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Home Loans

Typically, the appraiser will be on-site for an hour or two, and you should receive your appraisal within 5-7 business days of ordering. Several factors include the nature of the property, market conditions, the lender, the appraiser, etc. may impact this timeline.

Most lenders (roughly 90%) rely on something called a FICO score as the primary measure of how likely you are to repay the loan you’re applying for. The FICO score draws from all three major credit reporting agencies to assign you a credit score ranging from 300 to 850. You can learn more about how your FICO score is calculated.

There are multiple ways. At a minimum, the Homeowners Protection Act 1) allows you to ask for PMI to be removed when your loan balance falls to 80 percent, and 2) requires loan servicers to otherwise terminate PMI when your loan balance falls to 78 percent of the original balance. Some lenders have more generous policies, so be sure to ask. Refinancing your loan may be another early removal option if you believe your home has appreciated in value.  More about removing PMI.

In order to get pre-approved, you will need to provide us with information about your credit, income, assets, debts and verify your identity with a driver's license or passport. Once we have the necessary information to determine the amount we are able to lend, we will provide you with a pre-approval letter as a tool to use in your home search.

Want to learn more about what a pre-approval is and how it works? Watch our video.

If you’d like to apply for a home loan, visit  homeloans.solaritycu.org to get started.

If you need assistance, give our home lending team a call at 877.853.3297.

Behind the scenes, this is a fairly complicated process! It involves market factors, loan products, and choices made by you, the borrower. Additionally, the current interest rate environment and rates set by the Federal Reserve play an important role, as does the competitive interest rate environment. Solarity monitors these and adjusts rates daily. The type of home loan you choose, the amount of your down payment and your credit score also affect your home loan rate.

As an equal housing opportunity lender, Solarity ensures that all of these factors are applied equally to each borrower according to strict guidelines. This helps prevent any form of discrimination on the basis of race, color, religion, national origin, sex, handicap or familial status.

As with all aspects of your home loan, your expert Home Loan Guide will partner with you to explore how variables like different loan types, points and credits and the size of your down payment can affect your home loan rate.

Yes! Solarity offers USDA loans. Completing the first couple of steps of our  online application - without obligation - will help you identify which loan types you may qualify for, along with the associated loan rates, estimated monthly payments and closing costs. Still have questions? Just call 877.853.3297 to get connected with a Home Loan Guide.

Solarity does not offer construction loans at this time.

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