Getting a bank or traditional lender to provide you with a loan proposal can be a frustrating endeavor. Typically the bank requires a completed and detailed loan application which provides all your most personal information, copies of tax returns, bank statements and then finally to run a credit report. All this information before they will provide you with a loan proposal (loan estimate). This can make shopping for a mortgage a frustrating and time consuming task.
Not so with First Security Mortgage! 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! 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 with 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 the loan
- If the property is going to be occupied as a personal residence, rental or 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 that you can use to compare and shop competitors rates. 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 we provide the rate and fees on the loan proposal, it will not increase.