Think about solar panels and mortgages when applying for your loan. The popularity of electric cars and solar panels is increasing. It’s important to point out that having solar panels on your house may impact your ability to get a mortgage. Many times, buying solar panels will be financed. And that is when they have an impact on your ability to purchase or refinance a mortgage.
If solar panels have been paid for in cash then that doesn’t impact your ability to finance the purchase or refinance of the property.
If you are buying a house with solar panels that have been financed you’ll take over the loan. Or if you own a house and plan to finance solar panels and then want to refinance, ask what the requirements for solar panels are to get a mortgage?
Solar panels financed with a PACE loan are not eligible for a mortgage at all. The mortgage lender needs to determine financing structure to maintain first lien position. If a UCC fixture filing is senior to the mortgage loan, it must be subordinated.