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Home Loans
The only fees you can expect to see with Solarity are your typical closing costs. These costs typically range between 2-5% of your total loan amount depending on your loan type. At Solarity we work hard to keep closing costs on the lower end of this range. Your loan officer will walk you through your closing costs before it’s time to sign on the dotted line to make sure there are no surprises and you understand what you’re paying for when you close.
No. Your county assessed value is not the true value of the home. The tax assessed value is an estimate used by the county to calculate property taxes based on your levy rate.
No. The appraisal must be initiated and ordered by Solarity Credit Union.
No. Appraisals must be ordered by Solarity Credit Union through a third-party. This helps ensure a fair valuation of the property for you and Solarity. The appraisal is paid for by the member.
If you’re current on your loan payments, PMI is automatically removed on the date the principal balance of your loan is scheduled to reach 78% of the original value of the property. You also have the right to request PMI be removed once your loan balance reaches 80% of the original value of the property, or the date the principal balance is scheduled to reach 80%.
Rates can fluctuate at any time until you lock your rate. Rate locks are in place for a specific time period which is determined at the time of lock. If you lock in your rate and close within the lock period, the rate you locked in will be your rate. Your Home Loan Guide can answer any questions about locking rates and rate changes.
An appraisal determines the estimated value of a home. Appraisals are typically in favor of the buyer, so don’t be too discouraged if this is what is holding up your closing date! The appraisal will keep you from paying too much for a home that’s not worth the asking price and can even be used as a great negotiating tool if the appraisal comes in lower than expected.
The short answer is "Yes!" Solarity is a bit of a unicorn in the home lending industry because we retain loan servicing for the life of your mortgage. Other lenders often outsource loan servicing to a third party, which can create hassles for you, the borrower. But not at Solarity! The servicing of your home loan stays with Solarity, which makes life easier for you because:
- You’ll always know who to call with questions.
- You’ll never have to change where you send your payment each month. So you can setup automatic recurring payments for even more convenience and peace of mind!
- You’ll have access to a complete history of your loan payments.
- You’ll work directly with us to resolve any issues or make changes to your loan, such as removing PMI or requesting mortgage relief.
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If you aren't able to find the answers you need, reach out to us. We are happy to help!
