Refinance 

Glossary

Montrose, CO Office

Moab, UT Office

What does APR stand for and what does it include?  The APR is not the note rate.  The Annual Percentage Rate (APR) reflects, as a percentage, the total cost of the loan – the interest charged is only one of those costs.  Other costs calculated in the APR include: private mortgage insurance, FHA mortgage insurance premium when applicable, prepaid finance charges such as loan discounts, origination fees, prepaid interest and other credit costs.

The APR is calculated by spreading those charges over the life of the loan.  The result is that the APR rate is higher than just the interest rate shown on your note.  If the interest were the only finance charge, then the interest rate and the annual percentage rate would be the same.  The APR was created by congress so the consumer could compare loans offered by different lenders.  The APR gives the borrower information by which to evaluate which lender is really offering the best deal. 

Does First Mortgage offer Automated Underwriting and will it really save time?  First Mortgage Corporation has direct access to automated underwriting systems on the Internet.  Loan decisions are made within minutes, using the borrower’s loan application and on-line credit information.  

Reduced documentation, alternative appraisal requirements, flexible product offerings, lower closing costs, and faster loan decisions, makes the loan process less frustrating.  Your loan officer submits your loan to a lender they believe best fits your needs or to a web based central clearing-house with which FMC has been pre-qualified to use.  This allows hundreds of end investors to "bid" on your loan request.  This method allows your loan officer to find the best loan at the best price.  These automated underwriting methods greatly reduce the time needed to approve your loan while giving you the personalized service you expect from a local lender.