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Home Loans
A pre-approval letter is a document that states the dollar amount a lender is willing to lend toward a Vancouver, WA 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.
Fixed-rate and adjustable-rate home loans differ in how the interest rate is structured over time.
A fixed-rate loan has an interest rate that does not change throughout the life of the loan. Your monthly principal and interest payments remain consistent, which can make it easier to budget over the long term. This type of loan is a popular choice for those who plan to stay in their home for many years or prefer long-term payment stability.
An adjustable-rate mortgage (ARM), on the other hand, typically starts with a rate that remains the same for an initial period. After that, the rate may adjust periodically based on market conditions. For example, a "5/1 ARM" usually has a fixed rate for the first five years, followed by yearly adjustments. This type of loan may be suitable for buyers who expect to move or refinance before the adjustment period begins.
At Solarity, we offer a variety of fixed- and adjustable-rate loan options. Our Vancouver, WA Home Loan Guides are here to help you explore your choices and find a solution that fits your needs.
Fixed-rate and adjustable-rate home loans differ in how the interest rate is structured over time.
A fixed-rate loan has an interest rate that does not change throughout the life of the loan. Your monthly principal and interest payments remain consistent, which can make it easier to budget over the long term. This type of loan is a popular choice for those who plan to stay in their home for many years or prefer long-term payment stability.
An adjustable-rate mortgage (ARM), on the other hand, typically starts with a rate that remains the same for an initial period. After that, the rate may adjust periodically based on market conditions. For example, a "5/1 ARM" usually has a fixed rate for the first five years, followed by yearly adjustments. This type of loan may be suitable for buyers who expect to move or refinance before the adjustment period begins.
At Solarity, we offer a variety of fixed- and adjustable-rate loan options. Our Yakima Home Loan Guides are here to help you explore your choices and find a solution that fits your needs.
Fixed-rate and adjustable-rate home loans differ in how the interest rate is structured over time.
A fixed-rate loan has an interest rate that does not change throughout the life of the loan. Your monthly principal and interest payments remain consistent, which can make it easier to budget over the long term. This type of loan is a popular choice for those who plan to stay in their home for many years or prefer long-term payment stability.
An adjustable-rate mortgage (ARM), on the other hand, typically starts with a rate that remains the same for an initial period. After that, the rate may adjust periodically based on market conditions. For example, a "5/1 ARM" usually has a fixed rate for the first five years, followed by yearly adjustments. This type of loan may be suitable for buyers who expect to move or refinance before the adjustment period begins.
At Solarity, we offer a variety of fixed- and adjustable-rate loan options. Our Spokane County Home Loan Guides are here to help you explore your choices and find a solution that fits your needs.
No. Your county assessed value is not the true value of the home. The tax assessed value is an estimate used by the county to calculate property taxes based on your levy rate.
No. The appraisal must be initiated and ordered by Solarity Credit Union.
No. Appraisals must be ordered by Solarity Credit Union through a third-party. This helps ensure a fair valuation of the property for you and Solarity. The appraisal is paid for by the member.
The short answer is "Yes!" Solarity is a bit of a unicorn in the home lending industry because we retain loan servicing for the life of your mortgage. Other lenders often outsource loan servicing to a third party, which can create hassles for you, the borrower. But not at Solarity! The servicing of your home loan stays with Solarity, which makes life easier for you because:
- You’ll always know who to call with questions.
- You’ll never have to change where you send your payment each month. So you can setup automatic recurring payments for even more convenience and peace of mind!
- You’ll have access to a complete history of your loan payments.
- You’ll work directly with us to resolve any issues or make changes to your loan, such as removing PMI or requesting mortgage relief.
Still have questions?
If you aren't able to find the answers you need, reach out to us. We are happy to help!