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1. How do I see your reviews on YELP? Answer
2. How do I find you on Facebook? Answer
3. Why should I trust First Class Financial Services with my home mortgage application? Answer
4. How do I contact you? Answer
5. What are typical closing costs? Answer
6. How much house I can afford? Answer
7. I have some problems with my credit, will I still be able to get a mortgage? Answer
8. How long does the mortgage loan process take? Answer
9. What is the difference between a fixed-rate loan and an adjustable-rate mortgage? Answer
10. How is an index and margin used to calculate the adjustments on my ARM (adjustable rate mortgage)? Answer
11. What documents will I need to complete my mortgage application? Answer
12. What should I do if I cannot make my mortgage payment? Answer
13. Should I refinance? Answer

Q : How do I see your reviews on YELP?
A : Click here! YELP!

 

 

 
Q : How do I find you on Facebook?
A : Click here! FACEBOOK

 

 

 
Q : Why should I trust First Class Financial Services with my home mortgage application?
A :

We pride ourselves in providing Honesty, Integrity, Service and Trust in all of our transactions.

We are a referral based business. This means our business comes from the recommendation of our satisfied clients. We cannot maintain a successful referral based business without providing the utmost in quality service and timeliness.

We will provide you with all the necessary information upfront, work diligently to close your transaction efficiently and accurately, with the anticipation you will be comfortable referring your friends and family.

Click here to get started today!

 
Q : How do I contact you?
A : We can be reached either by phone (602.294.9288) or email mortgagedr@fcfs.net

Our office is conveniently located at 16th St. and Camelback in Phoenix

                       Our address is: 5150 N. 16th St. A-126 Phoenix, AZ 85016

 

Click here to get started today! It's FREE and you owe it to yourself to get started today!

Thank you in advance for the opportunity to work with you! 

Feel free to phone (602-294-9288) or email mortgagedr@fcfs.net if you have ANY questions!

 
Q : What are typical closing costs?
A : Closing costs are part of every real estate transaction.  Who pays them, is the real question.  Your down payment is your personal investment into your purchase, the closing costs are the true costs associated with obtaining the loan.  Closing costs can be SELLER paid (with a credit as part of your negotiations), closing costs can be BUYER paid (paid at the close of escrow) OR closing costs can be LENDER paid (with an increase in interest rate to cover the costs).

Typically closing costs include:

A loan origination fee

Processing fee

Underwriting fee

Appraisal

Title fees (title insurance (a background check on the property to ensure there are not unpaid mortgages, taxes, liens etc) , escrow closing fee)

Escrow deposits (for your taxes and insurance)

Recording fees (to record your new deed)

Typically home buyers will pay 2-3% of their purchase price in closing costs. 

You will receive a "Good Faith Estimate" from your lender detailing these costs.  It is an "Estimate, however it will give you an idea as to the closing costs associated with your transaction. MOST of the fees on the estimate cannot change once they are disclosed however, some can,  so it is important to discuss this document with your lender to avoid any surprises. 

 

How can a buyer avoid closing costs?

When a lender offers zero closing cost loans, it is at the sake of interest rate.  Closing costs are associated with EVERY loan and have to be paid in some way.  Many times, choosing a higher rate and having the lender pay the closing costs is a reasonable option, other times it can be a costly option. Be sure to discuss ALL of your options with your lender prior to locking your interest rate.

 

 
Q : How much house I can afford?
A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make.

You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value.

Click here to get started today!

We will call you to discuss exactly how much you can afford!

 
Q : I have some problems with my credit, will I still be able to get a mortgage?
A : YES!

We are excited to have relationships with lenders that provide loan products to handle virtually ANY credit situation.

You have nothing to loose and owe it yourself to click here and get started today!

 
Q : How long does the mortgage loan process take?
A : Depending on what type of mortggage loan you are applying for and whether you are purchasing or refinancing are important determinations of the timeline.

However, generally speaking, the typical timeline is 3-4 weeks.

Click here to get started today!

 

 
Q : What is the difference between a fixed-rate loan and an adjustable-rate mortgage?
A : With a fixed-rate mortgage, the interest rate stays the same during the life of the loan.

With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index.

While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change.

There are advantages and disadvantages to each type of mortgage, but we will work with you to determine which is best for your situation.

Click here to start today!

 

 
Q : How is an index and margin used to calculate the adjustments on my ARM (adjustable rate mortgage)?
A : An index is an economic indicator that lenders use to set the interest rate for an ARM (adjustable rate mortgage).

Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).

Click here to get started today!

 

 
Q : What documents will I need to complete my mortgage application?
A : All lenders require documentation in order to evaluate credit worthiness.

The following will help you to prepare:

Application Information:

  • Home Address for last 3 years.
  • Employers name, address and phone number for the last 3 years.
  • If you own real estate- name, address, balance and account numbers for all mortgages.
  • Address of the properties.
  • If you rent- the name, address and phone number for your landlord for the last 12 months.

    Documents:
  • Last 2 years W2's
  • Most recent paystubs
  • Statement for any other income i.e. Social Security, Pension, Retirement etc.
  • If self employed the last 2 years tax returns with ALL schedules.
    If self employed current year Profit and Loss statement.
  • 3 months bank statements from primary bank.
  • 3 months statements for any asset accounts.
  • Complete bankruptcy and discharge paperwork (if applicable)
  • If you have been divorced, complete copy of divorce decree.
  • If a refinance, copy of current mortgage coupon for ALL mortgages you have on the property.
  • Copy of home owners insurance declaration page.
  • Signed First Class Financial Services disclosure documents.

Click here to get started today!



 

 
Q : What should I do if I cannot make my mortgage payment?
A : It is understandable, given the current state of things, that many people are running into problems making their monthly mortgage payments. 

Most lenders are doing well in working with home owners to help them with payment arrangements to ensure you keep your home.  

It is critical that you contact your current lender to advise them of your situation.  Typically they will work with you to make payment arrangements and/or alternative options given your current situation.

You can also contact First Class Financial Services at 602.294.9288 or email mortgagedr@fcfs.net and we can provide assistance to help direct you.

 
Q : Should I refinance?
A :

Refinancing your home is only beneficial if you are able to see either monetary or security based gain. First you need to know the following information:
*Current principal mortgage balance, rate and payment.
*Exact amount of proposed closing costs - not to include any prepaid interest, taxes, insurance or mortgage insurance. These are recurring costs.

Next... use this formula as a good rule of thumb:

- Your current principal balance is $150,000. Your current interest rate is 8.5%.
$150,000 x8.5% = $12,750 annual interest.

- Your new rate is 7% with $2500 in closing costs.
$150,000 x 7% = $10,500 annual interest.


$12,750 (current) - $10,500 (new) = $2250 savings. $2250 divided by 12 months = $187.50 / mth savings.

Now... take the $2500 in proposed closings costs and divide it by the new monthly savings i.e. $2500/$187.50 = 14.46.

This implies it would take you 14 months to break even. Ask yourself, Do you plan to be in your home at least 14 more months? If so, it would benefit you to refinance.

Click here to get started today!