Can I get a mortgage on a house that needs a new roof?

Residential Roofing, Roofing Repair, Roofing Replacement

Homes that are up for sale and in need of any structural repair can, unfortunately, end up facing a financing issue because of those repairs. But before we get into the details, you need to understand what a mortgage is and exactly how it works.

What is a Mortgage, and how can it help?

A mortgage is a loan that is given by banks or, in some cases, a financial institution to people who are planning on purchasing a home. But that’s not it; there are many different types of loans available, which depend on factors like your current financial status, the purpose of your loan, and how long you want to pay the loan back.

Depending on your previous credit history and the market situation, the amount you’re allowed to borrow and the interest rate can vary. When approaching a potential lender, you need to know all the mortgage options available. Ensure you’re making the best decision, understanding what you’re signing up for is crucial.

roof leak

Under a mortgage agreement, a lender, the bank, or a credit union allows the customer to borrow money. In return, the borrower agrees to monthly payments, which include some rate of interest. Mortgage refers to the lender’s ability to take back the collateral if the borrower misses regular payments. Even though the buyers own the house on papers, the lender has the authority to cash in on the property’s collateral if the buyer does not hold up to their end of the contract.

Should you consider a home renovation loan?

If you don’t have the cash required to finance a project you have in mind, you could always go for a loan. When considering renovations like repairing a roof, keep in mind that the overall cost will probably be more than just labor and materials. This figure often includes the cost of hiring a roofing contractor in Dallas, fee for permits and inspections, and having to put up a contingency reserve.

There are various types of options available, most of them contingent on the total equity you already have built up in your home.

How do you choose the best option for yourself?

When it comes to mortgages, it usually boils down to how much credit and eligibility you have. Try to consider how much you are planning on borrowing to get your roof fixed. Work with a lender who has adequate knowledge of different loans since it could be challenging to identify the best home renovation mortgage that perfectly fits your needs.

Pitfalls to watch out for

When deciding if you need a loan, try to figure out how much the renovation would increase the home’s value. Since a roof is a crucial part of a home, the renovation should ideally end up adding to the value of the property if done nicely.

While some projects tend to increase the property’s value beyond their cost, others may not give you back the cost of remodeling when you sell the property. Although some projects aren’t worth doing from a cost standpoint, you might want to do them anyway only because it improves your lifestyle.

When deciding whether or not you need to get a renovation done from a return standpoint, it’s better to pay attention to the total amount you’ll have invested in the house after finishing the remodeling, relative to an appraiser’s estimate of the total value of the property.

You might also want to consider the values of similar properties in the neighborhood that have been sold recently. One major pitfall people usually forget about is investing more in a home, through purchase price and remodeling, than the values of these similar properties, as they will affect your eventual selling price.

So, make sure you invest in a roof only if it’s necessary.

To help you better understand if your roof needs a replacement, here are a few signs you should look out for.

  • Your roof should be at least 20 years old before needing any renovation.
  • Watch out for water damage, dark spots, trails, or leaks.
  • If there is any kind of buckling, blistering or rotting.
  • If your roof looks dull and worn or if it has moss or green algae growing on the surface.
  • Torn, curled, or cracked edges
  • If you have been finding large amounts of roof shingles in the gutters


Being a sensible homeowner, you should understand the importance of regular upkeep of your home roof and how it adds to your home’s value. While doing a routine checkup, if you find any issues, as the owner, you should take action immediately to prevent them before they become significant issues.

Depending on your roof and the investment you need, you could easily decide what fits best for you. If it’s a mid-sized project, but you are uncomfortable with putting up your house as collateral, then a home improvement loan might be the one for you. But if your roof’s situation looks terrible and it might end up being a larger project, refinancing your mortgage could also be a good option.

911 Exteriors Roofing & Fence

At 911 Exteriors Roofing & Fence, we are one of the best roofing contractors in Dallas that work efficiently and professionally, all while making it our goal to exceed your expectations. With a team of professionals, we can deal with any damage you need to get fixed, be it a leaky roof, storm damage, or just a regular update, call us today, and we will connect you to our finest experts.

We also offer free inspections and will be at your rescue in no time.

So what are you waiting for? Call today.

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