Many homebuyers looking to finance their dream home find themselves confused by mortgage terminology like “conforming loans” and “conventional loans”. With overlapping definitions, it’s easy to assume these terms can be used interchangeably. However, there are some key differences between conforming and conventional loans that buyers should understand before applying for financing. Conventional Loans: The … Read more
Do you know your debt-to-income ratio? Learn more about your DTI ratio, from how it works to how you can use it to your advantage in your next purchase. Between credit scores, interest rate percentages, and auto loan term lengths, buying a car incorporates several types of numerical amounts. The term “debt-to-income ratio” represents another … Read more
Please use the links below to navigate and search different options or industries. You may also contact us at (866) 275-2677 for assistance. If you’re in the process of getting a mortgage one of the most important decisions is choosing the right loan officer. This is the person who will guide you through the entire … Read more
If you want to remove a name from a mortgage, it’s important to know that divorcing someone or taking them off the title doesn’t automatically mean that they aren’t liable anymore. (The same goes for cosigners and co-borrowers.) Learn the difference between getting someone’s name off of a mortgage and removing their ownership rights, and … Read more
The USDA 33-year mortgage loan is an attractive option for many homebuyers, especially first-time buyers. With a lower monthly payment and relaxed lending guidelines, it can help those with limited funds buy a home sooner. But this unique loan product also comes with specific requirements and limitations. Use this comprehensive guide to fully understand how … Read more
As older adults and their families explore senior living options, financial considerations play a crucial role in the decision-making process. The cost of care can add up, and families may wonder how to afford it all. Luckily, there are different types of loans available: Bridge loans, home equity loans, reverse mortgages, and personal loans can … Read more
If you’re a service member or a veteran who wants to build your own home, a VA-backed loan could be the best way to go. With a VA Purchase Loan, which is a benefit of your service, you can get financing to purchase land and to build your own home, all wrapped into one mortgage. … Read more
If you’re looking to build your dream home, an FHA single close construction loan may be the ideal financing option for you. With this type of loan, you can purchase land and finance construction costs all wrapped into one mortgage loan with a single closing. As a first-time homebuyer trying to navigate the complex world … Read more
Getting an FHA loan is one of the most popular options for first-time homebuyers or those with lower credit scores who want to purchase a home with a low down payment. But how do you know how much house you can actually afford with an FHA loan? There are a few key factors to consider. … Read more
Want to unlock the door to your new home? Solarity Credit Union can help you achieve your goal. We empower homebuyers by offering home loans at competitive interest rates. If you think you may not qualify for a traditional home loan, we could have some creative options for you. For instance, USDA loans are available … Read more