I applied for home equity credit thru chase. Is this a good or bad idea?

[happydawg]

I need $11K for a new roof. It is going to be a lot of work up there, so I asked for $2,000 more than they bid the job in case of some wood rot or some other extra's.
I requested a fixed rate and no closing cost, so they offered me the $11K for the loan at a fixed rate of 7.8% interest for 4 yrs. They said they would offer me an adjustable rate of $25,000 and if I need to borrow more than the $11,000 they would let me borrow and fix that rate. They also said no closing cost. What do you think? Can I find a better deal somewhere else?
I need to add, the roof is leaking water all over the place, and I have a trash can sitting next to me to catch the rain water,so this is kind of an urgent matter. Also, this is a 2 story house with an add on addition and a garage with a big tear off since I think we need to know what is under the roofing.