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Posts Tagged ‘Mortgage’

Doing the Math

Tuesday, January 27th, 2015

CalculatorEver wondered how to start figuring out what you can afford for a house, car, or other larger purchase? Or how much to set aside to start saving for something? Or how long it will take to pay off a loan or credit card?

Often there are many different options and solutions to each of these questions. Depending on your payment schedule, how much you can put down to start, paying on interest versus principal, etc. can all have a different effect on your answer. There is also often insurance protection you can opt in for that isn’t figured in yet as well. You’ll want to meet with us to really look at all of these factors but before you come, if you’d like to get a general idea, we have some helpful calculators right on our website. Check these out to get started and get a rough idea of where to begin. When you’re ready we’ll help you find the right solution for you to save, or pay down that debt.

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Our Obvious First Choice

Wednesday, April 2nd, 2014

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In the 6 years prior to purchasing our new home, we had been living in apartments. We had good and bad experiences with “apartment living” and decided it was time for a change. And so, when the time came to take the plunge and we needed to secure a mortgage loan, Tanya suggested, “First Source!” She has had wonderful personal experiences with First Source in the past and thus this was an obvious “first” choice!

This was my first house purchase, and working with First Source was excellent. During the whole process, I felt like we were working as a team towards a common goal. I was very impressed with the level of professionalism. During the home buying process, my questions and concerns were addressed in a very timely manner.

If I could say one thing about First Source, it is that the people that work there are extremely friendly and easy to work with. The result today is that Tanya and I own a beautiful house. If we had to do it all over again, we would definitely go to First Source.

Thanks First Source!

-Tanya and Jason Hamshar

Once you’ve imagined your dream home, see how you can make getting your mortgage easier, with affordable mortgage options at First Source, where we put you first!

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A Mortgage from Start to Finish

Tuesday, April 1st, 2014
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At First Source, we put our highest premium on you, our Members. Our whole job is about supporting you in your dreams, no matter how big or small. We really value your feedback, so it’s especially rewarding and humbling when a Member takes the time to let us know they appreciated something we did for them. Here’s a wonderful note from a Member. And we’d love to hear from you—so please let us know if we did something well, or can do something better!


We came to First Source to get an idea of mortgage rates. Our end goal was to find a home that met both my wife and my expectations and needed minimal work. This is our first house so there was quite a bit to think about and consider. We ultimately chose First Source because of the low interest rates, but discovered they offer so much more in the way of customer service.

Before we took out a mortgage we decided to do a test run and opened a checking and savings account. That experience was good so we started the mortgage process.

When my wife and I were first looking for a home we sat down with Jasmine who walked us through the entire process from looking for a home to the process of what happens when we find a home. Even before we started looking, Jasmine laid out exactly how much we would need for a down payment and an estimate of closing costs. The process was quick and simple. With the help of Jasmine and staff we were kept informed the entire time and any questions or issues we had were addressed quickly and explained thoroughly.

The result today is that my wife and I are happy and in our first home and we now have several accounts open with First Source. First Source is a great local company with a very knowledgeable and helpful staff.

-David and Jade Beauharnois

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The Difference Between a Mortgage and a Home Equity

Friday, October 18th, 2013

We get lots of questions about Home Loans and our resident expert, Mary Beth Geglia will be sharing the answers to some of the most common ones with us on the blog.

What is the difference between a mortgage and a home equity loan?

Mortgages:

  • Are used to purchase a home or investment property only
  • Can be extended for 30 years
  • Closing costs are paid by the borrower
  • Requires a solid credit score to be approved

Home Equities:

  • Can be used for any purchases
  • Has a term of up to 15 years
  • Closing costs are paid by the institution for the borrower (in return they have to keep  the loan with us for a minimum of 3 years and one day)
  • Have more flexibility to get people with less than perfect credit approved
  • Require a lien to be put on your home as collateral

Fixed Rate Home Equity loans would be suggested as a loan to replace an existing loan that currently has a higher interest rate such as paying off credit cards, paying off college loans, repairs to the home or to purchase a rental or vacation property.

If you have other questions about Home Loans leave us a comment and we’ll be sure to answer them!

 

 








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