Buying a Home Loans
Whether you are a first-time or an experienced homebuyer, First Preferred Mortgage Company has mortgages that are perfect for any type of home or financial situation. Whether you're seeking fixed interest rates, adjustable rates that allow you to pay less interest up front, or a low down payment, First Preferred can connect you with a loan that is tailored to your circumstances.
First Preferred helps simplify the home buying process. When you're ready to apply for a mortgage, you can start by completing our online application. If you would like to learn more about our home loan options, call us at 1-800-700-5839 to speak with one of our mortgage experts or email us at info@firstpreferred.com. You can also learn more about our buying a home loan options by visiting our helpful links here.
Fixed-Rate Loans
First-Time Homebuyer Loan Options
Investment Property Loans
Adjustable-Rate Loans
Balloon Loans
Executive (Jumbo) Loans
FHA Loans
VA Loans
USDA Rural Development Loans
Zero Down Loans
Interest Only Loans
Fixed-Rate Loans
Fixed rate mortgages allow you to keep the same interest rate for the entire life of your loan, and are available in term lengths of 10, 15, 20, 25, 30, or 40 years. Longer loan repayment terms typically carry higher interest rates. Since your interest rate and principal payment will always stay the same, this program is ideal for clients who expect to stay in their home for an extended period of time or who want the security of a steady payment.
First-Time Homebuyer Loan Options
First-time homebuyers have access to numerous mortgage options that can help make their home purchase easier and more affordable than standard loan programs. These options can include no down payment requirements and expanded qualification guidelines. To learn more about these options, please complete an online application and or contact one of our lending experts to discuss our programs.
Investment Property Loans
First Preferred offers financing for 1- to 4-unit investment properties. Clients can finance multiple investment properties through our loan program, and investment property mortgages are available as fixed-rate or adjustable-rate loans. Mortgages for investment properties with more than 4 units are available through commercial lenders.
Adjustable-Rate Loans
Adjustable-rate mortgages (ARMs) have interest rates that are subject to change at some point during the loan term. Most adjustable-rate loans come in 30-year repayment terms. However, the loan's initial interest rate will change after a negotiated period of 1,3,5, 7, or 10 years. ARMs allow clients to receive a lower interest rate at the beginning of their loan term than what is currently offered through fixed-rate programs. This is a great loan alternative for clients who only plan to stay in their home for a few years – typically moving before the rate is scheduled to change – or if you are refinancing from a higher rate loan. Interest-only loans are available for our 3-,5-,7- and 10-year adjustable rate programs, which can lower your mortgage payments even further.
Balloon Loans
Balloon mortgages usually carry interest rates that are lower than fixed-rate mortgages. Clients who choose this mortgage program must pay the loan in its entirety or refinance within the balloon period, at which time the loan's entire outstanding balance will be due. Balloon mortgages have low monthly payments because they are calculated for a 30-year term. This is a good mortgage option for clients who plan to move within the balloon period or those who have good reason to believe they can refinance at a lower interest rate during that time.
Executive (Jumbo) Loans
First Preferred Mortgage Company is pleased to be a leading provider of executive loans, which are typically used for properties with values ranging from from $417,001 to $1 million. Since First Preferred is a direct lender, we can offer flexible programs and options for executive mortgages. This includes fixed-rate and adjustable-rate options, and repayment terms of up to 40 years that can help make monthly payments more reasonable.
FHA Loans
FHA loans, which are backed by the Federal Housing Administration, can be a perfect option for first-time homebuyers. This program can be easier to qualify for than traditional mortgage programs. It also allows you to have a down payment as low as 3.5% of the home's purchase price, which can be provided by family members, employers or charitable organizations. First Preferred's team of mortgage professionals can help you decide whether an FHA loan is right for you.
VA Loans
The U.S. Department of Veterans Affairs (VA) guarantees home loans for qualified clients who served, or are still serving, in the military. VA loans also can be available for spouses of personnel who are missing in action or died as a result of active duty. This program allows you to buy a home without a down payment and without buying private mortgage insurance (PMI). Clients don't have to be first-time homebuyers to qualify for VA loans, and the program benefits can be used more than once. Talk with one of First Preferred's mortgage professionals to learn whether you quality for VA financing.
USDA Rural Development Loan
The U.S. Department of Agriculture (USDA) provides a loan guaranty program for clients looking to buy homes in rural communities. USDA Rural Development home loans can allow you to buy a home with little or no down payment, flexible credit guidelines and no private mortgage insurance (PMI). Home repairs also can be included in the cost of the loan. Clients who wish to use this loan program must fit federal income eligibility guidelines. Talk with one of First Preferred's lending experts to find out whether a USDA mortgage is right for you.
Zero Down Loans
Several of First Preferred's mortgage programs allow clients to purchase a home with no down payment. Good credit increases your ability to qualify for such programs, but First Preferred offers some zero-down loan options for clients who don't have perfect credit. To find out which programs are right for you, please complete an online application or contact us to discuss the options.
Interest-Only Loans
Mortgage options that allow clients to pay only for the interest on their property are available through First Preferred. This option includes monthly payments that often are hundreds of dollars cheaper than a traditional mortgage, since interest payments are scheduled up front and principal payments are deferred for a later date. As a result, interest-only programs can help you maximize the amount of home you can finance without having a large mortgage payment. It is an ideal option for clients who work on commissions or are self-employed.
Interest-only mortgages are available as fixed-rate and adjustable-rate loans.
Due to current market conditions, we have limited this program.
