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Home Loans

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 10 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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If your lock expires before you can close on your loan, don’t panic! There are options available. We offer the ability to extend locked loans, or depending on your situation, letting the lock expire and entering into a new lock might be the best option. Your Home Loan Guide will go over all of these options with you, and help you choose the one that works best for you.

In most cases, once a mortgage rate is “locked” it cannot be unlocked, so it’s important to thoroughly understand your lender’s policies before locking your rate. One example of what’s usually a permissible rate change is when a borrower decides to change their loan type, and moves (for example) from a 30-year fixed rate loan to a 10-year adjustable rate. If this happens, the lock is technically broken and a new product-appropriate rate would be locked in its place.

Don’t be afraid to ask questions about rate locks! Your Home Loan Guide will be with you every step of the way to help you find the best scenario for you when it comes to products and pricing.

If the appraisal comes in lower than the asking price of a home, you have options. First, you can increase your down payment to make up for the difference in value vs. asking price. This may be beneficial if you’ve found your dream home, but be cautious about paying more for a home than what it’s worth. You can also use the low appraisal as a negotiating tool to see if the seller will lower their asking price. Lenders will not lend higher than the appraised value of the home, so if the appraisal comes in low, you may be in a good position to renegotiate.

Here are some of the most common factors to consider when pricing a home. (Or negotiating the price of a home!)

  1. Location
  2. Size
  3. Age
  4. Historical sale price
  5. The sale price of comparable homes in the area (known as “comps”)
  6. Condition – including the number and quality of updates and renovations
  7. The current housing market

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Still have questions?

If you aren't able to find the answers you need, reach out to us. We are happy to help!