Home Projects
A roof leak and a kitchen remodel need very different money. Some options put your home up as collateral, some carry deferred interest, and some are grants you may not know exist. Start by matching the project to the right kind of financing, then check the contract.
Start here if: Something in the house needs fixing or upgrading, and you're working out how to pay for it.
How to Pay for Home Repairs: Every Option Compared
The right way to pay for a repair depends on how fast you need the money, whether you'll put your home up as collateral, and how long you'll take to pay it back.
The home projects guides, in a sensible order
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Comparison
How to Pay for Home Repairs: Every Option Compared
The right way to pay for a repair depends on how fast you need the money, whether you'll put your home up as collateral, and how long you'll take to pay it back.
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Checklist
Contractor Financing Checklist: What to Ask Before You Sign
Financing offered at the kitchen table is convenient, and sometimes a good deal. Run through these questions first so you know what you're agreeing to and how to back out.
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ILoan BasicsComparison
Secured vs. Unsecured Loans: What You Pledge and What You Risk
A secured loan can mean a lower rate or an easier approval. It also means a specific thing you own is on the line. Here's how to weigh it.
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ILoan BasicsExplainer
Fixed vs. Variable Rates: How Variable Rates Move and When Each Fits
A variable rate is a formula, not a mystery. Once you know the formula and the caps, you can price the worst case before you sign.
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ILoan BasicsComparison
Loan Term and Total Cost: What a Lower Monthly Payment Really Buys
The same $15,000 loan across five terms, what each extra year of payments costs, and a practical way to pick a term you can live with.
Questions people ask about home projects
Is a HELOC cheaper than a personal loan for repairs?
Often the rate is lower because your home secures it, but there can be closing costs, the rate is usually variable, and you could lose the home if you can’t pay. A personal loan costs more per dollar but doesn’t put the house at risk. Every option compared.
What is deferred interest?
A promotion where interest builds up in the background. If you don’t pay the full balance by the end of the promo, all of that interest can be charged at once. It is different from a true 0% APR.
Are there programs that help pay for repairs?
Yes, depending on where you live and your income: USDA repair loans and grants in eligible rural areas, weatherization programs, and local housing agencies. A HUD-approved housing counselor can point you to local help.
- Calculator
Loan Payment CalculatorEstimate the monthly payment and total cost of a fixed-rate loan, including an origination fee and extra payments, then compare two scenarios side by side.
- Budget planner
Affordability ExplorerStart from your own month: income, fixed costs, and a cushion. See a payment range you're comfortable with and what loan amounts it covers at different rates and terms.
- Worksheet
Offer Comparison WorksheetEnter up to three real offers. The worksheet totals each one, checks the numbers against each other, and shows which costs least overall.
- Home equity line of credit (HELOC)
- A revolving line of credit secured by your home, usually with a variable rate. You can lose your home if you can't repay.
- Home equity loan
- A lump-sum installment loan secured by your home, usually at a fixed rate. Sometimes called a second mortgage.
- Cash-out refinance
- Replacing your mortgage with a larger one and taking the difference in cash. It resets the mortgage's rate and term and has closing costs.
- Collateral
- Property you pledge to secure a loan, which the lender can take if you default. Common examples are a vehicle title, a savings account or certificate, and home equity.
- Variable rate
- An interest rate that can change over time, usually because it is tied to an index such as the prime rate plus a margin. Payments can rise or fall. Home equity lines of credit and most credit cards are variable.
- Secured loan
- A loan backed by collateral, such as a car, savings account or home. If you don't repay, the lender can take the collateral. Secured loans often carry lower rates because the lender's risk is lower.
- USDA Single Family Housing Repair Loans and Grants
Repair loans and grants for eligible very-low-income homeowners in rural areas.
- Weatherization Assistance Program
Free energy-efficiency improvements for eligible households, run through state and local agencies.
- HUD: Find a housing counselor
HUD-approved counseling agencies that can help with home financing questions.