A great advantage to working with First Equity Direct is our access to hundreds of loan programs. You’ll always find a great rate and the right program with us. Fixed Rates A fixed rate loan is a popular product among … Continue reading
Pre-approval is a smart step for any potential homebuyer to take. You gain instant credibility with sellers as you basically already have the loan. In today’s market, that’s a huge advantage. Pre-Approved, Not Pre-Qualified Many borrowers take the step of … Continue reading
A mortgage is more than a loan. It’s a powerful financial instrument that can increase your wealth over time. However, few home owners actually have a plan and are able to understand just how useful their home loan can be … Continue reading
If you are one of the many borrowers with an adjustable rate mortgage that is scheduled to adjust to a higher rate, we would like to offer a solution. As a mortgage lender with over 130 approved lenders, we have … Continue reading
Should You Consider Financing Closing Costs, Escrow Reserves, or Other Cash Needed at Closing? If you’ve built up some equity in your home, when you refinance, you may be able to “cash out” some of that equity to pay off … Continue reading
Homeowner’s Insurance This insurance covers replacement costs for damages caused by fire, wind or other disaster that might affect the value of the property. Typically, the insurance also includes personal liability and theft coverage. Flood or Quake Insurance Additional hazard … Continue reading
Property Taxes This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer … Continue reading
Loan Origination Fee This covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount. Points (optional) An option for the home buyer is to pay points to lower … Continue reading
There are certain standard costs associated with closing a loan. If it’s a purchase, these fees are split between the buyer and the seller, as spelled out in the sales contract. We will walk you through the closing costs, answering … Continue reading
For first time home buyers, the experience of finding and purchasing a home can be daunting. You have to research homes and residential areas, learn new terms and go through the mortgage process. In getting the right home for the … Continue reading