First national mortgage finance review 2021

First comprehensive review of domestic funding

Based in Denver, Colorado, First National Financing is a mortgage broker and direct lender that operates in six states.

The company offers conventional and jumbo mortgages, as well as the three government-sponsored loans. They can provide a quote and a closing cost worksheet without a hard credit call and may be able to close a loan within 12 business days.

Here is what you need to know about this lender before applying.

First National Financing: Types and Products of Mortgages

First National Financing has options for people looking to buy a home or refinance an existing mortgage. Here’s what the lender is currently offering:

With a fixed rate mortgage, the rate never changes and your principal and interest payments are predictable throughout the life of the loan. First National offers fixed-term loans of 15, 20 and 30 years.

Variable rate mortgages, or ARMs, have a fixed rate for a certain period of time. First National’s MRAs are available in terms of 3/1, 5/1, and 7/1 and are based on a 30-year repayment schedule. On a 3/1 ARM for example, the rate is fixed for the first three years. After the fixed period ends, the rate may increase or decrease annually for the remaining term of the loan (27 years in this example).

First national mortgage financing: transparency

First National’s website includes information on mortgage types (including some of their qualifying requirements) and a few home buying calculators, but it does not advertise lender quotes or fees.

So, to get more information, you will need to call the lender or fill out an online contact form to schedule a phone call. A loan officer will follow up quickly and can answer your questions, send you a personalized quote, create a pre-approval or process your loan application, depending on where you are in the loan process.

Borrowers can submit an application online, by phone, or in person at a branch in Denver, CO. If you advance in the application process, you will be able to upload documents to a personal portal and check the status of your loan there.

First national financing: mortgage rates and fees

First National Financing does not advertise mortgage rates or list lender fees on its website. So you will need to fill out an online form to request a quote or call the lender. A loan officer will contact you and provide you with a personalized quote and fee schedule with no credit call. This is important because you will be able to tell if you want to go ahead with the lender without harming your credit.

When you later get pre-approved for a loan or apply for a mortgage, the lender will make a hard credit withdrawal, which will affect your credit. You will also receive a more detailed list of fees you will pay at closing, which may include the following:

• Assessment fees
• Closing / Escrow Fees
• Costs associated with the title
• Credit file fees
• Discount points (optional)
• Flood certification fee
• Processing fee
• Registration fees
• Tax service charge
• Subscription fees
• Transfer fees

First National does not impose any prepayment penalties on any of its loans, so you can prepay your mortgage without incurring additional charges.

The minimum credit score and down payment required by First National vary depending on the type of loan and whether you have recently purchased a home. According to a loan officer we spoke with, borrowers need a credit score of at least 640 and a minimum down payment of 3% (for first-time buyers) or 5% (for buyers). regular) to qualify for a conventional loan.

FHA, VA, and USDA loans are more flexible because they are backed by the government. FHA loans require a score of at least 580 with a minimum down payment of 3.5%. You’ll need a credit score of at least 620 to qualify for a VA loan and 640 to get a USDA loan, but neither requires a down payment. Jumbo loans have more stringent requirements because you are borrowing more money. At First National, borrowers typically need a credit score of around 740 and a down payment of at least 10% to get a loan that exceeds compliant limits.

You can lock in your interest rate for free for up to 60 days and pay a fee to extend the rate lock. But you might not need this option as the lender says they may be able to complete purchase loans within 10-12 business days.

Refinancing With First National Funding

Refinancing a home loan might help save you money if you qualify for a lower interest rate, or you might be able to borrow money using your home equity as guarantee. The First National website has a calculator to help you determine how much you could save with a refinance, but you will need to contact the lender for a refinance rate quote.

First National offers several refinancing options:

First domestic financing compared to other mortgage lenders

How to Shop for the Best Mortgage Rate

Before shopping for homes with a real estate agent, it’s a good idea to contact a lender and apply for mortgage pre-approval. After you submit a few documents and agree to a firm credit application, a lender can determine if you qualify for a home loan and how much you can borrow. They’ll record this estimate in a pre-approval letter, which you can use to set your budget and substantiate your offer to purchase. You are not tied to this lender, so you can consult with others when you are ready to apply for a home loan.

Once you’ve found a home and the seller accepts your offer, submit mortgage applications to multiple lenders. (You can minimize the impact on your credit by applying for the loans in a short period of time, around two to six weeks.) You will receive a loan estimate that lists your interest rate, monthly payment, and closing costs. , which you can use to compare offers. An online mortgage calculator can help you determine how much you would spend in interest with each option.

According to a study by the Consumer Financial Protection Bureau, simply comparing offers can help you save up to $ 300 per year. You can save even more depending on the interest rate you receive and whether you negotiate.