FAQs
Questions about First California Mortgage Company:
Why choose First California Mortgage Company for my home loan?
First Cal has a wide range of loan programs that are competitively priced. Using technology, we have made the borrowing process simple and convenient. As a direct lender, we can offer you a competitive rate and eliminate fees associated with a loan arranged through a broker. Our commitment is to provide top quality service.
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How can a First California Mortgage Company Loan Consultant help me?
Our commitment is to provide top quality service. Our loan consultants have a full range of loan programs to offer and the very latest technology to expedite the loan process. They will listen to your needs and make sure they understand you completely, then discuss your options and make sure you thoroughly understand them. From application through funding, we make the loan process simple and convenient . . . for you.
Questions about Mortgages:
How do I know which mortgage loan is right for me?
This is what our personal service is all about . . . helping you make the best loan choice for your specific needs. Our loan consultants are experienced professionals with knowledge covering a wide range of home loan programs. Each consultant is able to explain the advantages of appropriate loan programs considering the specific financial goals of the customer.
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What if my credit is less than perfect?
First California Mortgage Company offers programs for consumers whose credit has been impaired in the past. If you have a history of bankruptcy, late payments or other credit problems, we are here to help you determine possible financing options.
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What is equity?
Equity is the difference between the amount for which a home can be sold and the amount still owed on the mortgage. This important difference represents the homeowner's financial interest in the property. A homeowner can borrow against the equity in his/her home with a home loan and use the funds for virtually any purpose . . . from debt consolidation to major purchases to home improvements. Because the loan is mortgage-based, interest on the home loan may also be tax deductible. Consult your tax advisor to see whether this advantage applies to you!
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What is the difference between a fixed rate and adjustable rate mortgage?
A fixed rate mortgage provides a rate of interest that remains the same for the life of the loan. An adjustable (or variable) rate mortgage (ARM) has an interest rate that adjusts periodically on the basis of changes in a specified financial index. Typically, adjustable rate mortgages start out at somewhat lower rates than fixed rate mortgages. They can fluctuate up, raising the monthly payment, or down, lowering the monthly payment, depending on the activity of the index to which they are tied. Our loan consultants can discuss the advantages of both types of mortgages to help you decide which product is best for you.
Does it make sense to refinance if I recently obtained a mortgage loan?
It might be a good time to refinance even if you recently obtained a mortgage. Given today's favorable interest rates, a rate lower than the one on your current mortgage may be available and may result in savings every month. By consolidating your existing first and second mortgages . . . as well as outstanding credit card balances and other debt into a single mortgage loan payment, you might be able to save a considerable amount. You can also benefit from the convenience of one single monthly payment. Our loan consultants can help you determine if this option works to your best advantage!
How much can I afford in mortgage payments?
How much you can afford depends entirely on your specific personal financial situation. Our loan consultants can help you find out exactly what that amount may be. For a quick estimate, use the Loan Calculator conveniently located on our website.
What is an APR?
These three letters stand for Annual Percentage Rate . . . that is the total cost on a yearly basis in interest as a percentage of the loan amount. This figure includes such items as the base interest rate, primary mortgage insurance and the loan origination fee (points). For more information, see our
APR Information page.
What is the minimum down payment required for a home loan?
Our lenders offer home loans with down payments as low as 2.25%. That would be a $2,250 down payment for a $100,000 purchase price.
How do I get started?
It couldn't be easier. Just give us a call, or submit the "Getting Started" form above.
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Questions About Our Website
What about security?
Security is a very high priority for First California Mortgage Company. For more information please read about our security.
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What about my privacy?
First California Mortgage Company may share your data as noted in our Privacy Statement. Please see our privacy policy for more details.
What if I have other questions?
Please e-mail info@firstcal.net with all of your questions or call us at 877.224.3262.
Road Back to Homeownership
