financing for a home you can celebrate

There is no application fee charged; however, we do collect your appraisal fee upfront as part of the out-of-pocket costs. This fee will be collected from you once you indicate your intent to proceed with the loan and sign your disclosures.

If you plan to stay in your home for a long period of time, consider a fixed-rate mortgage that “locks in” the current interest rate. If you don’t plan to stay long, or intend to refinance at some point soon, an adjustable-rate loan will give you a lower initial rate and payments—but the rate could change. If you are considering an adjustable-rate loan, we’ll let you know what range your interest may adjust within.

Interest rates are affected by a number of factors, including inflation, economic growth, and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will usually lead to low interest rates, while concerns about rising inflation normally result in increased interest rates. The Federal Reserve designs and implements policies to keep inflation and interest rates relatively low and stable.

No. As economic reports, inflation, and Federal Reserve policy continually fluctuate, mortgage interest rates are also subject to change on a daily basis. When purchasing a home, the rate can be locked in once a borrower has an accepted contract and a property address.

When refinancing, you can lock in a rate at the time of application. This means that First Financial will stand by and honor the rate you lock through a specified expiration date for that locked rate.

The annual percentage rate (APR) is a broader measure of the cost to you of borrowing money. The APR reflects not only the interest rate but also the points, mortgage broker fees, and other charges that you have to pay to get the loan. For that reason, your APR is usually higher than your interest rate.

Your interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan.

Yes. The annual percentage rate (APR) reflects the full cost of the loan, including interest and fees, expressed as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage because it includes points and other credit costs, such as private mortgage insurance (PMI), loan discount, and origination fees. The APR is calculated the same way by all mortgage lenders, giving home buyers the ability to compare various mortgage loan products based on the annual cost for each loan.

Yes, a pre-qualification is recommended as soon as you decide to start searching for a home. Going through the pre-qualification process will give you the confidence that you are looking in the right price range for a home, it gives the seller confidence that your offer is legitimate, and it can speed up the time it takes to close on your home. Once you find your perfect home, you will simply call your loan officer to complete your application. You will have an opportunity to lock in your rates and fees at that point, and we will complete the processing of your loan.

Your credit score will be used to evaluate your application. Using credit scores lets us quickly and objectively evaluate your credit history when reviewing your loan application. However, your credit score is just one of the many factors considered when making a loan decision, and we evaluate an application by looking at the total financial picture of a client.

Depending on the mortgage you select, you may need as little as 3% or up to as much as 20% for a down payment. However, we also have zero down payment mortgages available to meet the specific needs of some clients, which are subject to credit approval. These products are an affordable alternative for those looking to minimize the amount of money they need for a down payment.