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Roof repairs can get expensive in a hurry, especially if they are caused by unforeseen accidents, such as a tree branch falling on your roof.
However, just because the cost may be too high for you doesn’t mean you can afford to wait to get your roof fixed, as hotels can lead to serious water damage that will only cost you more.
That is why most roofing services offer financing options for their services. However, not all finance options are the same if you are a New Orleans resident. Use this guide to help find the right roofing companies New Orleans to hire.
What To Look for In a Roof Finance Plan
No Home Equity Needed
Many services that deal with your home require you to use your home’s equity as collateral or as part of your down payment. These loans should be avoided at all costs. Your home equity is one of the most valuable things you own, and it should not be touched unless absolutely necessary. There are plenty of roofing services that don’t require your home equity when offering a loan.
Zero Interest Loans
Roofing companies in New Orleans make their money by performing a valuable service. Don’t choose one that also wants to operate as a bank with predatory interest rates. Choose a service that offers zero-interest loans.
Avoid Loans With Prepayment Penalties
This usually goes hand in hand with services that only offer loans with interest. They make more money if you pay every month and often include prepayment penalties as part of the contract. They should be avoided.
Choose Services Who Can Offer Loans Up to $100k
Roofing companies in New Orleans often work on old and complicated roofs. Meaning the cost can go up quickly. Even if your repairs aren’t nearly as much, you’ll feel more secure working with a company that can afford to hand out a loan of up to 100k.
Check To See If Down Payments Are Required
Many roofing companies in New Orleans have loans where a down payment is required; unfortunately, that may not be possible. Double-check the loan agreement if you can’t afford a down patent before agreeing to sign. Usually, if your roof needs to be replaced, other home repairs will have to be done. A down payment may only sometimes be possible.
Flexible Payment Plans
You should expect monthly income and expenses to flux over the years constantly, and you’ll want a flexible payment plan to accommodate unforeseen changes.
No Proof of Income
Similarly to the flexible payment plans, you don’t want to choose a loan that requires proof of income if your current job situation is in flux. Just because you are between jobs doesn’t mean you can afford to have a hole in your roof.
Beware of The Low-Quality Financing Options For Roof Repair
Just because you are facing a home emergency doesn’t mean you should sign a predatory financing option with high-interest rates and prepayment penalties. Use this guide to help you find the best financing options the next time you are looking for roofing companies in New Orleans.
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