Frequently Asked Questions
How are our rates and service?
“Amazing.”
How do I get an interest rate quote?
“Go to the contact page, supply some brief information, and it will be e-mailed to you. Quotes are available by phone with more details if you prefer.”
Can I get a mortgage with no closing cost?
“Yes, we have interest rates available with Lender Credits that will cover some or all of your closing cost. We can help you determine which is best for you.”
How long does the mortgage process take?
“30 to 45 days is about average. Faster times are available upon request.”
Can I get help to determine the best mortgage for my needs?
“Yes, by phone or email.”
Can I get a pre-qualification letter?
“Yes, you can call or e-mail to supply details of the transaction and we will pre-qualify you.”
How do I apply?
“An application can be e-mailed, faxed, mailed, you can call to complete an application on the phone, or we can set up an office appointment.”
Can I refinance my current mortgage?
“Yes, refinance programs are available for rate and term or for cash back. Cash back for VA mortgages up to 90%, FHA mortgages up to 85%, and Conventional mortgages up to 80% loan to value.”
How will I send information and documents to 1st Financial Mortgage?
“By e-mail, fax, mail, or delivery to the office.”
How do I get my home appraised?
We will arrange the appraisal for you after we complete the application process and you acknowledge your loan estimate.”
How do I pick a Mortgage Closing Agent?
“In Virginia, you have the right to choose a Closing Agent. We can give you suggestions and contact information for agents we have worked with that offer great rates and service.”
What is the minimum credit score?
“Some programs go down to 620.”
What is the minimum down payment?
“VA mortgages offer 100% financing, Conventional mortgages have 3-5% down payments, and FHA mortgages have 3.5% down payments.”
What types of Mortgage Insurance options are available?
“Borrower paid and Lender paid mortgage insurance options are available, we will run the numbers to see which works best for you.”
What terms can I get?
“Most programs offer terms of 10, 15, 20, 25, or 30 years. Fixed and adjustable rates are available.”