Frequently Asked Questions
Why should I use an independent mortgage broker?
Independent brokers don’t offer just one line of products – we listen to you and find the best possible loan program for your financial needs. First Class Mortgage works with the best financial companies to ensure the best products and programs are available.
What is mortgage insurance? Why would I have to pay it?
Mortgage Insurance insures the lender in case of borrower default for a portion of the loan. The higher the risk (or less equity you hold in the home), the more insurance the lender requires. Typically, if the 1st mortgage is greater than 80% Loan To Value (LTV) of the home’s appraised value, mortgage insurance is required. There are so many loan options available, that you can work with your mortgage specialist to avoid paying the mortgage insurance, even when your total loan amount is greater than 80%.
What if I don’t have much money saved?
You’ll be surprised at all the different programs available to homebuyers who want 100% of the home financed. Your mortgage specialist can work with you to get you into the house of your dreams with as little down as possible.
How much house can I afford?
You will be amazed with today’s rates and options to discover that you can probably afford more house than you think. By working with a mortgage professional, you will be confident knowing that when you find the right house, the details of the mortgage will match with your financial needs.
What if I had bad credit?
Your mortgage specialist will run a credit report to get a picture of your credit history. While your credit, and how timely you have paid on your accounts is important, it is just one part of the pre-qualification process. If you did have late payments, collection accounts or a bankruptcy, don’t be afraid to call your mortgage specialist to get pre-qualified.
What do I do to get started?
The first step is to contact your personal mortgage specialist to find out what mortgage programs and options are available to you. You can do that by clicking the “Apply Now” button at the top of the page and/or calling your mortgage specialist today to set up an appointment. Please be assured that First Class Mortgage is dedicated to helping their customers finance their dreams.