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Home Loans

A home inspection is used to determine the condition of a home, while an appraisal is used to determine the real estate value. Both are necessary in the lending process as they will protect the buyer from paying too much for a home that would cost them more in the long run.

If you choose a fixed rate mortgage, the rate you lock in during the loan process will be the rate you have for the life of your loan. A 30-year fixed rate mortgage is one of the most common, traditional types of loans, and can be a particularly attractive option when rates are low.

If you choose an adjustable rate mortgage (or “ARM”) your rate will likely vary over the life of the loan. Many ARMs have what is known as an introductory period in which your rate stays the same for a specified amount of time, followed by periodic rate adjustments for the remainder of the loan. In a "5/1 ARM," for instance, your introductory rate will stay the same for the first five years, and your rate may then adjust up or down each year thereafter. The introductory rates on ARMs are often lower than their fixed rate loan equivalents.

Most lenders offer a wide variety of fixed- and adjustable-rate home loan options (Solarity does!). Solarity's expert Home Loan Guides will help walk you through the loan options to help you find the one that’s best for you and your particular situation.

PMI is short for Private Mortgage Insurance, and it's typically required any time a borrow puts down less than 20% of a home's purchase price. PMI is paid for by the homeowner and increases their monthly mortgage payment. The purpose of PMI is to protect the lender if the borrower becomes unable to pay, as the lender is at greater risk when making a home loans with low down payments. Learn more about PMI.

A typical mortgage payment will include principal and interest. Some will also require your property taxes and insurance to be collected for what is called an escrow account. Insurance includes homeowner’s insurance and  PMI, if applicable. You will receive an itemized breakdown of your monthly mortgage payment before you close on your loan, including if you are required to have an escrow account to pay your homeowners insurance and property taxes on your behalf when they are due.

The term “short sale” describes a home that a lender is working with the current owner to sell for less than the amount owed on the property. A short sale can offer a unique buying opportunity, but can also be a more complicated transaction, as outlined in this article on  what you need to know before buying a short sale.

A pre-approval letter is a document that states the dollar amount a lender is willing to lend toward a home purchase. It is important to have it when you start house hunting because it will show both your real estate agent and the sellers' agent that you’re a serious and qualified buyer.

An appraisal is an estimation of a home’s value. An appraisal is determined by many factors; recent sales of similar properties, current market trends, location and condition of the home, number of bedroom and bathrooms, floor plan and square footage to name a few.

Solarity offers a  wide variety of home loans to meet the needs of our borrowers. These include:

Conventional loans

  • Fixed Rate Loans: 10, 15, 20, and 30 years
  • ARMs (adjustable rate mortgages) loans with introductory rate periods of: 3, 5, 7, and 10 years
  • Jumbo Loans

Government agency-backed loans, including:

  • FHA
  • USDA

Loans for home  purchases and  refinances

HELOCs (Home Equity Lines of Credit)

Real estate investment loans

The best part? Our expert Home Loan Guides partner with you to determine what options will best fit your budget and lifestyle.

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