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Solarity has a number of no down payment and low down payment options. For many loans, Private Mortgage Insurance or PMI may be required if you put less than 20% down. Read more about down payment requirements and saving for a down payment.
The average annual cost of PMI ranges from 0.55% to 2.25% of the original loan amount, according to a recent study by the Urban Institute. Your specific cost will depend on your loan terms, your credit score, and your lender. A higher down payment and/or higher credit score result in a lower PMI cost. Solarity has negotiated reduced PMI premiums for our members. Learn all about PMI.
Nothing! A pre-approval letter is free and will provide you with the buying power you need to start your house hunt.
Want to learn more about what a pre-approval is and how it works? Watch our video.
We can typically turn around a pre-approval letter very quickly - within 48 hours and a pre-qualification letter the same day. Supplying as much financial information as possible to our expert Home Loan Guides will move the process along quicker.
Want to learn more about what a pre-approval is and how it works? Watch our video.
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.
Still have questions?
If you aren't able to find the answers you need, reach out to us. We are happy to help!