Whether renting or buying makes sense depends on your financial goals, lifestyle, and market conditions. Buying a home can build long-term equity, while renting may offer short-term flexibility. A mortgage professional can help you compare costs and benefits based on your situation.
A fixed-rate mortgage offers a stable interest rate and consistent monthly payment for the life of the loan. An adjustable-rate mortgage (ARM) typically starts with a lower rate that may change after an initial period. Choosing the right option depends on how long you plan to stay in the home.
Many loan programs allow gift funds from family members or approved sources. Documentation is required to show the money is a gift and not a loan. Gift funds can be used toward down payment and sometimes closing costs.
DTI compares your monthly debt payments to your gross monthly income. Lenders use this ratio to determine your ability to repay a mortgage. A lower DTI can improve your chances of approval and help you qualify for better loan terms.
A monthly mortgage payment typically includes principal, interest, property taxes, and homeowners insurance (PITI). Depending on the loan, it may also include mortgage insurance or HOA dues. Understanding your full payment helps with accurate budgeting.
Yes, self-employed borrowers can qualify for a mortgage with proper documentation. Lenders usually review tax returns, profit-and-loss statements, and business bank statements. Specialized loan programs may be available depending on your income structure.
If an appraisal is lower than the purchase price, options may include renegotiating with the seller, increasing your down payment, disputing the appraisal, or switching loan programs. A low appraisal doesn’t always mean the deal is over.
First-time homebuyer programs may offer lower down payments, flexible credit requirements, or down payment assistance. Availability varies by location and income. These programs can make homeownership more accessible for qualifying buyers. Contact us today to find out if a down payment assistance program is right for you.
Not at all. First Choice Lending Services is committed to turning our customers into homeowners. We offer financing packages with customers with prior foreclosures and bankruptcies in as little as two years after the event.
Yes, and you should! Different companies offer different financing offers to their customers. We know that one size does not fit all, and as a result First Choice Lending Services features very different loan programs from our competitors. Call our customer service team to learn more about our personalized financing [...]