We’ve opened our industry-leading solar lending platform to home energy efficiency improvements, allowing you to finance select renovations in one streamlined process.


Common Questions

Common Questions

REDUCED RATE APR

If I pay off the loan early, do I still owe interest and are there any early 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.

 

Do prepayments go to principal or interest?

Prepayments are first applied to interest that has accrued, and then applied to principal.


SAME AS CASH

When am I responsible for paying down my loan and avoiding all interest charges?

If the balance of the loan is paid in full by the promotional period end date listed on your monthly statement you owe no interest. If the loan balance is not paid in full by the promotional period end date, you owe the amount of accrued interest on your most recent monthly statement and you will have to start making monthly payments on your loan.

 

If I pay off the loan early, do I still owe interest and are there any early prepayment penalties?

If you pay off your loan before the promotional period end date, you don’t owe any interest.  If you don’t pay off your loan prior to the promotional period end date, you are able to 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.

 

Do prepayments go to principal or interest?

During the promotional period, all payments are applied to principal. After the promotional period is over, prepayments are first applied to interest that has accrued, and then applied to principal.


BOTH SAME AS CASH AND REDUCED RATE APR

When does my loan start?

Mosaic home improvement loan start dates are based on first payments to the partner. For roofing or windows/doors, we make our first payment to the partner as soon as the customer signs the contract. For HVAC/other, we make the first and only payment when the job is complete and the customer signs off that the job is complete.

 

Once credit is approved, how long is it valid?

60 days. You must sign your loan agreement within 60 days of receiving approval.

 

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 help@joinmosaic.com.

 

Is there an escalator on the loan?

No.

 

Will I need to verify my income?

In the credit approval process you’ll be asked 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 a pay stub. (This verification only impacts a very small percentage of customers.)

 

Can I apply with a co-applicant?

No co-applicants are accepted at this time, however, someone else in the household can apply if the original applicant is denied. Applicants must be listed as owners of the property.

 

I failed credit, what can I do?

You can re-apply after 30 days, or another member of the household can apply. Applicants must be listed as owners of the property.