Our loans are subject to two major qualifying issues, Skin in the Game and Ability to Service the Mortgage. In other words the property must have equity and you must have an ability to pay the mortgage each month. What is Skin in the Game? On a purchase we require a minimum of 30% down on the purchase price. This is Skin in the Game! Or another way of describing it is we loan up to 70% of the property value or 70% LTV. On a refinance or cash out transaction, we are going to be more selective and will not go past 65% LTV. In both cases, the property has remaining equity that will insure the homeowner will do whatever is necessary to protect their investment.
So when you contact First Security Mortgage and ask for a Loan Proposal we do not need your personal information to provide you a detailed proposal. We simply need to know details about the property, its value or purchase price, what loan amount you desire, the purpose of loan and if the property is going to be occupied as a personal residence, rental or will it be a fix & flip. That is it! You will be provided a detailed loan proposal that will include every cost, rate, fee and term all on a single page via PDF format that you can even use to shop for a competitors rate. It will normally take less than 3 minutes to ask you the necessary questions so that we can provide you your detailed loan proposal that will be provided to you shortly thereafter via email. And once provide the rate and fees on the loan proposal will not increase.
We have been trusted in San Diego since 1972 and we would love to be able to help you with your hard money home loan today.