Eight Options for Financing a Roof Replacement

Replacing your roof is a vital part of maintaining your home. A poorly maintained roof can easily lead to thousands of dollars in damage to other parts of your home. You can take the patch-it-up approach, but this is will only be a temporary fix for a very serious problem.

It doesn’t take a rocket scientist to determine that roof replacement is expensive. This is one of the main reasons why many homeowners cringe when they find out that it’s time to replace their roof. A home improvement project of this size can easily start at $12,000.

The first step begins with you getting estimates from several reputable contractors in your area. Home improvement experts suggest that you should get at least five estimates. This will help you get the best price for the project. It’s also important for you to make certain that the contractors are licensed in your state. Getting several estimates will help you see what you are facing.

Fortunately, there are several options on the table for financing a roof replacement. Each has its advantages and disadvantages. We will now take a close look at each one.

Personal Savings

There’s an old saying, “Save for a rainy day.” Saving money can help anyone be prepared for emergencies. Well, replacing your roof should be considered as an emergency. If you fail to take immediate measures to resolve this issue, you could be looking at further problems that will cost you more money.

For instance, a leaking roof can cause mildew. Besides replacing your roof, you will be on the hook for paying a company to remove the mildew. This can be costly!

Your personal savings should be the first option to take into consideration. If you have enough cash on hand, it only makes sense for you to pay for the roof replacement project out of your pocket. This can help you avoid the fees that are attached to loans.

Homeowners Insurance

The roof replacement project may be covered in your homeowner’s insurance policy. You need to sit down and ready your policy carefully. Contact your insurance agent if you don’t understand some terms or if you need further clarification. If your roof was damaged due to a fire, storm, or other event, your insurance may cover you. If you’re covered, you will only be required to pay your deductible.

Personal Loan

Financing a roof replacement can be done with a personal loan. In many cases, a personal loan means lower monthly fees and interest rates if you were flirting with the idea of paying with your credit card. Banks and credit unions offer personal loans with flexible terms to borrowers that can show steady income and a decent credit score. The lender may ask for more personal information if they feel like you are a viable candidate for a loan. You should make an earnest effort to shop around for the best rates.

Home Equity Loan

You may be eligible for a home equity loan if you have equity in your home, a steady job, and a solid credit score. Homeowners normally use home equity loans for large purchases that will increase the market value of their home. An appraisal may be required to determine the market value of your home. The lender will use the market value of your home to calculate how much financing they are willing to offer you. Checking with several lenders will help you find the best deal.


Many homeowners are not aware that they may be able to use incentives to help pay for their new roof. These incentives are typically offered for energy efficient roofs. Getting in contact with the energy department in your area will help you find out if you qualify for an incentive. Incentives can help you save a great deal of money.

Company Financing

Financing a roof replacement can be done with company financing. Many roofing companies offer company financing or a roof loan. They work with preferred lenders that extend financing to their customers. The preferred lender will verify your income and credit score. In most cases, it will be easier for you to get approved for company financing. Unlike banks and credit unions, you can get approved for company financing in a matter of moments. However, you should be ready to pay a higher interest rate.

If you decide to use company financing to pay for your roof, make sure that you don’t agree to terms that will push you beyond your financial comfort zone. You don’t want to sign a company financing agreement that will wreck havoc on your finances in the near future.

Credit Card

Credit cards come in handy for a variety of reasons. You may be able to use your credit card for your new roof. Please keep in mind that you should only use your credit card as a last option. If you can cover the roof replacement project with your credit card, you should be ready to deal with higher interest rates and fees.


Crowdfunding is a new form of lending where you present your need to a pool of potential investors. These investors are not the savvy investors that you will find in the banking industry. Crowdfunding investors are ordinary people that are interested in making a decent return on their money. Simply visit a crowdfunding platform and tell the crowdfunding investors you need a new roof. They may give you the funds.

Replacing your roof is one home improvement project you cannot afford to ignore. If you do, you could be facing more problems down the road. Financing a roof replacement can be done if you use your creativity and exercise one of the options above.


If you don’t have an account, create one.

Once you have logged in go to your design library. If you don’t yet have any designs,
upload the design you wish to enter.

Upload a design in JPG, PNG, or TIF formats, or .AI, .EPS, or .SVG. Artwork should be sized at 150 dpi and, once uploaded, you can use the contest entry page to edit the repeat style of your fabric design. Please proof the size and layout of your design carefully. All contest fabrics will be previewed for voting using the ‘fat quarter’ view, which is at a scale that shows a 21” x 18” representation of fabric. Do not choose the ‘centered’ layout option. Please avoid using non standard characters (accents, non-US-English letters) in your file name.

Pull down the Action menu over the design you wish to enter in the contest, and select Project Selvage under the heading Enter in Contest.

Choose the layout option for your design, then click the button that reads Enter in Contest. If you wish to change the size/dpi of your design or its repeat style, you can do so using the edit option on this page.

If you decide to enter a different design or make changes, you can withdraw a design by following the same steps, then entering a new design.

You can have only one design active in the contest at a time. Once the entry period closes, we will freeze the submitted designs.

The Details


Enter designs before March 24th (see Design Guidelines below)
· Michael Miller Fabrics and Spoonflower will pick the top 75 Semi-finalists
· Semi-finalists will be posted at Spoonflower.com for fans to vote starting 3/31
· Top 10 designs will move to final round and designers will be asked to create collections
· Top 10 collections will be posted on Spoonflower.com for the public to vote on 4/28
· The collection that gets the most votes will win a contract with Michael Miller Fabrics and an all-expense paid trip to the Quilt Market in Houston


-The design theme for the initial round of submissions is baby fabric for boys.
-Designs must be original and cannot have been entered in previous Spoonflower contests.
-All previously entered designs will be disqualified and ineligible to be selected.
-One design per entrant. Multiple entries will be disqualified.

-All submissions must be original creations
-Theme for the initial round is “Baby Boy”
Designs that do not meet this criteria will be disqualified
There are no restrictions on size, layout or color
-Must be in repeat

-All submissions must be original creations
-Final round contestants will be required to expand their single print into a collection with an additional 5 coordinating designs. A total of 6 designs in the collection
-There are no restrictions on size, layout or color.

Winner will also be expected to design a baby girl collection of 6 prints. Both collections will be debuted at International Quilt Market – Fall 2011

Based on questions we receive, we may post modifications or clarifications to the requirements, so please check back periodically.


2/24/2011 – Open to entries
3/24/2011 – Last day to submit designs
3/25 – 3/30/2011 – Sponsors choose 75 semi-finalist
designs for voting
3/31/2011 – Announcement of 75 semi-finalists +
open voting begins
4/6/2011 – Semi-finalist voting ends
4/7/2011 – Top 10 Finalists announced
4/27/2011 – Last day for Finalists to submit
4/28/2011 – Open voting begins on Collections
5/4/2011 – Finalist Voting Ends
5/5/2011 – Winner Announced

The Promotion submission period begins at 10:00 AM Eastern Time (“EST”) on Thursday, February 24, 2011. The contest will close to new entries on Thursday, March 24, 2011, at 6pm EST. Between March 25 and March 30, the Sponsors will select 75 semi-finalists from the pool of designs entered. Sponsors’ decisions on which entries become semi-finalists will be final. All submissions must be received by 6pm EST on March 24, 2011. Voting on the semi-finalists will open at 10am EST on 3/31/2011 and end at noon EST on 4/06/2011. On 4/07/2011, ten finalists will be announced based on the designs that garner the greatest number of votes. All contest announcements will appear on the website  Finalists will be expected to develop a collection based upon their first design consisting of five additional coordinating fabrics. Collections from finalists must be submitted and uploaded to Spoonflower by April 27, 2011 by 6pm EST. Voting for the collections submitted for the final round will begin on 4/28/2011 at 10am EST and will end on 5/4/2011 at noon EST. The winner will be announced on May 5, 2011.