down the loan, at which time it is reamortized to a lower loan amount and a lower monthly payment; or B) the loan payments start out based on a reamortized loan amount, with the lower monthly payments, however, if the customer does not apply their tax credit, or another source of financing to pay down the tax credit amount of their loan within the first year, then the loan is reamortized upward, and both the loan amount and the monthly payment increase for the remaining term of the loan.
3) Fixed Rate programs are very straight forward, and are more like conventional financing. With an unsecured, fixed rate loan you simply pick a rate and a term, and you are locked in until the loan is paid off. As with all fixed rate loans, the shorter the term, the lower the interest rate will be. However, it is also true that the shorter the term, the higher the payments will be, as the loan has to be paid off in a shorter period of time. Most fixed rate programs have terms ranging anywhere from 5 to 20 years.
4) Hybrid or Combo Loan programs provide some property owners with the best of both worlds. It allows property owners to apply a pre-determined portion of their financing to a NO/NO loan, and a pre-determined portion to a fully amortized, fixed rate loan. This gives some property owners the comfort of knowing exactly what their payment will be for the entire term of their loan, without having concern about reamortization or other factors.
Of all the financing options, equity loans have the most laborious processes, and take the longest amount of time to complete. However, if you want to tap your property's equity, 180 Solar Power has relationships with some of the top equity lenders in the industry. Whether it be a Home Equity Line Of Credit (HELOC), fixed second mortgage, or a refinance, we have the relationships to help our customers find the best rates and terms, with the fastest approvals and fundings, so they can start saving money sooner. And as with the other purchase options, most secured financing will cover 100% of the cost of a solar system, with no money down.
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Purchase Solar With No Money Down
Start saving money right away, with just your signature! 180 Solar Power has numerous purchase financing options that allow you to install a solar system with little or no money down, and an affordable monthly payment. Any of the options below can be structure that way. What are you waiting for? Click here now for a free consultation, and to learn more about your options.
180 Solar Power has access to several different varieties of PACE (Property Assessed Clean Energy) financing, most of which share similar characteristics. Those characteristics are: 1) PACE financing will cover up to 100% of the cost of a solar system, and requires no money down. 2) There are no income, employment, FICO score, or DTI (debt to income ratio) requirements with PACE financing. As long as the property has a minimum of 10% equity, and the property owner is current on the property taxes, and has not had a late mortgage payment in the past 12 months, or a bankruptcy in the past 24 months, then they may be eligible for PACE financing. 3) Rates are reasonable, and terms vary from 5 to 20 years. 4) The "loan" is made to the property owner's property, not to the property owner. Therefore, the payments are made through the property taxes. 5) Because the payments are made through the property taxes they may be tax deductible. 6) Because PACE financing is attached to the property and not the property owner, it is easily transferred to a new property owner when ownership of the property is transferred - the new property owner simply takes over payment of the property taxes as they would when they purchase the property anyway. 7) Because PACE financing is attached to the property and not the property owner, it is not reported on the property owner's credit report, and it therefore does not affect the DTI on the property owners credit report.
There are a number of different unsecured lenders that 180 Solar Power has relationships with. Their programs vary, however most share the following characteristics: 1) They will cover up to 100% of the cost of a solar system with no money down. 2) They are 100% unsecured and require no collateral. 3) They have low fixed monthly payments. 4) They have no prepayment penalties so they can be paid off at any time. 5) They have minimal or no fees. 6) The loans are approved in 24 hours or less.
Other major highlights are listed below:
1) No Payments/No Interest (No/No) programs are bridge financing programs that allow property owners to get a solar system installed on their property without having to pay any interest, and without making a single payment on their solar system for a full year. For some property owners, this means a full year of free electricity, as they are no longer making payments to their utility company either.
2) Reamortization, or Delayed Amortization programs provide property owners with single digit, fixed interest rates, and terms of up to 20 years to help keep their monthly payments low and predictible. Most of these programs either: A) finance the loan for the full cost of the solar system, and then allow the customer to use their tax credit or other financial resources to make a lump sum payment to pay
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