improvement purposes, you may be eligible for tax deductions on your mortgage interest.

Government-Insured Loan

If you don’t have enough equity in your home to secure a loan, the Department of Housing and Urban Development (HUD) may offer assistance through government-insured FHA loans. The minimum credit score requirement for fixed-rate FHA loans, including FHA 203(k) standard loans and FHA Title I loans, is lower than conventional loan requirements, as long as your debt-to-income ratio is below 45%.

Credit Card

Paying for a roof replacement with a credit card can provide an alternative financing option with a higher credit limit compared to personal loans. If the credit card offers a 0% Annual Percentage Rate (APR), this can be a cost-effective solution compared to other financing options, such as home equity loans, personal loans, and company financing.

Company Financing

If you run a business, you may be able to finance your solar project or new roof using company financing options. For significant financial investments, large-scale projects use company financing. Depending on the particular requirements of the project, businesses can select between various financing options like a loan, line of credit, or a lease. One advantage of business financing is that it frequently has flexible repayment terms, which can aid your company in better managing its cash flow.

Should You Pay for a Roof With Cash?

If you have the financial means, paying for a new roof in cash is the most advantageous financing option. By avoiding interest payments on home equity loans, you can save money in the long run. However, not all homeowners have access to large savings to cover the cost of a new roof. Many people must consider alternative financing options, as they may not be able to draw from their personal savings for expensive home improvement projects

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