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Home Loans

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.

A Loan Estimate is a three-page form that tells you important details about the home loan you have requested. A lender must provide you a copy of this form within three business days of receiving your application. The form is designed to simply communicate the estimated interest rate, monthly payment, total closing costs and many other loan details. You can see (and click through) this interactive explainer of a Loan Estimate provided by the Consumer Financial Protection Bureau.

A home equity loan is often referred to as a second mortgage, and is a common way for homeowners to tap into the equity in their home. Equity is the difference between what you owe on a home and what the home is worth, so if you owe $100,000 and your home is worth $250,000, you have $150,000 in equity. A home equity loan is a way to access a portion of that $150,000 in equity. A home equity line of credit (or “HELOC”) is a popular form of home equity loan. You can apply for one here.

“HELOC” is short for home equity line of credit – a type of second mortgage. You can take out money from the line of credit when you need it and pay it back all at once or over time. A HELOC has a borrowing limit just like a credit card, but unlike a credit card, a HELOC is established for a set amount of time called a “draw period”. Solarity's draw period is five years. During that draw period, you’re typically required to make interest-only payments each month on any outstanding balance.

To make your Solarity loan payment online, have the following information handy:

  • Solarity account number
  • Address (You’ll need to enter your physical address, even if you have a separate mailing address listed on your account.)
  • Email address
  • If you’re paying with a card, you’ll need the full card number and the expiration date
  • If you’re paying directly from your bank account, you will need the full account number and routing number
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