text us: (612) 380-5285

text us: (612) 380-5285


    QuickBooks For Dummies
    This class shows you how to set up
    and run Quickbooks for your business
    Roofing Process Conference
    Official Recordings
    All speakers presentations, videos & slides

    4 Roof Financing Options For Homeowners On A Budget (2022 Update)

    Do you ever wonder which roof financing options are right for your family? Some homeowners are able to pay out of pocket for a roofing project. Perhaps they’ve been saving up for the job for quite some time, or maybe they just came into some money and are using it to revamp their property. Whatever the reason, it’s not often that people can always pay for a new roof without some sort of financing or assistance.

    However, homeowners shouldn’t have to wait until they can save up to make sure their roof is looking in tip-top shape. After all, not only does a new roof provide added curbside appeal, but it is also a crucial part of keeping the home secure and safe from bad weather. A roof in poor condition is susceptible to leaks—and in the worst-case scenarios—they can even collapse. That’s where roof financing options come in.

    An excellent financing opportunity should be affordable, as well as easy for both the contractor and the homeowner. There are some reliable options out there, so make sure you thoroughly look over them to decide which is right for you and your home.

    Top 4 Roof Financing Options

    Let’s get started! Here are 4 roof financing options for homeowners on a budget.

    1. Using a Financing Provider Like Enhancify

    Perhaps the best way to make sure your roofing project gets done on time without needing to wait to save up for more funds is through actual financing providers, such as Enhancify. Here’s how they work:

    You’ll work with your contractor to submit an application using a portal that can be done fast, without the risk of missing important information. Next, you will see your rates (including 0% same-as-cash offers) from thousands of lenders. Then, you’ll just need to pick the option you like best, and that works for your situation. For financing providers that have their processes down like Enhancify, you’ll get money deposited into your account as quickly as 24 hours. It’s that simple.

    Typically, these providers will also have a knowledgeable and dedicated customer support team that will ensure that you are taken care of and that everything goes smoothly. For many homeowners, this is the obvious route to take for several reasons.

    First, they are extremely fast, which means the project can get started much quicker than the other options on this list. Next, they are straightforward to use, and if you ever run into any issues, they are just a phone call away.

    If you need financing for your next roofing project, we absolutely recommend taking a look at Enhancify. As one of the new kids on the block in the industry, they’ve been using cutting-edge techniques to streamline their process to get money into homeowners’ hands so that they can carry out their dream projects.

    To learn more about Enhancify and whether or not they’ll be a good fit for your roof financing, make sure to bring them up to your contractor and send them here! You and your contractor should work together to find the best option for you, and if they are quality, professional contractors, they should be willing to work with you to see what works.


    • The quick and easy application process
    • Work with your contractor to get funds within 24hrs
    • Competitive rates with low interest


    • Not available for everyone
    • Won’t always cover the entire project
    • Severe consequences if you’re not able to make your payments

    Getting Started with Financing Providers

    Enhancify and other similar financing providers make getting started in their processes and applications extremely easy. Thankfully you won’t need to go through the challenging process alone. When contractors offer this type of financing they’ll lead you right through the process and help you every step of the way. The application is similar to that of a credit card and goes really quickly.

    Many times you’ll be able to find out whether you’re approved and for how much in just a few minutes.

    desktop with a paper headline reading home equity loan; roof financing options

    2. Home Equity Loan

    Next, homeowners can choose a home equity loan to help them pay for their new roof. A home equity loan can be a solid option for some people to pay for a new roof. To take a home equity loan, you’ll need to work with a bank. You’ll be using your home’s equity as collateral for the loan.

    Here’s how it works in a basic sense: if you have a $300,000 home and owe $100,000, then your home equity is $200,000. The FTC allows homeowners to borrow up to 85% of their home’s equity. Therefore, someone with $200,000 in home equity could borrow up to $170,000.

    Sounds pretty nice, right? Well, there are some cons that come with home equity loans. For example, because your actual home is being used as collateral, there are some pretty significant consequences for falling behind on your payments—such as losing your home altogether. Therefore, it’s important to only borrow what you need and not take any more than you know that you can pay back each month.


    • Borrow up to 85% of your home’s equity
    • Get larger loans if you have more equity
    • Ideal if you’re looking for a traditional approach to lending


    • The consequences of not making payments can lead to foreclosure or repossession of your home
    • Very stringent payment processes
    • Sometimes high-interest rates that do change

    Getting Started with Home Equity Loans

    Home equity loans have several different approaches, however, getting a home equity loan will be entirely on you. Your roofing contractor isn’t going to help you secure this loan. You’ll need to first speak with your mortgage company which will likely be able to offer some type of option.

    To compare some different options, you can also reach out to local banks or other financial institutions about their policies. These can vary so try to ask around for the best option that fits your needs.

    Businessman sign on money loan agreement contract to banker, loan and credit financial lease concept; roof financing options

    3. Personal Bank Loan Or Line of Credit

    Some homeowners look to get a personal loan or line of credit from a local bank or credit union. However, it can be difficult to know the difference between a personal bank loan and a line of credit. The main difference between the two is how you get the money and then how you repay said money. A loan is a lump sum of money repaid over a fixed term, whereas a line of credit is a revolving account that lets borrowers draw, repay, and redraw from available funds. While both are viable options for homeowners looking into financing for roof projects, loans are typically the better option.

    As Value Penguin says, “In general, a personal loan is better for large, one-time investments or purchases. This could be the purchase of a new home or car or paying for a college education. On the other hand, lines of credit are better for ongoing, small, or unanticipated expenses or to even out income and cash flow.”

    There are a few other reasons why some people like going the route of a personal bank loan as opposed to an actual financing provider. First, they feel like working with a local organization for their financing makes sense because they tend to trust them more. They also like that, because they are local, they think that they will get the money faster. However, this is often not the case. Banks can be extremely slow when it comes to loans, so you may be waiting for a long time to finally get the funds to pay for your new roof.


    • Provides you with easy access to a lump sum of money that can be used for the project
    • Homeowners can work with institutions they’re already familiar with
    • Lines of credit provide you with revolving utilization


    • Banks can be slow to loan money causing delays in the project
    • Application processes are long and can be challenging
    • Lines of credit don’t work well for high-budget projects

    Getting Started with a Bank Loan or Line of Credit

    To get started with a bank loan or line of credit you’ll need to reach out to your financial institution and speak with them about what you’re interested in using the money for. Depending on your answers they will likely recommend whether a bank loan or line of credit is right for your business.

    home roof damaged from fire; roof financing options

    4. Roof Insurance Coverage

    If you have homeowners’ insurance and you’re looking to repair a roof that is damaged, then you may qualify for your insurance covering all or some of the cost of your new roof. Here’s the catch, though; your roof must have been damaged by a storm, fire, or other cause under your insurance policy. For example, it’s likely that your insurance company won’t cover a replacement or repairs for a degraded roof because of its age or lack of maintenance.

    If you have had a storm that has caused damage in the past, it doesn’t hurt to call your homeowners’ insurance provider to see what exactly your policy is. However, this isn’t a viable option for many homeowners because, typically, the policies are quite stringent.


    • Some amount of payment is often available from the insurance
    • Many policies will cover full replacement of storm damage


    • Doesn’t cover lifetime wear and tear
    • Some policies don’t offer fair coverage
    • Some policies only cover a percentage amount of the damage

    Getting Started with Roof Insurance Coverage

    Opening a claim with your insurance company isn’t difficult. In fact, it can be really easy to do. Many insurance companies these days have intuitive websites and apps that help you open claims, talk to representatives and get the process started. If you assume that your roof could have storm damage, then be sure to reach out to them ASAP and get your claim started.

    Depending on where you live your contractor might be able to help you make a successful claim.

    roofing financing options infographic

    Those are 4 solid solutions for helping you pay for a roof when you’re on a budget. Are there any other methods that you use or recommend to finance a roof? Let us know in the comments about some of your success stories (or horror stories). If you’re looking for a trusted contractor in your area, check out Directorii.com.

    Dmitry Lipinskiy
    Host of Roofing Insights YouTube channel, Founder of Roofing Business School

    Recent Articles

    QuickBooks For Dummies
    This class shows you how to set up and run Quickbooks for your business
    Roofing Process Conference
    Official Recordings
    All keynote and break-out presentations
    video & slides from speakers

    Leave A Reply

    Please enter your comment!
    Please enter your name here

    Join the Roofing Community