If you’ve ever been to a mortgage lender, chances are you felt awkward and uncomfortable. You may have even felt spoken down to or inferior for not recognizing the terminology.
At First Financial, we guarantee you’ll never have that experience. We are not like our competitors and have no cause to be. Our goal is to make our customers feel welcome as we learn who they are and what they seek. We offer a variety of loan options, and if none of those work, then we’ll create something that will! We want you to walk out our door with a smile on your face and an approved loan in your hand.
We’ve spent years building trust among our customers and are pleased to say our rate-of-return is high. Our clients come back because they know they’ve been treated honestly and fairly with speed and accuracy. You will, too.
Getting to know you is our first priority. Who are you? What type of loan do you seek? What is your credit history? How can we improve your situation? All of these questions are key to finding your best options and your best rate.
First Financial Associates will help you determine what is most appropriate for you.
Loans
Conventional Loans often offer the best consumer interest rates available throughout the market. These loans usually require full documentation of income and assets.
Jumbo Loans typically fall outside the guidelines for a conforming loan, as the amount is often higher than the average loan. The current loan size is $417,000 or higher, but the amount increases periodically. You will usually pay about .25% more in the interest rate to borrow this amount of money.
Second-mortgage Loans is a second loan against your property, usually combined with a first mortgage to eliminate mortgage insurance.
- Equity line – An equity line is a line of credit secured as a second lien on your property. The interest rate is not fixed and floats with the rate of prime. Think of it as a very inexpensive credit card. You only pay interest on the amount you have out. In order to pay the balance down, you would have to apply additional monies in your payment.
- Fixed-Rate Second – This is a second lien against your property. It is a loan similar to a 30-year fixed mortgage. Every month, you will be paying down your principal balance along with the interest to borrow the money. Once you pay the money back, you cannot draw it out again.
Stated-income loans are typically for self-employed borrowers who can’t document their income. The income used is simply stated by the borrower to qualify.
No-income or No-doc Loans are credit-score driven and require no income disclosure and no documentation.
Sub-prime Alternative Loan Programs are loans for challenging circumstances in a borrower’s situation. You might have to obtain one of these loans if your credit score is outside normal lending guidelines, you might have a good credit score but do not have any proof of rental history or enough credit trade lines established, you have judgments or collections you wish to not pay off.
Investment loans are loans for purchasing or refinancing investment properties from one to four units.
Mortgages
At First Financial, you’ll find an impressive array of mortgage options with rates that will impress.
Fixed-rate Mortgages
Monthly interest and principal payments never change, making this one of the most popular mortgage options.
Introductory-rate ARMs/Adjustable Rate
Adjustable-rate mortgages typically offer a low introductory rate, lasting anywhere from three years to as long as 10 years. They are also available with an interest-only option.
- London Inter Bank Offered Rate (LIBOR)
LIBOR is the rate on dollar-denominated deposits, also know as Euro dollars, traded between banks in London. - Treasury ARM (T-Bill)
The T-bill rate (also known as the start rate or teaser) is fixed for a year, after which the rate will adjust based on the treasury index, which is added to a pre-determined margin to arrive at the new annual rate. - Cost of Funds Index (COFI) – Recommended only for short term investors
The COFI is one of the indexes that are used to determine interest rate changes for certain adjustable-rate mortgages. The weighted average cost of funds ration for that month is based on the ratio of the dollar amount paid in monthly interest to the average dollar amount of the funds for that month. This index is used for the pay-option ARM.
Reverse Mortgages
A special type of loan made to older homeowners to enable them to convert the equity in their home to cash in order to finance other needs.
Interest-rate Buydowns
The buyer would pay points above current market costs in order to pay a below market interest rate.
Loan factors
- Credit score/credit history
- Employment status
- Income
- Debt income ratio
- Is there a down payment?
- Prior ownership or rental experience
Expect us at your closing.
Mortgage lenders are never at the closing, often because they aren’t delivering what was originally promised. The interest rate is often higher than promised and you may find a few hidden fees. First Financial is committed to no surprises at your closing.
See the light.
At First Financial, we’ll never leave you in the dark on your mortgage. We’ll guide you through the steps with constant follow-up and keep you aware of the status of your loan so you know where you stand long before you close.
The future looks bright.
We’re here to help you take that next step toward improving your circumstances and improving your life. Whether it’s a new home, the start of a new business or climbing out of credit-card debit, our goal is to help you make it happen.
