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Why should I use First Class Financial Services? |
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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. |
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Do you have any testimonials of satisfied clients? |
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"First Class Financial Services pursued the appropriate loan for my circumstances, helped me gather the correct documents and guided me through a very stressful time. I have e-mailed everyone at my office to refer them to you! You were the conduit for little short of a miracle. You proved to be knowledgeable, skilled, tenacious, kind and successful. Thank you!"
-P.S. Phoenix, AZ
"Judy kept me well informed on all aspects of the process and communicated very effectively."
- F.D. Prescott, AZ
"Thank you for all of your work! I really didn't think it was possible to get a loan. You went up and beyond the call of duty in order to find SOMETHING that would work. My only purpose in life now is to hand your card out to everyone I can find. I can't thank you enough!"
-J.Z. Chandler, AZ
"I feel like you are part of the family! Thank you for helping me work with my husband to get him to understand the benefits of investment properties. My daughters will be living in the home and just love it. Thank you for dealing with the mess with our realtor too!"
-L.S. Gilbert, AZ
"We thank you for making our home refinance easy and stress free! We appreciate your professionalism and plan to do business with you again if the opportunity arises!"
-R.&H Phoenix, AZ
"We never thought we would find our adoptive son again. When we did and he asked to moved to Arizona you helped us to get him into a home. Thank you for your part in our miracle!"
-S&R Mesa, AZ
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How do I reach you? |
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We can be reached either by phone or e-mail. Our office is conveniently located at 16th St. and Camelback in Phoenix. Our office phone is 602-294-9288. Our main e-mail address is mortgagedr@fcfs.net. Feel free to fill out the online application and an experienced loan officer will call you before the end of business today! |
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Should I refinance? |
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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.
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How do I know how much house I can afford? |
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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. Give us a call, and we can help you determine exactly how much you can afford. |
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I have some problems with my credit, will I still be able to get a mortgage? |
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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 to yourself to apply online today! |
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How long does the loan process take? |
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Depending on what type of loan you are getting and whether you are purchasing or refinancing are important determinations of the timeline. However, generally speaking, the typical timeline is 2-3 weeks. |
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What is the difference between a fixed-rate loan and an adjustable-rate loan? |
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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, and the best way to select a loan product is by talking to your broker. |
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How is an index and margin used in an ARM? |
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An index is an economic indicator that lenders use to set the interest rate for an ARM. 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). |
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What documents will I need to complete my application? |
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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.
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