Our Most Popular Loans Are:

Credit-challenged Loans: for those with not-so-perfect credit, we have a multitude of options with a variety of lenders. Many of our lenders offer fixed as well as adjustable loans with more lenient underwriting guidelines, even for those with problematic credit history. Your typical neighborhood bank simply cannot work with applicants with blemished credit so a broker such as First Choice Mortgage offers a valuable service with this niche customer.

Fixed Rate Loans (either 15, 20 or 30 years): the most popular type of mortagage, fixed rate loans offer an interest rate that will remain the same for as long as you have your loan. Stretching out your repayment term means your monthly mortgage payment will be less than if you choose a comparable shorter-term mortgage.
Fixed rate loans are especially popular for first-time buyers who plan to stay in their homes for five or more years. Even if interest rates increase, your mortgage payment remains the same so you'll always know your monthly housing expense.

Income Verification Issues: for people with complicated income sources, a "no income verification" loan was created. This program is ideal if you: receive a portion of your income in cash without weekly pay stubs; you have inherited some money so you may have plenty of assets, just not a steady income stream; or, perhaps you sold a business or just started a business and can't show regular income. "No Income Verification Loans" no longer require a larger down payment or necessarily carry a higher interest rate. The largest determining factor in establishing an interest rate for these loans is your credit score. An outstanding credit score tells the lender's underwriter that you are an excellent credit risk, even if income can't be fully verified or validated.

Other Loans We Offer Are:

Adjustable Rate Mortgages (ARMs): this type of mortgage maintains the same initial interest rate for the first three, five, seven or ten years of your loan, depending on the term you choose. Your interest rate then adjusts anually and can move up or down as market conditions change. Since your initial interest rate will be lower than a fixed rate mortgage, you may be able to afford a more expensive home. The lifetime interest rate cap for fixed-period ARMs is typically five to six percentage points above your initial rate. Your annual cap during the adjustable period is typically one to two percentage points above or below the current rate.

Balloon Mortgages: with this type of mortgage, the borrower's monthly payments are amortized over a longer term than the actual term of the loan. As a result, the borrower must pay off the outstanding balance with a lump sum payment or refinance the loan at the end of the mortgage term.

Cash out Refinance: a refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points and the amount required to satisfy any outstanding subordinate mortgage liens. In this transaction, the borrower receives additional cash that can be used for any purpose.

Construction Loans: a short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.

FHA (Federal Housing Administration) Mortgage: insured by the FHA, also known as a government mortgage. With FHA Insurance, you can purchase a home with a low down payment from 3%-5% of the FHA appraised value or the purchase price, whichever is lower. FHA mortgages have a maximum loan limit that varies depending on the average cost of housing in a given region. In general, the loan limit is less than what is available with a mortgage through a lender.

Home Equity Line of Credit: with these loans, you can borrow only what you need giving you flexible access to the funds with interest paid only on the amount borrowed.

Home Improvement Loans: these loans allow you to buy and renovate a home or repair or improve your home. The amount of the loan is based on the as-completed, appraised value of the home.

Interest Only Loans: this type of loan is ideal if you are trying to keep your payment as low as possible while maximizing your income tax deduction. This can be a perfect solution if you're on a fixed income now but confident your income will increase in the future. The only caveat is to be sure you're living in a demographic area where real estate values are climbing.

Jumbo Mortgages: also called a nonconforming loan, this is a mortgage which is larger than the legislated purchase limits of Fannie Mae and Freddie Mac; now $417,000.

Investment Mortgages: a mortgage for the purchase of a home for the purpose of generating income by renting the property to tenants.

Low and No Down Payment Mortgages: these can be options for borrowers with good credit but with minimal funds for a down payment.

PMI (Private Mortgage Insurance): is typically required when you buy a house with less than a 20% down payment. This insurance helps to protect lenders against the costs of foreclosure, is provided by private mortgage insurance companies and it enables lenders to accept lower down payments than normally required. The cost of PMI increases as your down payment decreases and the premium is added to your monthly mortgage payment.

In most cases, the lender will permit cancellation of mortgage insurance when the loan is paid down to 80% of the original property value. An appraisal will most likely be required to determine the value of the property and the borrower is typically expected to pay for this cost.

VA (Veterans Affairs) Loans: The Veterens Administration (VA) is a federal government agency authorized to guarantee loans made to eligible veterans under certain conditions. The VA guarantee allows qualified veterans to buy a house costing up to $203,000 with no down payment. Moreover, the qualification guidelines for VA loans are more flexible than those for either the FHA or conventional loans. If you are a qualified veteran, this can be an attractive mortgage program. Be sure to check with your nearest VA regional office to determine your eligibility.