Frequently Asked Questions
Q. How do I determine which loan program is best for me?
A. Your answers to the following questions will help determine the best loan programs to fit your specific needs:
- 1. How many years do I plan on living in this property?
- 2. Do I want consistent monthly payments for the entire term of my loan?
- 3. How much of a monthly mortgage can I afford?
Q. What are points?
A. Points are a method of reducing the interest rate you would pay on a loan. One point is equivalent to 1% of the loan amount. For example 2 points on a loan amount of $300,000 would be $6,000. Keep in mind that a loan amount with 2 points attached to it generally has a lower interest rate than a loan with 1 or 0 points. Paying points may be an attractive option if you plan to stay in your home for a long time.
Q. What conditions and fees apply to my loan?
A. First Fianancial's priority is to provide you with the best loan at the lowest cost possible. We offer low fees and few conditions to make your home loan process easy and smooth. Each lending situation is different, and your First Financial Loan Officer will show you the simplest and most cost effective way to close your transaction. Please consult First Financial today so we can prepare a no obligation quote that fits your situation.
Q. Are you a direct lender?
A. First Financial is a wholesale broker with access to over eighty different lenders. What that means to the consumer is that a First Financial Loan Officer has access to the very best rates and programs on a daily basis. The numerous lenders are competing for the business, thus ensuring the most aggressive rates at the lowest cost.
Q. How do I know that my loan will be processed in a timely manner?
A. First Financial assigns you a loan officer to walk you step by step through the entire loan process. Our loan officer and processing department will begin to process your information as soon as it is received in our office. The length of time to close your loan will depend on a number of factors including the type of loan that you selected. Your loan officer will remain in close contact throughout the process to ensure your loan closes in a timely manner as well as to keep you informed.
Q. Is it better to rent or own a home?
A. Home ownership comes with many benefits including tax advantages. Many renters discover that they can buy a home comparable to the space they are renting with lower net monthly payments. To get pre-qualified for a home loan, contact First Financial today!
Q. What are the tax benefits to home ownership?
A. There are many tax benefits for homeowners. The interest on your home mortgage as well as certain real estate taxes and mortgage closing costs are often tax deductible. Please advice a Certified Public Accountant for further advice on tax savings and deductions.
Q. Can I use First Financial to find a home?
A. First Financial offers an in-house, full service real estate division to assist you in both buying and selling your property. Our real estate division is highly trained to work with your loan officer to ensure a smooth transaction.
Questions? Give us a call 1-877-7-GO-FIRST
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