How to Finance Your Metal Home: Can You Afford It?

October 7, 2021

How to Finance Your Metal Roofing or Siding

Guest writer Leia Reed outlines 4 main tips to help you finance the metal roofing and siding vision you have for your home.

All information in this blog is the opinion of guest blogger Leia Reed, and is for educational and informational purposes. It is not intended as a substitute for professional advice. Should you decide to act upon any information on this website, you do so at your own risk.

There are a lot of benefits to having a metal home. These homes with metal roofing and siding tend to have greater longevity and durability; they result in significant energy savings and less need for maintenance; and, while this is a subjective matter, many find that they have a certain modern appeal. As we’ve discussed in the past however, these same factors typically contribute to metal homes costing more.

This leads most people who consider the idea of a metal home to assess whether or not it’s worth it. Before that question can be answered with certainty though, a prospective homeowner should also ask how they can finance the investment. Working out strategic ways to pay for any home construction project helps to make the total cost more manageable.

So, how can you finance your metal roofing or siding?

Work on Your Credit Score

While this is not directly a means of financing metal roofing and siding, it is one of the first things you should consider. When you do look into various means of financing the project, there’s a very good chance that having a strong credit score will help you secure the best deal. If you have some work to do in this area, there are some tried-and-true ways to raise your credit score in a fairly short time — such as paying down balances, increasing your credit limit, and looking into any potential errors or old negative entries still being reported. In just a month or two these steps can result in significant boosts to your credit score, which will in turn help you to finance your metal home.

Seek a Favorable Mortgage

A mortgage is perhaps the most traditional way to finance a home purchase, and it can work just the same for a metal roofing and siding as it would for an ordinary property. That said, you should always approach this process with care, regardless of what kind of home you’re purchasing, having built or renovating. There are common mortgage mistakes that people fall prey to too constantly, and which negatively affect financing.

These include mistaken credit score reporting, choosing the wrong lender or type of plan based on familiarity or outdated information, making large purchases or securing loans on the side, and even neglecting the closing costs. It’s a careful, detailed process that must be approached carefully so as to avoid these costly mistakes. Provided it is done in this fashion though, a sound mortgage will help you afford your new metal home.

Finance Through the Construction Company

This is an option we can’t go into too much detail on, because any detail will depend on the company building the home/doing the work and what it offers you. Generally speaking though, you may have the cache to finance the project through said company, such that you don’t have to cover the full cost of the home upon its completion (or your moving in). The leniency and structure of such deals can vary greatly, but it is at least an option worth looking into.

Seek a Bank Loan

You also have the option of seeking a home construction loan, which is not the same as hammering out a mortgage agreement. While both may involve banks or official lenders, they are two different kinds of agreements. In the case of a home construction loan, you’re seeking money from a bank or another lender purely to cover the cost of construction, and in some cases the actual value of the land.

This kind of plan can eventually “mature” into a mortgage agreement, but if you’re not looking to establish a mortgage before the home is even built, this is one way to make the cost of construction more manageable.

These 4 tips are your main options for financing your metal roofing and siding, and each one can be helpful. As to whether or not you can afford it in the end, it will of course depend on your financial situation and the nature of the construction project. What is certain though is that these methods will make it easier to spread out the cost and handle early payments.

Guest writer Leia Reed

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