Loans & Mortgages

Q. My credit’s not perfect. Is there any way I can buy a home?

A. Yes! You can still buy a home and get a loan. Your credit is only one of the factors in a lender’s decision. They also look at your ability to make timely payments, both now and in the future. Kingdom First isn’t here to judge you; we’re here to help you.

Q. Does Kingdom First offer custom mortgage loan programs?

A. We do! With countless loan programs and offers that change every day, we sort through the confusion to find your best loan scenario. We have access to lenders big and small, so we have the flexibility to find the one that best suits your needs. Let’s find the best option for you; call us today for assistance.

Q. What if I can’t afford to put 20% down on a house?

A. Don’t worry. Today, there are many programs available that require less than a 20% down payment. Kingdom First has access to these special programs, so your best option is to call us at (908) 403-1983.

Q. Fixed or adjustable rate - what’s the difference?

A. A fixed rate mortgage “locks in” your interest rate and monthly payments over the course of the entire mortgage term. In an adjustable rate mortgage (ARM), your interest rate will fluctuate according to the margin and indexes. Initial interest rates of ARMs are generally lower, but may fluctuate up and down quickly over time.

Q. Fixed or adjustable rate - which should I choose?

A. There's no one "right" answer to this question, because everyone is unique. We don't like to put our customers in a box. Your personal choice of a fixed or adjustable rate depends on a number of variables, such as current interest rates, projections for future market conditions and how long you plan to remain in your home. Everyone's needs are different, so please contact Kingdom First before making this choice.

Q. What is private mortgage insurance (PMI)?

A. Private mortgage insurance (PMI) policies are designed to reimburse a mortgage lender up to a certain amount if you happen to default on your loan. Most lenders require PMI on loans when a borrower’s down payment is less than 20%. Premiums can be paid monthly or upfront. Premiums can be paid monthly or upfront. In some cases, PMI can be dropped or cancelled overtime as your home increases in value and your principal balance decreases.

Refinancing

Q. When should I refinance?

A. You should take refinancing into serious consideration when one or more of the following situations has occurred:

1. Your home’s market value has increased;

2. Mortgage interest rates are 1% below your current rate;

3. When you can reduce the term of your current mortgage (30yr to a 20yr/15yr) and still maintain a similar payment.

Q. What are the benefits of refinancing?

A. If you want to lower your monthly mortgage payment, pay off some of your high-interest debt, or shorten the length of your repayment term, refinancing may be a great option for you. If you want more information specific to your situation, call Kingdom First today at (908) 403-1983.

Q. May I refinance in order to “take cash out” of my home?

A. Yes you can. Refinancing offers you a way to tap into the equity of your home. You should consult with your lending expert at Kingdom First to ensure this is a proper financial decision for you.