Paying for a roof

Cash

Paying from savings needs no lender. Nothing is borrowed, so nothing is owed afterwards. The tradeoff is that a roof takes a large sum in one go.

A written scope tells you how much to set aside before work starts.

Home equity

Borrowing against the value you hold in the house comes as a loan or a line of credit. The lender sets rates and fees, and the house stands as security.

Compare lenders before you sign, and read the terms on closing costs and variable rates.

Personal loans

A personal loan is unsecured, so the house is not pledged. Lenders set the rate and term from your credit. Terms are shorter than equity loans, and the monthly payment is higher.

Ask each lender for the total cost over the whole term.

PACE financing and its lien

PACE financing is repaid through the property tax bill and places a lien on the property. Ask the PACE program and your mortgage lender how that lien affects the home before you sign.

Read the contract in full. Ask what happens to the lien at sale.

What state law allows up front

Under California law, the down payment on a home improvement contract may not exceed 1,000 dollars or 10 percent of the contract price, whichever is less.

What we do and do not do

We write the scope and give you the facts. We do not lend, quote rates or arrange credit for anyone.

If money is tight, tell us. A scope in stages can spread the work over time.