FAQs

What does my credit score have to be to qualify for a loan?

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.

Do you do construction loans?

FirsTrust Mortgage can coordinate construction financing up to 95% of the lesser of your construction cost or your appraised value. The construction loan is the interim financing utilized during the building process that is subsequently paid off with an “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 FirsTrust Mortgage Certified Mortgage Planning Specialist today.

Do you do home improvement loans?

FirsTrust Mortgage can coordinate home improvement financing up to 95% of your appraised value. The home improvement loan is generally the interim first or second lien financing utilized during the remodel process that is subsequently paid off with an “end loan” when the project 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 home improvement loans, remodel loans, end loan financing, or how the “whole process” works, we strongly recommend contacting a FirsTrust Mortgage Certified Mortgage Planning Specialist today.

Do you do consolidation loans?

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.

What’s the fastest/best way to improve my credit score?

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.

I have a bankruptcy in my past. How long do I have to wait to qualify for a loan?

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.

How much will it cost me to go through the loan process?

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.

Do you charge an application and/or loan origination fee?

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.

What is a Mortgage Planner and what makes that different than a loan officer?

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.

Can Mortgage Planners also give me financial 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.

I want to refinance to lower my monthly payment. What’s the best option?

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.

How long does the loan process take from start to closing?

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.

What documentation do I have to provide to refinance (or get a new loan)?

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.

Why do I have to provide so much documentation just to refinance?

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.

What are your rates?

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.

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