Why should I use Reliance First Capital?
Reliance First Capital is a direct lender, which means we underwrite and fund loans -- no middleman or broker is needed. We can get your loan closed quicker so you get your money sooner. We provide custom loan solutions that are tailored specifically to meet all of your financial goals. We utilize state-of-the-art systems to meet the terms and costs we promise. Call us now and learn why you can Rely on Reliance First Capital.
Should I use my local bank for my mortgage?
Just because you have a savings, checking or IRA account with a local bank, there is no guarantee they will provide you with the best mortgage program. You should get a quote from your local bank and compare it to our program.
What should I do if I am quoted a lower rate by another lender?
We strongly encourage you to shop around and find the best deal for you. Keep in mind, though, that the best deal is not necessarily the lowest quoted rate. Unfortunately, some lenders may lure you in with a very low rate only to add on fees, or require specific criteria for the deal that you cannot meet and raise the rate, sometimes significantly. At Reliance First Capital, on the other hand, we will be open, honest and provide you with all the information to select the loan that is right for you. And we will create a loan that is uniquely crafted to meet your specific goals. So call your Reliance First Capital mortgage consultant to discuss our various programs because simply being quoted a lower rate by another lender does not mean their mortgage is the correct one for you.
Should I get pre-qualified?
It's a good idea to get pre-qualified as it will help you know how much you can borrow and what loan amount you can afford. Simply complete our online form or call us to begin. Often we can pre-qualify you in a matter of minutes. There is no charge for this service whether or not you choose to work with Reliance First Capital.
When purchasing a home, a pre-approval certificate is often requested by the seller and can be helpful when more than one bid has been submitted. Also, having been pre-approved, you will be able to close your loan quicker.
How is the mortgage paperwork handled?
We provide you with the convenience of both ONLINE and OFFLINE programs. The initial steps of the loan process can be handled over the phone, online, or through the mail. We will use whichever is easiest and most comfortable for you.
Can I get a mortgage if my credit is not perfect?
Yes, there are programs available for individuals who do not have perfect credit. Speak with a Reliance First Capital mortgage analyst to learn more.
How long does the loan process take?
Each borrower is unique as is the loan we build for them. Accordingly, the length of the process is different for each borrower. In addition, the loan process can vary based upon current market conditions, the program you select and the state in which the property is located.
We have closed loans in as quickly as just a few days. The process generally can take as few as 10 days or as long as 60 days. You can help facilitate the process by supplying documents in a timely manner.
Will you send me a Loan Estimate?
Yes, Reliance First Capital will provide you with a Loan Estimate once we receive your application. The law requires that we send a Loan Estimate within three days after we have received your completed application but you may receive it earlier than that.
How can I check the interest rates currently offered by Reliance First Capital?
Call your Reliance First Capital mortgage analyst or call our toll-free number (866.735.9004) to speak to a mortgage analyst.
What are third party fees?
Third party fees are any fees associated with the loan that are charged by parties other than Reliance First Capital. Generally, third party fees may include appraisal fees, title and closing fees, notary fees, recording fees, delivery/courier fees, or local transfer taxes.
What are closing costs?
Closing costs are expenses incurred by borrowers (and sellers in the case of purchase transactions) when obtaining a new mortgage loan and transferring property. Non-Recurring Closing Costs (NRCC's) are costs that are only charged in connection with obtaining a new mortgage loan. Examples of NRCC's would include: origination fee, title insurance, settlement agent fee, notary fee, commitment/administration fee, or appraisal fee.
Recurring Closing Costs include costs that not only may be charged in connection with obtaining a new mortgage loan, but are also charged on an ongoing basis. Examples of Recurring Closing Cost would include; prepaid interest, property taxes and hazard insurance. Other fees may be included depending on the transaction or generally accepted charges in your location.
Do I have to pay closing costs if I am an existing Reliance First Capital customer?
Yes, closing costs have to be paid on all loans. However, depending on your loan terms and the selected loan program, Reliance First Capital may pay for some or all of your closing costs in exchange for selecting a higher interest rate.
What is an escrow/impound account?
This is an account established with Reliance First Capital to pay your property taxes, homeowner's insurance, flood insurance (if required) and mortgage insurance (if required) when they become due. If you have an escrow/impound account, then your regular monthly mortgage payment will include principal, interest and an escrow payment. Your escrow payment is based on 1/12th of the annual estimated payments for your property taxes, homeowner's insurance, flood insurance (if required) and mortgage insurance (if required).
Can Reliance First Capital set up an escrow/impound account for me?
Yes. It is required for all FHA loans and we recommend it for all loans we offer.
When do I have to carry flood insurance?
If your property lies within Flood Zone "A" or "V", federal law (FEMA) requires you to maintain and provide proof of flood insurance coverage. The Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 prohibit Federal agency lenders such as Reliance First Capital from originating home loans in Flood Zone "A" or "V" unless flood insurance has been purchased by the homeowner and is maintained during the term of the loan.
Can I choose the appraiser?
Reliance First Capital does not allow customers to choose their own appraiser. We will order all required appraisal services from one of the approved national appraisal companies we use to insure that a timely and appropriate evaluation is provided at a competitive price.
What is the loan-to-value ratio (LTV)?
The Loan-to-Value ratio is the ratio determined by dividing the loan amount by the value of the property or the sales price, whichever is less. For example, if you are purchasing a property that is selling and appraising for $200,000 and you would like to borrow $150,000, the LTV is 75%. The loan-to-value ratio is one consideration in qualifying you for a loan.
What is private mortgage insurance (PMI)?
Private mortgage insurance (PMI) is a type of insurance that protects the lender in the event a borrower does not make their payments in a timely manner, resulting in loan default and ultimately foreclosure. On most loan programs, PMI is required if the loan-to-value ratio is greater than 80 percent.
Do I get a tax advantage from having a mortgage?
You should consult a tax attorney or accountant for specific details, but interest on a mortgage is usually tax deductible. Interest on credit cards or automobile loans is not normally tax deductible. Consult a tax advisor and/or talk to a tax specialist for more information.
What is the loan limit for FHA loans?
The amount differs according to where the property to be financed is located. visit https://entp.hud.gov/idapp/html/hicostlook.cfm to find your local limit.