Frequently Asked Questions
Terms and Payments
How do I make my payments?
Through your property taxes, you will see a new line on them for the PACE loan.
When is my first payment scheduled?
As it is a new line on your property tax bill, it will depend on when the improvement is completed. Regularly, if it is completed before July, it will be recorded on your next tax bill, that would be November 2021, if it is completed after July, it will be recorded on the following year’s tax bill.
Does my payment go up over time?
No, it is a fixed payment.
Can we pay the loan sooner ?
Yes, you can prepay the loan in full or in any amount of at least $2,500.00
Can we make our payments monthly?
Yes, only if you have a mortgage and if the property taxes are paid through your mortgage.
How long is the term?
It can be, 10, 15, 20, 25, or 30 years.
