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Who should I contact
once my home loan is in process?
Once you submit your online home loan application a personal
Loan Consultant is assigned to guide you through the loan
process. Your Loan Consultant is your single point of contact
until you close your home purchase loan. If you have applied
during business hours, your Loan Consultant will call you
to answer questions and provide their contact information
within 24 hours.
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Who do I contact
for general information and questions on using First AFG Financial's services?
If you have any inquiries prior to filing an application,
please call (800)993-8634. Our hours are Monday through Friday,
8am to 6pm PST.
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What should I expect
after I submit my home loan application?
Once you submit the application, your home loan will immediately
begin the underwriting process. In most cases First AFG Financial
will deliver your credit decision within 24 hours.
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How quickly will
my home loan be approved?
Once you submit your application your loan will immediately
begin the underwriting process. In most cases First AFG Financial will deliver
your credit decision within 24 hours.
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What kind of documentation
will I need to provide to the lender for verification?
First AFG Financial's streamlined loan process minimizes the number of documents
required. The actual documents you will need to provide will
vary based on your situation, but with an First AFG Financial Express Loan
you may not need any documents.
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Can I apply for
a home purchase loan before I find a property?
Yes! In fact if you are in the process of looking for a property
First AFG Financial recommends that you apply for pre-approval.
A pre-approval will review your financial situation to determine
if you are likely to qualify based on the estimated home loan
amount and purchase price information that you provide in
your application. A pre-approval gives you greater flexibility
and leverage while you conduct your home search. Please note
that we cannot lock your rate until you specify a property
address.
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On a home purchase
loan, is there someone who will work with my Realtor?
Yes. Since each loan is assigned to one loan consultant who
works with you until you close, he or she will be able to
assist you or your Realtor at any time.
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Is there any cost
to apply?
No! First AFG Financial does not require an up-front fee to
submit an application and begin the home loan process.
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Do I have to have
an impound account?
Impound accounts are sometimes required by lenders in most
states, particularly when the amount you are borrowing represents
a large percentage of the property's market value. When an
impound account is required by the lender, you can often waive
the use of an impound account for the hazard/homeowner's insurance
and property taxes for a fee. However, you will always have
to prepay your mortgage insurance payments (if any) into an
impound account. In most states, once you submit a home loan
application we can help you determine if you will need an
impound account.
You will need an impound account if your loan-to-value ratio
(loan amount divided by property value) is greater than or
80%.
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I don't have much
money for down payment. Can I still get a loan?
Yes. First AFG Financial offers home loan products with as
little as 3% down. Please contact a Customer Service Representative
at (800)993-8634 to get specific product information about
each option.
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What is my loan
rate and when is it confirmed?
Interest rates fluctuate daily, so the rates available when
you apply may be different than the rates available when you
decide to lock your interest rate. By locking, you protect
your selected rate for a stated period regardless of market
fluctuation. Once your rate is locked, you will receive a
lock confirmation stating the rate and terms that you have
protected.
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Can I lock in a
loan program and interest rate online?
Yes. For a full description of First AFG Financial's lock policy, please click
here.
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Can I change my
application after I've submitted it?
Yes. Changes can be made at any time until you lock your interest
rate. However, be aware that any changes may delay the closing
date or affect your loan costs.
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When can I lock
my interest rate?
Your loan consultant will review your application and credit
information in order to determine whether you can request
a rate lock. Once they determine that you are eligible your
loan consultant will contact you so that you can lock at your
convenience. Please note that you must specify a property
address in order to lock.
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When do I order
my appraisal?
First AFG Financial will order your appraisal as soon as you are ready. All
that is required is your credit card number and your consent
to get the process rolling. First AFG Financial recommends that the appraisal
be ordered early in the process in order to avoid delays.
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How does First AFG Financial protect
my personal information when I apply online?
Because privacy is of such concern to all consumers, First AFG Financial takes
stringent measures to protect your personal information. Once
you submit your application it is encrypted for transmission
and then stored with industry-leading security on the First AFG Financial
servers. Also, in order to ensure continued compliance with
First AFG Financial's privacy policy, independent auditors regularly review
all internal processes and systems.
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What is hazard
insurance?
Hazard insurance protects homeowners against property damage
and is required by lenders before you buy or refinance a home.
Hazard insurance shields you against property damages caused
by a fire or a severe storm and should cover the cost of rebuilding
your home. Generally, you have to confirm at closing that
you've secured one year of hazard insurance coverage.
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What is pre-paid
interest?
This amount represents the interest that accrues between the
day your loan closes and the last day of that month, and is
added to your closing costs. After this one-time pre-payment
your interest will be included in your regular monthly payments.
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What is the difference
between the interest rate and the APR?
The interest rate is the cost to borrow the lender's money.
The APR represents the total cost of the mortgage over the
life of the loan, including closing costs and lender points.
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Can I get a loan
on my home if it is for sale?
No. If your home is currently for sale First AFG Financial cannot provide
you with a loan on that home. If your home has recently been
for sale it must be off the market for 90 days before First AFG Financial
can provide you with a home equity loan on that property.
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What is my maximum
loan amount?
Your maximum loan / line amount is determined by a number
of factors. In most cases your total mortgages, including
your requested loan amount, can add up to 95% and in some
cases even 100% of your home's value, up to $1,000,000.
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What is the rescission
period?
The rescission period is a waiting period of three days (excluding
Sundays and legal holidays), between signing your loan papers
and closing your loan. This period allows you to reconsider,
and perhaps void the transaction, and is required by federal
law for all owner-occupied refinances.
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What percentage
of my home's appraised value can I borrow?
The amount that you can borrow varies based on a variety of
factors. However, most borrowers can borrow at least 80% of
their home's value (when all mortgages are totaled) and some
can borrow up to 100%.
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How quickly can
I get approved?
The approval time varies from loan to loan. Many borrowers
get an instant approval as soon as they apply online. However,
in some cases we will need additional information before we
can arrive at a credit decision.
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How quickly can
I close my home loan?
The time needed to close your loan depends on a variety of
factors, including the time needed to obtain required documentation
and when you can sign your loan documents. Many loans close
within 21 days of application and most loans close within
10 days of receiving a final loan approval.
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Are the interest
rates on the website the best that I can get?
The rates posted on the First AFG Financial web site are the lowest rates
we currently offer. These rates are only available for applications
received from the First AFG Financial website or by calling (800)993-8634.
These rates are extremely competitive, please shop around
and compare for yourself.
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You say my application
is secure. What does that mean?
First AFG Financial uses domestic grade encryption when transmitting applications
and other confidential information. Netscape Navigator, Microsoft
Internet Explorer and other web browsers are compatible with
this form of encryption. All the application pages will display
the "secure icon" in your browser indicating that
the information you enter on these pages will be transmitted
securely.
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Do I have to apply
online?
You can either apply online or by calling our toll-free number
(800)993-8634.
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Are there any application
fees?
No, there are no fees to apply.
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How soon will I
find out if my application is approved?
In most cases, you will get a response within an hour of submitting
your application. Otherwise we will respond no later than
24 hours from the time of your application.
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What if I have
bad credit or a bankruptcy?
First AFG Financial and its lending partners offer a range of products to
meet the needs of customers with strong credit histories as
well as those who have experienced credit problems. If you
do not have perfect credit, we will attempt to find a lender
who can help you, at your request.
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I don't live in
the U.S. but I would like to purchase a property in another
country. Can I get a mortgage through First AFG Financial on a foreign property?
In order for a consumer to apply for a mortgage on a foreign
property, you must apply through a bank, broker or financial
institution offering mortgages in that particular country.
You cannot apply for a foreign mortgage (non-U.S.) at the
First AFG Financial web site in the United States.
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Can I use foreign
currency to pay a mortgage on a U.S. property?
No. At this time U.S. lenders do not accept foreign currency
as payment for your mortgage (on a U.S. property). If you
only have foreign currency and need to use it to make a mortgage
payment (on a U.S. property), go to your local bank and convert
your foreign currency to U.S. dollars to pay your mortgage.
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I already applied
for a mortgage through First AFG Financial in the U.S. and now want to apply
for a mortgage in a foreign country. Can you use my old application
or do I need to re-apply?
Currently, mortgage applications differ from country to country
so you would need to re-apply. When you do apply for a foreign
mortgage, it will be helpful to have a copy of your recent
mortgage application available as a reference. To see a typical
list of documentation requested on a U.S. mortgage application,
click here.
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