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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.
If you choose a fixed rate mortgage, the rate you lock in during the loan process will be the rate you have for the life of your loan. A 30-year fixed rate mortgage is one of the most common, traditional types of loans, and can be a particularly attractive option when rates are low.
If you choose an adjustable rate mortgage (or “ARM”) your rate will likely vary over the life of the loan. Many ARMs have what is known as an introductory period in which your rate stays the same for a specified amount of time, followed by periodic rate adjustments for the remainder of the loan. In a "5/1 ARM," for instance, your introductory rate will stay the same for the first five years, and your rate may then adjust up or down each year thereafter. The introductory rates on ARMs are often lower than their fixed rate loan equivalents.
Most lenders offer a wide variety of fixed- and adjustable-rate home loan options (Solarity does!). Solarity's expert Vancouver, WA Home Loan Guides will help walk you through the loan options to help you find the one that’s best for you and your particular situation.
If you choose a fixed rate mortgage, the rate you lock in during the loan process will be the rate you have for the life of your loan. A 30-year fixed rate mortgage is one of the most common, traditional types of loans, and can be a particularly attractive option when rates are low.
If you choose an adjustable rate mortgage (or “ARM”) your rate will likely vary over the life of the loan. Many ARMs have what is known as an introductory period in which your rate stays the same for a specified amount of time, followed by periodic rate adjustments for the remainder of the loan. In a "5/1 ARM," for instance, your introductory rate will stay the same for the first five years, and your rate may then adjust up or down each year thereafter. The introductory rates on ARMs are often lower than their fixed rate loan equivalents.
Most lenders offer a wide variety of fixed- and adjustable-rate home loan options (Solarity does!). Solarity's expert Yakima Home Loan Guides will help walk you through the loan options to help you find the one that’s best for you and your particular situation.
If you choose a fixed rate mortgage, the rate you lock in during the loan process will be the rate you have for the life of your loan. A 30-year fixed rate mortgage is one of the most common, traditional types of loans, and can be a particularly attractive option when rates are low.
If you choose an adjustable rate mortgage (or “ARM”) your rate will likely vary over the life of the loan. Many ARMs have what is known as an introductory period in which your rate stays the same for a specified amount of time, followed by periodic rate adjustments for the remainder of the loan. In a "5/1 ARM," for instance, your introductory rate will stay the same for the first five years, and your rate may then adjust up or down each year thereafter. The introductory rates on ARMs are often lower than their fixed rate loan equivalents.
Most lenders offer a wide variety of fixed- and adjustable-rate home loan options (Solarity does!). Solarity's expert Spokane County Home Loan Guides will help walk you through the loan options to help you find the one that’s best for you and your particular situation.
The only fees you can expect to see with Solarity are your typical closing costs. These costs typically range between 2-5% of your total loan amount depending on your loan type. At Solarity we work hard to keep closing costs on the lower end of this range. Your loan officer will walk you through your closing costs before it’s time to sign on the dotted line to make sure there are no surprises and you understand what you’re paying for when you close.
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.
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!