Home Improvement Financing
You can get the funds
to get it done.
The affordable way to finance your home renovation
PACE home improvement financing offers the ideal combination of fast approval times, long repayment terms, and low-fixed rates so you can upgrade your home today and keep repayment costs affordable over time. Best of all, we will never use your credit score to determine if you are eligible. With PACE home improvement financing, critical renovations are suddenly within your reach.
Finance your home projects with zero down.
No upfront costs and your first payment may not be due for up to 18 months.3Don’t wait to start emergency home repairs.
We can often approve your application in minutes, so you can start your home renovation right away.Avoid unsecured home improvement loans with high rates.
Personal loans typically reserve their best rates for customers with excellent credit.Upgrade to the home you deserve.
Everyone should have access to a safe, comfortable, and efficient home.Choose payment options that work for you.
Low-fixed rates, with terms from 5 – 30 years.2Work with a contractor that fits you.
We will match you with a PACE-approved home improvement contractor.What is the best way to pay for home improvements?
There are many home improvement financing options available. Whether you are considering a secured loan option such as a home equity line of credit (HELOC) or Home Equity Loan or a unsecured personal loan, it is important to understand what types or rates, repayment terms, and approval criteria are available. Use the table below to compare home improvement loan options.
PACE Funding | Home Equity Loan or HELOC | Personal or Unsecured Loan | Credit Card | |
|---|---|---|---|---|
| Repayment Terms | Up to 30 Years2 | Up to 30 Years | Ten Years or Less | Not Applicable |
| Rate Structure | Always Fixed | Fixed or Variable | Fixed | Compounding |
| Approval Time | Frequently Same Day | Up to a Month or Longer | Frequently Same Day | Same Day |
| Approval Based on Credit | Never | Yes | Yes | Yes |
| Rates | 3.49% Rate / 4.01% APR1 | Dependent on Credit Score | Dependent on Credit Score | 12.99% – 21.99% APR4 |
Homeowner financing for every situation.
Whether you need to make an immediate repair, want to prepare for the upcoming storm season, or are just shopping around for the best rates on solar financing, PACE Funding can help. We will walk you through every step of the process and help you choose the financing solution that is best for your home.
I need money for urgent home repairs.
Unexpected, urgent repairs can often leave you feeling stuck and angry. If your HVAC breaks in the middle of the summer, or your roof is leaking during storm season, you will do whatever it takes to keep your family safe and comfortable.
Our home improvement financing offers same day approvals, so you can get your repair or replacement started right away. We also offer 100% financing, up to 20% of the value of your home, so you can afford the right solution. Visit the How PACE works page to learn more.
I want my house to be safe when the next hurricane hits.
Preparing your home for hurricane season can be expensive. Many homeowners put off hurricane mitigation upgrades for years, and end up rushing home to put plywood over their windows every time a storm approaches. With long repayment terms and low-fixes rates, our home improvement financing can help you afford to upgrade for storm season:
I want my house to be environmentally friendly.
Many modern home upgrades are designed to make your home more environmentally friendly. Energy efficient windows, doors, and roofs can all help lower your energy usage and reduce your dependence on fossil fuels. Switching to solar will further reduce your home’s carbon footprint and allow you to produce your own renewable energy.
The upfront costs of these home improvements are substantial, but may pay for themselves over time, or even help you save money in the long run. By allowing you to pay for energy related upgrades to your home gradually, our home improvement financing makes environmentally friendly home upgrades affordable.
I want to be proud of my home.
You shouldn’t need perfect credit or a giant bank account to have a comfortable, safe, and efficient home. We have helped thousands of homeowners afford to upgrade to a house they are proud to call home.
PACE Funding only finances high-quality products that are approved by government officials to be eligible for PACE financing. Our network of home improvement contractors has been carefully screened and passed our training program. With PACE you have the peace of mind that you will get a high quality upgrade that you can be proud of.
Approved in multiple states and 650 communities
PACE Funding home improvement projects include Heating/AC, Solar, Roofing, Windows/Doors, Water & Plumbing, Landscape, Lighting, Insulation, Electrical, depending on State and local statutes. Click a state below to confirm PACE home improvement financing is available in your area.
California
Florida
Missouri
Frequently Asked Home Improvement Financing Questions
What is a home improvement loan, and is it different from PACE financing?
There are several types of home improvement loans, such as a Home Equity Line of Credit (HELOC), Home Equity Loan, personal loans and unsecured loans. All of these options tend to use your credit history or FICO to determine if you are eligible and what interest rate you will receive. PACE is different, and is technically not called a loan. PACE stands for Property Assessed Clean Energy. We don’t use your credit score to determine if you are eligible and your rate is never determined by your credit score. Instead, approval is based on the amount of equity you have in your home, your mortgage payment history, and your ability to repay your PACE assessment.
What credit score is needed for a home improvement loan?
Most home improvement loans require between a 650 and 680 credit score to qualify for approval. This can vary from provider to provider, so be sure to contact providers directly for details on their program. It is also important to consider that most home improvement loans will offer different rates depending on the applicants credit score. The lowest home improvement loan rates are often only available to homeowners with excellent credit.
How do home improvement loans work?
A typical personal or unsecured home improvement loan starts with a standard application either online or over the phone. This can be quick, but approval is largely FICO based. Once you are approved, you will be able to use the funds for any home improvement project. It will be your responsibility to select a contractor and the contractor will invoice you directly when they are done with their service.
PACE financing is different, as it will pay the contractor directly at the end of your project, but not before you provide both written and verbal approval that you are 100% satisfied. With our program you will never see a bill from your contractor and your first payment may not be due for up to 18 months!
How soon after buying a house can you get home improvement financing?
Many personal loans or unsecured loans are available at any time, regardless of when you purchased your home. If you are looking to use your home equity to get a Home Equity Loan or Home Equity Line of Credit, approval and loan amount is partially determined by the amount of equity you have in your home, which may be relatively low if you just purchased your home.
Some providers require at least six months from the time you purchase your home to the time you are able to apply for an equity based home improvement loan, so be sure to check with your loan provider for details. Our home improvement financing is available the same day you buy your home.
APR example uses a $20,000 project with 30 year term. Base rate is 3.49% and requires a 14.99% homeowner buydown, financed as part of the PACE property tax assessment. Final APR will vary on based total project cost, selected term, and rate choice. Rates are current as of February 26, 2021 and are subject to change without notice. Not all rates are available in all states.
30 year repayment terms are not available for all project types. Repayment terms are determined by estimated useful life of the product and manufacturer product warranty period. Repayment term options may vary by state. Not all term options are available in all starters Term options are subject to change at any time.
First payment due date is dependent on local property tax payment schedules as determined by the city, county and state address of the property with the PACE assessment.
Rate range is for Discover are based on data compiled in February 2021 from company website.
