HOW PACE FINANCING WORKS
The PACE Process Explained
4 easy steps to upgrade to the home you deserve.
Step 1: Choose a project that is PACE eligible.
Our program is specifically designed for use with home improvement upgrades tied to renewable energy, energy efficiency, safety, resiliency, and water conservation. Common projects financed with PACE include:
Step 2: Qualify regardless of your credit score.
PACE isn’t a traditional loan, so we don’t use your credit score to determine if you are eligible. Approval for PACE financing is based on the amount of equity you have in your home, your mortgage payment history, and your ability to repay your PACE assessment.
Our program is currently available in three states and over 650 communities and we are expanding availability all the time.
Step 3: Choose affordable PACE repayment terms.
Your PACE assessment is repaid as part of your property taxes. This innovative approach offers low, fixed rates and long repayment terms, so your payments are always affordable. You get affordable financing that may cover 100% of your project costs, with $0 down. Most importantly, you get the home you deserve.
Step 4: Work with PACE-certified contractors.
We can connect you with one of our certified PACE contractors, or you can use a contractor of your choice and we will enroll them in our program. Either way, you get the peace of mind that comes with working with an approved PACE Funding contractor.
Authorized contractors must pass our full screening and training process:
- They must be licensed and insured.
- We check how long they have been in business and their on-line customer reviews.
- They are required to complete our PACE education course.
- They are not paid until you provide written and verbal approval that your project is complete.
- We pay them directly when your project is complete. You will never even see a bill!
PACE is growing because homeowners love it!
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 based on 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.
No penalty for prepayment of entire PACE assessment balance. Partial prepayments of less than $2500 may be subject to a fee.
Total residential PACE market data representing all PACE provides: https://www.pacenation.org/pace-market-data/
