Frequently Asked Questions (FAQs)

Yes. In order to determine the amount of home you can afford, your lender will require your FICO score and any monthly debts.

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

An appraisal won’t affect your property taxes in any way. A property assessment is needed to determine if your property taxes need to be reassessed.

This is an area where Solarity really shines. Unlike many lenders, Solarity retains the servicing of the vast majority of our home loans. This means that in all likelihood, you’ll have one place to send your payments and answer your questions for the life of your home loan.

When you apply for not only a home loan, but nearly any loan, your credit score will be one of the first things a lender views. Your credit score is used by lenders as a primary indicator of the likelihood that you will pay back a loan. As such, your credit score can have a significant impact on the rates and terms lenders offer you. The higher your credit score, the lower interest rate you will typically be offered.

If your score is not the greatest, don’t worry! There are other factors lenders take into consideration beyond credit score, and it’s in the lender’s best interest to help you find a solution.

This largely depends on the nature of your loan and how quickly you can provide your loan officer with requested information. In some cases, we have been able to close home loans in two and a half weeks! We are proud of the speed of our process, and continuously working to make it shorter and easier for you. Our average time to close is 15 days faster than the national average according to industry data provided by Ellie Mae.

Closing costs are the fees and expenses you pay for a home loan and are typically between 2% and 6% of the loan amount. Closing costs consist of lender fees—such as the loan origination fee and discount points—as well as third-party fees, escrow account funds and prepaids like taxes and insurance.  

At Solarity, we offer transparent loan pricing: our loan origination is a flat fee of $1,495 instead of the more common 1% of loan amount. The advantage of a flat fee is that no matter how large your loan is, your loan origination fee remains the same, which can save you money at closing. For example, other lenders typically charge a 1% loan origination fee. On a $300,000 home loan, that would be $3,000. With Solarity’s flat $1,495 loan origination fee, you would save in closing costs.

Lenders are required by law to clearly disclose closing costs at the bottom of Page 1 of the standardized Loan Estimate form, which you can explore here. Lenders must deliver this form within three days of receiving your application. Whether you’re buying or refinancing, it doesn’t cost anything to apply for a home loan at Solarity, and you can apply online in just a few minutes. Once we receive your application, we can estimate how much you’ll need to bring to closing.

Still have questions about closing costs? Connect with our expert Home Loan Guides who can clarify any further questions you may have.

There are a few factors to consider when trying to determine how much money you’ll need to purchase a home. First are the one-time expenses and then of course your ongoing expenses. Let’s break it down a bit further.

One-time Expenses

• Down Payment – In a perfect world, your down payment would be at least 20% of the total price of the home. Don’t worry! There are many loan options and programs that bring that down payment requirement all the way down to 5%, 3%, or even 0%.
• Closing Costs – Closing costs typically range between two and six percent of the home price. These costs go to the lender, appraisal company, title company and other third-parties involved in completing your home loan.

Ongoing Expenses

• Mortgage Payments – This one is pretty standard, right? Just make sure you consider other expenses that may or may not be included in your monthly payment.
• Property Taxes – Property taxes can fluctuate, so while these may be included in your monthly payment, don’t be surprised if your payment fluctuates year over year.
• Homeowner’s Insurance – All lenders will require a borrower to have homeowner’s insurance. The cost for this insurance varies by location and other risk factors like whether or not your home is in a flood zone.
• Mortgage Insurance – If your down payment is less than 20%, then you will be required to pay mortgage insurance. In most instances this is already included in your monthly payment.

Keep in mind, these costs don’t cover monthly utilities such as heat and power. It’s important to take all your monthly expenses into consideration when budgeting for a home. Don’t be daunted! Solarity's expert Home Loan Guides will walk you through your options and help you figure out how much home you can afford!