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.
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
Learn how much financing is available to you
Strengthen your bargaining position with sellers
Select a reputable professional who knows the market and will listen to your needs
Ask potential agents for references from former clients
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
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
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
An appraisal, required by your mortgage lender, is a formal, written estimate of the home’s current market value
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
At close, the ownership of the property is transferred to you
A closing agent coordinates and distributes all the paperwork and funds
You’re the proud owner of a new 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.
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.
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.
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.
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.
1st Point Lending Inc. long-term loan program can loan for up to 60% of the after-repaired value of a property.
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.
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.
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.
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.
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.