Frequently Asked Questions (FAQs)

Your appraisal may look different depending on the type of property being appraised. Here are some samples provided by Fannie Mae for different home types:

1. For a typical home (uniform residential)
2. For a condominium (individual condo unit)
3. For an income property (small residential income)

Points and credits are tools you can use to adjust your home loan rate up or down to suit your needs. “Taking credits” means accepting a higher interest rate on your loan in exchange for lower costs at closing. The opposite of taking credits is “paying points,” which involves paying more at the time of closing in exchange for a lower interest rate (and lower monthly payment).

When do these strategies make sense? Every buyer’s situation is unique, but one common scenario is that people who expect to refinance or sell their house within ten years often find it beneficial to take credits, while those who expect to stick with their home loan for the long haul can save money over time by paying points up front in exchange for a lower monthly payment.

At Solarity, our expert Home Loan Guides have your best interests at heart, and will help you explore your options and figure out what approach works best for you.

No! While some lenders will charge a penalty if you pay down (or pay off) your home loan early, Solarity does not.

Yes! We dedicate our expert Home Loan Guides to work with you from start to finish. They are the point of contact but you will be backed by an entire team who will be familiar with your home loan and can provide any support along the way.

To get an accurate mortgage payoff amount, please reach out to us at 800.347.9222.

Your credit score should never prevent you from applying for a home loan. While it’s always a great idea to try to improve your credit score, the right time to apply for a home loan is when you need a home loan. Your credit score is an important factor in the loan approval process, but it is only one of multiple factors.

It is entirely possible to purchase a home while going through a divorce, although there may be a few additional pieces of documentation needed to ensure the purchase goes smoothly. You may be required to submit your legal separation agreement, property settlement agreement and any other documentation on division of assets signed by a judge. Talk to your lender to make sure you have all of the proper documentation needed to ensure you are the sole owner of the home you intend to purchase.

Depending on your specific situation, you may want to consider seeking legal advice before attempting to purchase a home while in the middle of a divorce to ensure that your property is not divided as part of the marital assets.