Understanding Mortgage Basics for Smart Home Buying
Buying a home is one of the biggest financial decisions you'll make. Understanding mortgage fundamentals helps you navigate the process confidently and secure the best possible terms for your situation.
A mortgage is a loan specifically designed for purchasing real estate, where the property serves as collateral. Most mortgages require a down payment, typically ranging from 3% to 20% of the home's purchase price. Your monthly payment includes principal, interest, taxes, and insurance (PITI).
Key factors that affect your mortgage approval:
- Credit score and payment history
- Debt-to-income ratio (DTI)
- Employment history and income stability
- Down payment amount
- Property appraisal value
Popular mortgage types:
- Fixed-rate mortgages: Consistent payments throughout the loan term
- Adjustable-rate mortgages (ARMs): Lower initial rates that adjust over time
- FHA loans: Government-backed loans with lower down payment requirements
- VA loans: Special benefits for qualified veterans and service members
Common Mortgage Questions
Get answers to frequently asked questions about mortgages, home buying, and financing options.Get Expert Mortgage Guidance Today
Why More Homeowners Are Choosing Solar—and How to Afford It
5/8/25
As solar energy adoption continues to rise across the United States, many homeowners are increasingly recognizing the multifaceted benefits of residential solar electricity. In addition to environmental advantages, solar installations offer significant financial incentives, enhance property values, and contribute to energy resilience.
The Financial Upside
Investing in residential solar panels can lead to substantial reductions in monthly utility bills. The extent of these savings depends on factors such as household electricity consumption, system size, and local electricity rates.
Boosting Home Value
The installation of solar panels are often viewed as a valuable home upgrade. Studies have shown that homes equipped with solar energy systems tend to sell at a premium compared to those without. This increase in property value reflects the growing demand for energy-efficient and sustainable home features.
Energy Independence and Resilience
When you add battery storage to your solar panels, you can keep the lights on even if the grid goes down. A solar-plus-storage setup gives you a reliable backup, so your essential appliances and systems keep running when you need them most.
For interested homeowners in New York looking to enhance their energy independence, Sunmark Credit Union offers tailored solar financing solutions. In partnership with NYSERDA and Solar United Neighbors, Sunmark provides solar loans with competitive fixed rates and flexible terms. For those with little or no home equity, the Solar Loan option offers up to $50,000 without requiring an appraisal. These financing options make it easier to invest in solar energy, promoting both resilience and sustainability.
Are you ready to make the switch?
Take a look at our loan options and see what best fits you.
Solar Loans