Home Solar Financing
Home Equity Lines of Credit
A home equity loan is a mortgage loan for a fixed amount of money that is secured by your home. You repay the loan with equal monthly payments. The amount that you can borrow usually is limited to 85 percent of the equity in your home. The actual amount of the home loan also depends on your credit history, income, and the value of your home based on sales comparable in your area usually within 1 mile of your home.
We recommend you shop and compare terms to secure the lowest interest rate and APR for your specific credit history and loan to value.
We recommend you ask lenders you interview to explain the loan plans available to you. If you don’t understand any loan terms and conditions make sure to ask questions. Remember, an equity loan is a home loan secured by your home. If you miss payments which cause a default lenders can foreclose on your home. Knowing the monthly payment or the interest rate is not enough. The annual percentage rate (APR) for a home equity loan may have points and financing charges so make sure to ask and compare fees with other lenders and brokers. Pay close attention to fees, including the application or loan processing fee, origination or underwriting fee. If points and other fees are added to your loan amount, you’ll pay more to finance them.
Credit scoring is one system creditors use to determine whether to give you a loan. Information about you and your credit like pay history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and how long you've had your accounts are collected from your credit application and your credit report. We recommend you check your credit before you begin the process to give lenders and brokers an initial score to help them determine credit. You can check your credit score at www.AnnualCreditReport.com without hurting your score. Solar financing can easily be done with a home equity line of credit. Please contact us with any questions you may have about solar financing for your home!