Real Estate Lending
First Choice offers real estate loans for refinance, purchase, and equity. Unimproved property loans? We do those as well. And our goal is to get you the best rate possible.
First Mortgage Purchase
- Conventional loan with 80% financing, 20% down payment required
- 15-20- year term
- Competitive fixed rates
What you will need to start your application:
- Sales contract
- Two most recent pay stub (last 30 days)
- W-2’s and tax returns from the last two years
First Mortgage Refinance/Equity
- Conventional loan with 80% financing, 20% equity required.
- 15-20- year term
- Competitive fixed rates
What you will need to start your application:
- Homeowner insurance company name and phone number
- Two most recent pay stub (last 30 days)
- W-2’s and tax returns from the last two years
- Property tax amount and county where located
Unimproved Property
- Conventional loan with 80% financing, 20% down payment/equity required
- 10-year financing
- Competitive fixed rate
What you will need to start your application:
- Sales contract if purchase
- Two most recent pay stub (last 30 days)
- W-2’s and tax returns from the last two years
Home Equity Loan
Sometimes referred to as a second mortgage, a Home Equity Loan is great when dealing with large one-time expenses such as home improvements, tuition or medical expenses. With a traditional Home Equity loan, you apply for a specific amount of money and receive it all at closing.
- Conventional loan with 80% financing, less your first mortgage balance (if applicable)
- 10-year term
- Competitive fixed rates
What you will need to start your application:
- Homeowner insurance company name and phone number
- Two most recent pay stub (last 30 days)
- W-2’s and tax returns from the last two years
- Property tax and county where located
- First Mortgage balance (if applicable) information
Home Equity Line of Credit
Often known as a HELOC, enjoy access to the cash you need, when you need it. This loan is great for consolidating debts such as high interest credit cards, renovations, and college tuition. A HELOC is a line of credit that uses your home as collateral.
- Finance up to 80% of your home’s value, less the first mortgage balance (if applicable)
- Wide range of terms
- Adjustable rate with the Wall Street Journal Prime lending rate as the index
- Approval is determined for a certain amount and the payments will be made over a designated time frame. During that time, you only pay for the funds you use
What you will need to start your application:
- Homeowner insurance company name and phone number
- Two most recent pay stub (last 30 days)
- W-2’s and tax returns from the last two years
- Property tax and county where located