When am I responsible for paying down my loan to the Choice Balance Target?
The Choice Balance Target is reached through a voluntary 30% prepayment. This voluntary 30% prepayment is due by month 18 of your loan term. You may make that prepayment (or a series of prepayments) at any time by month 18. Check the exact day and balance needed by logging into your online account or looking at a monthly statement. Customers typically use the federal tax credit, rebates, local incentives or savings to make this prepayment.
How do I find out how much I owe on my loan?
You can log into your online customer account at joinmosaic.com/sign-in 24 hours a day to view your loan balance and/or schedule a payment for the date of your choosing. If you would like to obtain a full payoff amount for a date up to 10 days in the future, please email firstname.lastname@example.org.
What happens when my loan is paid off?
Seven days after we receive your final payment, we will send you a formal Loan Payoff letter by email for your records. The lien on your solar equipment will also be terminated.
If I pay off the loan early, do I still owe interest and are there any prepayment penalties?
You can pay off the loan amount at any point and you’ll only pay for interest that has already accrued. Mosaic does not have any prepayment penalties. Take a look at various ways you can prepay your Mosaic loan here.
How do I “roll” my solar loan into my mortgage?
This requires a refinance of your home while taking out enough cash to cover the remaining balance on your financing. After you use this cash to pay off your financing through Mosaic, you’ll repay that amount gradually over the life of your mortgage – which adds up to a single, lower combined monthly payment compared to what you’re currently paying for your separate mortgage and solar loan bills. If the mortgage on your home features a lower interest rate and a longer loan tenor than your Mosaic loan, you can save money three ways – lower interest rates, lower monthly payments (thanks to a longer tenor), and potentially greater tax savings if your mortgage interest is tax deductible – while simultaneously reducing the number of bills you have to pay every month!
I'm selling my home. Do I need to pay off my Mosaic loan?
While it may be possible to transfer your financing through Mosaic to the buyer, for the convenience of the buyer and seller, we strongly encourage paying off of the remainder of your loan at the time of sale. Homes outfitted with solar systems are typically sold for higher values than comparable homes without 1. Mosaic does not charge any prepayment fee, so it’s easy to use the additional income generated from the higher sale price of your home to pay off the remainder of your loan. Take a look at our home sale example here to learn more about how home sale and prepayment go together. Mosaic reserves the right to not allow assignment or transfer of the loan. Furthermore, the purchaser of your home must have credit qualifications that are sufficient to qualify for the original terms of your loan. If a loan transfer is not possible, then you must pay off your loan.
How do I arrange for my loan to be paid off at close of escrow?
Our support team would be happy to guide you through this process step by step. Please email email@example.com.
What if I don't have enough money to pay off my loan until my home sale is complete?
This is not a problem, as many Mosaic borrowers pay off their loan at the close of escrow.
How do I access my online account?
To access your online account, simply sign in to the Mosaic website at https://joinmosaic.com with the email and password you created when you first signed your loan agreement. Don’t worry, there’s a “Forgot your password?” link to reset your password if you were so excited about going solar you forgot to write down your login details!
What is ACH?
ACH stands for Automated Clearing House. It provides is a way to move money between banks without using paper checks. ACH is an electronic tool for processing credits and debits between accounts. It is the same system that is used for direct deposit payment, and it is standard for mortgage payments, insurance premiums, and payment of other bills.
How do I set up automatic payments (ACH) in my online account?
It’s quite simple. Log in to your profile at joinmosaic.com/sign-in, click “Manage Payments,” select pay by ACH, follow the instructions for adding your bank account, and you’re done.
Is it possible to cancel an automatic payment and schedule it for another day?
Yes. Within 10 days of your automatic payment being due, you can cancel the payment from the “Payment History” area of your online account at http://joinmosaic.com. You’ll need to replace any cancelled payment with a manually scheduled payment to make sure your account is kept in good standing. To avoid the $10 late fee that is assessed when your account is 15 days past due, please keep in mind that the soonest you can schedule a payment to draft from your bank account is two days from the date the payment is initiated.
What is a prepayment and how do I schedule one?
A prepayment is any voluntary amount that you pay in addition to your monthly loan payment. These payments help to reduce your loan principal and save you money on accrued interest. You can easily schedule a prepayment by logging into your account at https://joinmosaic.com then selecting "Manage Payments" under "Home Solar Loan" in the top left menu.
Do prepayments/extra payments go to the principal or interest?
All payments received are applied in this order:
- Monthly principal and interest bills due (oldest first)
- Fees due (oldest first)
- Unbilled principal
How do homeowners typically make the 30% prepayment by month 18?
Customers typically use the federal tax credit, rebates, local incentives, or savings to make the prepayment and reach their Choice Balance Target.
How does reamortization affect the monthly payment on my solar loan?
At month 18, your solar loan will reamortize depending on how much you have paid down. To keep your Choice Monthly Payment, you will have to pay down exactly 30% by month 18. If you pay down less than 30% of the loan, your loan will reamortize and your monthly payment will go up accordingly. If you pay down more than 30%, your loan will reamortize and your monthly payment will go down. (But don’t worry, your interest rate will stay the same!*)
*This assumes payment is made by ACH each month. Your APR will increase by 0.25% if you pay by check, terminate ACH payments, or are not current on your payments.
Do Mosaic loans use simple interest or compound interest?
Mosaic uses simple interest instead of compounding interest. This means you’re not charged interest on interest that has already accrued. (Note: this applies to all loan agreements created after January 29th, 2016)
Is there an escalator on my solar loan?
There is no escalator on the Mosaic home solar loan!
Will I still need to pay my utility for power?
This depends on how your solar system is designed compared to your historic energy usage. After going solar, if you use more electricity than your system produces, you will need to pay for the additional electricity from your utility. However, if your system produces more electricity than you use, you may be eligible for credits from the utility.
Will I need to verify my income when I apply for credit?
In the credit approval process you’ll be asked for your individual “gross yearly income.” Please be as accurate as possible. If further clarification is required, Mosaic may ask for “proof of income” through a W2 or pay stub.
Once approved for credit, how long is it valid?
Credit approval is valid for 60 days from when the credit check results came through. Meaning, to move forward with a Mosaic solar loan you must sign your loan agreement within 60 days of getting credit approved.
Can I apply with a co-applicant, such as a spouse or relative?
At this time, Mosaic only accepts one applicant per loan application. We do not allow co-signers.
If I failed credit but want to go solar with financing through Mosaic, what can I do?
You can re-apply for financing through Mosaic after 30 days. During this time, it’s helpful to contact the credit bureaus if you suspect any errors on your credit report.
Are contractors and other third parties "partners" of Mosaic?
Mosaic and contractors are wholly independent entities and the terms "partner" and "partnership" refer to Mosaic's business relationship with installers solely as a financing partner. Mosaic may also provide third party offers solely as a convenience to homeowners, and the inclusion of any third party offer does not imply endorsement by Mosaic. Any information about any contractor or other third party on the Website must not be interpreted to create an association, joint venture, agency, partnership, franchise, sale representative or employment relationship between the parties or to impose any partnership obligation or liability upon either Mosaic or a third party.