Best Ways to Finance a New Roof

The experts at Home Advisor advise us that a new fiberglass-asphalt shingle roof in the Twin Cities area costs around $7,761, with a range of prices from a low $5,458 to a whopping $10,135. Financing a new roof is a major headache for some Minnesota homeowners. Yet such a worthwhile investment should not be put off; rather, great ways to finance your new roof have to be found.

Synchrony Bank

Midwest Roofing, Siding & Windows has teamed with Synchrony Bank to offer a “NO Interest – Same as Cash Option” if you pay off the loan in full within one year. Looking at typical lending rates, most Twin Cities property owners struggling to finance a new roof will leap at 0 percent interest. Paying off the average cost in 12 equal payments of $646.75 is, essentially, about the same as a luxury car payment. You pay only during one year, and you have a great-looking, water resistant new roof.


Perhaps the best way to pay for a new roof is to draw down the savings account you have been contributing to, faithfully, every month you owned your home. That “emergency fund” is for exactly something like a major capital improvement (i.e., a new roof). Even after paying for the roof (or most of it) from savings, continue adding to the account for the next big-ticket item.


The Federal Housing Administration (FHA) has a 203(k) Mortgage program that can lend you up to $35,000 added into your mortgage to repair, improve or upgrade your home if you are rehabilitating or improving a single-family property.


A home equity line of credit (HELOC) from a local lender can also be a source of funds for financing a new roof. This has risk to it, as you are using your home as collateral; should you default on repayments, the bank can foreclose on your home, new roof and all.

Credit Card

For some Twin Cities homeowners, a credit card may be a good route; many offer 0 percent interest if the single purchase is paid off within 12 months.

Financing a new roof should not be a distraction from the need for a new roof; your home is far more valuable than the roof alone, but without a working, water-resistant roof, your home may become uninhabitable. Contact us at Midwest Roofing, Siding & Windows to learn more about financing options right for you.

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