Your credit score to qualify for a loan varies per the program your mortgage planner advises you to use. The best option would be calling a Certified Mortgage Planning Specialist to evaluate your options on your exact situation.
FirsTrust Mortgage does not provide construction lending, but we do provide financing for the “end loan” when the construction is complete. It is certainly important to make sure that you have a plan before venturing into any construction project. If you have any questions about construction financing, end loan financing, or how the “whole process” works, we strongly recommend contacting a Certified Mortgage Planning Specialist today.
FirsTrust Mortgage only does primary mortgage loans. We have many referrals that we can provide that will complete home improvement loans. However, it is many times a better option to complete a cash out refinance in order to obtain the extra cash for your improvement at the lowest interest rate possible.
FirsTrust Mortgage does provide consolidation loans. These loans can come in many forms, including “cash-out” or “rate and term” refinances. Each consolidation scenario is unique, so it is important to speak with a Certified Mortgage Planning Specialist in order to assure your debt consolidation is handled appropriately.
The fastest way to improve your credit score is by making timely payments, lowering balances, and being patient. Time heals all in the credit world, so be sure to make all of your payments on time and not run up any balances higher than you have to.
Can you do a refinance for a home I own in Arizona, Illinois, etc., etc.? (Better phrased as: In which states can you do refinances/home loans? Or, In which states are you licensed?)
FirsTrust Mortgage is currently licensed in Kansas, Missouri, Florida, Illinois, Minnesota, and California. However, we provide mortgage planning for any and all borrowers. In addition, we have a large network of trusted lenders in any state. So even if your property is not in one of the listed states above, you should still consider reaching out to us for a consultative experience.
I’m going through a divorce. Can I refinance to get my spouse off of the loan or does he/she have to be included?
You can certainly refinance your spouse off of your mortgage, however, they will need to be involved in order to complete the transaction. A court signed divorce decree is an essential piece of documentation that is needed to refinance your former spouse off of your mortgage.
This is a common question we receive at FirsTrust Mortgage and is best explained by a Certified Mortgage Planning Specialist after you have completed a Mortgage Plan. There is no “one size fits all” answer when it comes to bankruptcy, so it is best to talk to a member of our team.
Closing costs vary per transaction based off of the third party fees that are needed depending on your unique situation. However, it is typical for the closing costs to range in the $1800-$2300 range.
All mortgage transactions have application and origination fees. These fees are transaction-specific and clearly explained by all Certified Mortgage Planning Specialists. In the majority of our transactions, FirsTrust pays these fees for the borrower.
A mortgage planner is an individual that demonstrates financial knowledge and expertise regarding the tax and financial planning implications of various mortgage and real estate investment strategies. A loan officer will originate a mortgage loan without offering any advice.
FirsTrust Mortgage is not a broker/dealer and does not provide any commodity besides the residential mortgage. However, each Certified Mortgage Planning Specialist is able to answer general questions about investments. For specific funds or accounts, it is best to meet with a financial advisor. We work with a large database of licensed and trusted financial advisors and will be happy to recommend one to you.
Your best option is contacting a Certified Mortgage Planning Specialist at FirsTrust Mortgage to provide you your best options based on your unique situation.
Which option is better: Refinancing to a new 30-year mortgage to lower my payment or refinancing to a shorter-term mortgage (10, 15 or 20 year) to save the interest over the life of the loan?
This is a common question that can only be answered after completing a Mortgage Plan with one of our Certified Mortgage Planning Specialists. Each CMPS is trained on analyzing a borrower’s specific needs and goals and identifying which product is most beneficial.
All of our rate locks are for a 40 day timeframe, however, many can be completed in under 30 days with complete documentation provided up-front.
Each mortgage transaction requires different documentation. In most cases, a borrower should be prepared to provide documentation of assets, income, mortgage history, and credit history.
When you refinance, your are obtaining a new loan for the remaining balance of your home. Please understand that you are obtaining a loan for tens of thousands of dollars, and that the information you are providing is the industry standard to protect borrowers and lenders.
Mortgage interest rates are based on the market pricing for mortgage-backed securities. Much like the stock market, the pricing on mortgage-backed securities is constantly changing. FirsTrust Mortgage works with a large number of investors in order to minimize market volatility and to provide the most competitive rates possible.