WHAT TYPE OF LOAN PROGRAMS ARE AVAILABLE? 1st Banker Mortgage offers a wide variety of loan programs: 10, 15, 20, 25 and 30 Year Loans; Fixed Rates, Adjustable Rates, Term Loans and more. 1st Banker Mortgage also offers programs for applicants with fixed income, low income and for those that have had unfortunate credit experiences in the past.
HOW MUCH CAN I BORROW? WILL I NEED A DOWN PAYMENT? You may borrow up to 95% of the purchase price or appraised value of your home and lot and up to 90% if you want to consolidate debt or need cash out for other items (if your State Law allows). In many cases, you may include closing costs in your loan. If you currently own your home or lot, 1st Banker Mortgage will allow your equity to cover down payment and closing cost requirements.
DO I HAVE TO OCCUPY THE HOME TO QUALIFY FOR THE LOAN? No, 1st Banker Mortgage offers loans for Owner Occupied residents, Second Homes and Rentals. Also, if you don't qualify on your own, on many loan programs 1st Banker Mortgage will accept Co-Signers that do not live in the property.
HOW DIFFICULT AND LONG IS THE LOAN APPROVAL PROCESS? 1st Banker Mortgage uses common sense in processing your loan request. With appropriate documentation, we can provide an Approval within 24 hours of receipt of the completed application subject to verifications, credit report and appraisal.
WHAT ARE THE CLOSING COSTS? Closing Costs include normal and typical costs for a residential transaction in your local area and usually include: Charges by local vendors such as Appraisers, Title Companies and Closing Agents. (The charges may vary depending upon the services contracted.) Costs to other third parties including fees for Recording, Tax Service and Flood Certification. 1st Banker Mortgage charges for Credit Reports, Processing and Underwriting. (If Points are required, they will vary depending on the loan program.) Other fees may apply. An Estimate of Closing Costs is forwarded to each applicant within three business days after the application is received by 1st Banker Mortgage.
WILL HOMES TITLED UNDER HCD (IN CALIFORNIA) BE SUBJECT TO PROPERTY TAXES? Yes, Homes levied under HCD license fees will be transferred to tax rolls.
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Hidden Costs?
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| For many people, financing their Home and Lot can be overwhelming. They are concerned about hidden costs and whether they can afford to proceed. However, with 1st Banker Mortgage Loan Financing and guidance, most Borrowers will save money because the terms are more favorable and the transaction less costly than other lending alternatives. | ||
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