With a reputation like “First Residence Mortgage,” you’d count on a severe dedication to residence consumers.
And that’s precisely what the corporate affords, with superior customer support and a variety of product choices.
The spotlight may be entry to down cost help packages from six state housing finance companies.
This could make the dream of homeownership extra of a actuality in case your price range is stretched because of excessive residence costs and not-so-low mortgage charges.
Learn on to study extra about this Baltimore-area mortgage lender that’s all about residence shopping for success.
First Residence Mortgage Quick Info
- Retail, direct-to-consumer mortgage lender
- Gives residence buy financing and mortgage refinance loans
- Based in 1990, headquartered in Baltimore, MD
- Funded roughly $5.7 billion in residence loans final 12 months
- Licensed to do enterprise in 20 states and the District of Columbia
- Most lively of their residence state of Maryland, Virginia, and D.C.
First Residence Mortgage is a retail, direct-to-consumer mortgage lender that was based in 1990 by present CEO David Waters.
It started as a small two workplace operation with a “handful of workers,” and has since grown right into a multi-billion-dollar originator.
In truth, they funded almost $6 billion in residence loans final 12 months, making them one of many greater mortgage lenders on the market.
They do enterprise totally on the East Coast, and are at the moment licensed in 20 states and D.C.
These states embrace Connecticut, Delaware, Florida, Georgia, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, and West Virginia.
At present, they’ve 35 workplaces unfold throughout lots of these states and roughly 450 workers.
About two-thirds of their enterprise is made up of residence buy loans, with the rest refinance loans.
First Residence Mortgage is most lively of their residence state of Maryland, which accounted for almost 70% of complete quantity.
In addition they do fairly a little bit of enterprise in close by Virginia and D.C., with the remainder unfold out among the many different states the place they’re licensed.
The corporate has received quite a few awards, together with being named a high originator by Scotsman Information, and a high producing lender in Maryland and Rhode Island.
Learn how to Apply with First Residence Mortgage
To get began, you’ll be able to go to their web site or go to a neighborhood department if one is situated close by.
They’ve workplaces in Delaware, Maryland, Massachusetts, North Carolina, Rhode Island, South Carolina, and Virginia.
Those that go surfing can browse the mortgage officer listing to seek out somebody licensed within the state the place they want help.
You’ll additionally be capable of entry contact data and ship that individual mortgage officer a message.
When you’re prepared to use, you’ll be able to click on on “Get Pre-Certified” to start the mortgage software course of.
Their digital mortgage software is powered by ICE Mortgage Expertise. It permits you to full a lot of the mortgage course of paperlessly.
This consists of the app itself, verifying belongings, importing documentation, and eSigning disclosures.
When you’ve utilized, you’ll be able to entry the borrower portal at any time to see the place you’re at within the course of.
Their free cellular app additionally permits you to examine your mortgage standing at any time and consider an inventory of required paperwork wanted for approval.
You possibly can then scan the required paperwork by way of your cellphone for instant add.
All in all, First Residence Mortgage affords an excellent mixture of human interplay and the newest know-how.
Mortgage Applications Provided by First Residence Mortgage
- Residence buy loans
- Residence renovation loans: FHA 203k and Fannie Mae HomeStyle
- Building-to-perm loans
- Refinance loans: price and time period, money out, streamline
- Conforming loans backed by Fannie/Freddie
- Jumbo loans as much as $3 million mortgage quantities
- FHA loans
- VA loans
- USDA loans
- Down cost help packages
- Mounted-rate and adjustable-rate choices obtainable
First Residence Mortgage affords a variety of mortgage packages, starting from development loans to money out refinances.
You will get financing on all main property sorts, together with single-family residences, condos/townhomes, and multi-unit funding properties.
All the standard mortgage packages can be found, together with conforming loans backed by Fannie Mae and Freddie Mac, jumbo loans, and government-backed loans (FHA/VA/USDA).
In addition they provide down cost help packages from varied state housing finance companies.
These embrace the DCHFA (DC Open Doorways), (DSHA) Delaware State Housing Authority, MMP (Maryland Mortgage Program), MassHousing (Massachusetts), Montgomery County, MD (HOC), Rhode Island Housing, and the Virginia Housing Growth Authority.
Each fixed-rate and adjustable-rate choices obtainable, with mortgage phrases starting from 10 to 30 years.
You will get both a 5/1 ARM or 7/1 ARM when you’re searching for higher pricing than a fixed-rate product.
First Residence Mortgage Charges
Whereas they listing their many mortgage packages on-line, they don’t listing their mortgage charges.
This implies no each day pattern charges to get an thought of how aggressive they’re.
As an alternative, you’ll want to attach with a mortgage officer to acquire pricing. That is typically a good suggestion anyway to get a strong price quote.
When you get a quote, be aware of any lender charges connected, corresponding to a mortgage origination price, or separate expenses for processing and underwriting.
Then examine their mortgage APR to different banks, lenders, and mortgage brokers to see the place they stand.
As a result of they don’t give us something to go on, we are able to’t actually speculate about pricing versus different corporations.
It might additionally rely in your specific mortgage state of affairs and if it’s an excellent match for what they specialise in.
First Residence Mortgage Evaluations
On Lendaid, they’ve an ideal 5-star ranking from over 13,000 buyer opinions. You possibly can view the highest rated mortgage officers on the firm or search by title.
You may also discover these opinions when searching the mortgage officer listing on the First Residence Mortgage web site.
Over at Zillow, they’ve acquired a near-perfect 4.98-star ranking from about 7,500 opinions, which could be very spectacular.
Moreover, they’ve a 4.7/5 on Fb from roughly 75 opinions, and whereas not an accredited enterprise with the Higher Enterprise Bureau (BBB), they do maintain an ‘A+’ ranking.
In abstract, First Residence Mortgage has numerous distinctive mortgage packages to select from, bodily branches, the newest tech, and 1000’s of fantastic opinions.
They appear well-suited for first-time residence consumers given their many down cost help packages, and their title, First Residence Mortgage.
However they is also an excellent match for an present home-owner seeking to refinance. The one query is pricing, as they don’t publicize charges/charges on-line.
First Residence Mortgage Professionals and Cons
The Good Stuff
- Can apply for a house mortgage on-line or by way of your cellphone
- Even have bodily department places in a number of states
- Provide a digital mortgage course of that’s largely paperless
- Tons of mortgage sorts to select from
- A number of down cost help packages obtainable
- Glorious buyer opinions throughout scores web sites
- A+ BBB ranking
- Free mortgage calculators, how-to guides, and mortgage glossary on-line
- Free smartphone app
The Maybe Not
- Solely licensed in a few dozen states
- Don’t put up mortgage charges or lender charges on-line
