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Home Buyers

If you’re in the market for a home purchase loan, home improvement loan or first-time home buyer loan, you might find it challenging to find a home mortgage company that looks beyond your credit score. As a direct lender we have the flexibility and resources to provide you with a home purchase loan that you can afford.

few tips to buying your first home

Buying your first home is exciting, but it can be confusing. There are lots of things to consider, including loan types, down payments, escrow lengths, and more.

We’ve been working with first-time buyers for over 30 years, and understand their needs. We have a wide range of loan products to fit your unique situation, and with our friendly, experienced mortgage experts, you’ll get the advice you need to make an educated decision.

We’re always happy to answer questions, but here are the basic steps and a few tips
to buying your first home. When you’re ready, give us call at +1 818-432-3580

1. Get pre-approved before starting your house search

  • Learn how much financing is available to you

  • Strengthen your bargaining position with sellers

2. Choose a real estate agent

  • Select a reputable professional who knows the market and will listen to your needs

  • Ask potential agents for references from former clients

3. Start your search for the perfect home

  • Talk about the neighborhoods you’d like to live in

  • Create a wish list of “must have” and “nice-to-live” features

  • Take notes of the pros and cons of each home you visit

4. Make an offer

  • Your real estate agent will put together an offer to present to the seller

  • The seller can accept, provide a counteroffer, or reject it

  • When the offer is accepted, you and the seller will sign a Purchase Agreement, defining the terms of the sale

5. Have the home inspected

  • After your offer is accepted, hire a professional home inspector to provide
    an in-depth look at the basic systems of the house, reveal any safety hazards, and give you a chance to reconsider the deal

6. Get a home appraisal

  • An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value

7. Obtain title insurance (where applicable)

  • Title insurance guarantees that the property you are purchasing is free of liens or confusion in rights of ownership

  • The policy insures against any losses to the property that result from defects in the title or deed

8. Close on the property

  • At close, the ownership of the property is transferred to you

  • A closing agent coordinates and distributes all the paperwork and funds

9. Celebrate!

  • You’re the proud owner of a new home!

A “Vacation Home” = “Second Home”

Did you know a vacation home is classified as a second home even if you don’t own the home you’re using as your primary residence? for instance, if you’re renting in San Francisco and you want to buy a vacation home in Florida, the banks would consider the Florida property to be a second home.

Here are some other things to keep in mind about buying your vacation home.

Your second home:

  • Is anything other than your primary residence that you plan to occupy sometime in the next twelve months, for some undetermined length of time

  • Won’t be rented to other people for the sole purpose of producing income as in a non-owner occupied, rental property

  • Is normally 50 miles or more from your primary residence (it should be obvious this is a “getaway” home)

These distinctions are important because they will determine the types of properties you can purchase, the kinds of loan products that you can use, and your cost of financing.

For 30 year, we’ve helped home-buyers get into their dream vacation homes. We’ll get you through the process quickly, efficiently, and with the excellent customer service you’ve come to expect.

What is an Investment Property Home Loan?

The banks classify an “investment property” as a home that’s “non-owner occupied.” In other words, you plan to rent the home to tenants 12 months out of the year.

The main purpose aside from any tax benefit and equity growth is to produce income from the rent you collect. Rental properties can be hundreds of miles from your primary residence or they can be next door.

We can help you understand the costs of owning an investment property. You will need to have all the information to help you determine if investment property you’re considering makes sense.

Apply online today. Our streamlined loan process can move you through the process quickly and efficiently, and with some of the lowest rates available.

Frequently Asked Questions

1st Point Lending Inc. caters to investors (through a safe investment secured by real estate and its ROI of 8%), brokers, realtors, and borrowers. It's a company that offers convenient and easy access to hard money loans and private money loans.

We're not the type of company who will take advantage of its borrowers' difficult situation or make them struggle just to locate a reliable private financing source. Here are the most frequently asked questions we get from borrowers.

  • How much do we loan? 

    The company keeps the industry standard $30,000 to over $1,000,000 amounts in terms of brokered loans. The first-time home buyer composes most of the market. Most of our loans specifically range from $30,000 to $350,000 on average. It is our mission to look for long-term properties that will produce an attractive rental cash flow.

  • What is the loan-to-value that we loan on? 

    1st Point Lending Inc. long-term loan program can loan for up to 60% of the after-repaired value of a property.

  • Why is the return less than what is says in the 1st Point Lending Inc. website?

    1st Point Lending Inc. reserves the right to charge an annual servicing fee that's derived directly from a percentage of your return of investment.

  • Can the loan you've borrowed be paid off before it matures? 

    Yes. There are no repayment penalties when it comes to our loans. Prior to maturity, they can be paid in full or in part anytime you want.

  • Is there a need for an appraisal? 

    There are certain circumstances where an appraisal is needed, specifically during times when a borrower wants to obtain 1st Point Lending Inc maximum loan-to-value or when a given property's fair market value is hard to determine. In the majority of cases, finding the fair market value is a simple task, so appraisal isn't needed for the most part.

  • How quickly can a loan be funded? 

    Again, this depends on the situation, but on average, funding happens 10 business days after we receive a borrower's loan application. Attaining funding of the expeditious type is also possible.

  • What is the benefit of loan fund borrowing when compared to borrowing an interim or bridge loan source?

    The 1st Point Lending Inc. fund principles make all the decisions. There are no formal loan committees to be found in our company, which means decisions can be made quicker than in other firms. We have capital available to lend for loan funds, so we don't need to look for individual investors compared to other short-term loan services.

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