Which loan is best for you?

Determining which mortgage that is right for you can be a challenge.  Let First Flight mortgage experts help you decide which mortgage is best for you! 

FIXED RATE MORTGAGES

First Flight offers a variety of standard fixed rate mortgage products.  These include terms ranging from 10, 12, 15, up to 40 years.  This mortgage product is designed for the purchase or refinance of a primary residence, second home, or an investment property.  Interest rates and terms are locked for the term of the loan. These loans feature:

1. In-house loan underwriting, processing/closing,  and servicing
2. No PMI or Escrow options
3. Purchase, Refinance, and Cash Out loans available
4. Minimal Reserve Requirements
5. 100% CLTV allowed for Purchase or Refinance

 

ADJUSTABLE RATE MORTGAGES

First Flight offers adjustable rate mortgage(ARM) products designed for the purchase or refinance of a primary residence, second home or investment property.  This product is based on the 1 year LIBOR with the initial interest rate period ranging from 1 yr, 3 yr, 5 yr, up to 10 years while the loan is being amortized over a 30-year period.  These loans offer:

1. Conforming and Jumbo loan amounts
2. In-house loan underwriting, processing/closing, and servicing
3. No PMI or Escrow options
4. 100% CLTV allowed for Purchase or Refinance
5. Minimal Reserve Requirements

 

INTEREST ONLY MORTGAGES

This is an Adjustable Rate Mortgage (or a fixed product with an interest only payment option) with no rate adjustment during the initial rate period and no negative amortization.  Terms of the loan range from a 3-year and 5 year ARM to a fixed 15 and 30 year with the interest only period being 10 years.  This product is great for maximizing cash flow, especially on larger loans. First Flight’s Interest Only Mortgages offer:

1. Conforming and Jumbo loan amounts
2. In-house loan underwriting, processing/closing, and servicing
3. No PMI or Escrow options
4. Financing available for Primary residences, Second homes, and Investment property
5. Purchase, Refinance, and Cash Out loans available

 

SECOND MORTGAGES

First Flight offers both closed-end and home equity lines of credit (HELOC) for second mortgage options. A closed-end second mortgage is a fixed rate product for the life of the loan and may be used as a stand-alone mortgage or in combination with a First Flight first mortgage.  A HELOC is a secured, pre-approved line of credit that allows you to borrow against the equity in your home for up to 15 years.  This product also may be used as a stand-alone second or with a First Flight first mortgage.

Features

1. Fixed Terms of 10 yrs, 12 yrs, 15 yrs, 20 yrs, and 30 years
2. HELOC Terms of 12 yrs, 15 yrs, 20 yrs, and 30 years
3. Variable Rate is based upon Prime for HELOC’s
4. Access the money you need in the future without a new loan application
5. Financing available for Primary residences and Second homes

 

HOME CONSTRUCTION AND LOT LOANS

This is a real estate secured loan that enables a customer to build a house.  We may loan up to 95% of appraised value subject to completion.  Prior to construction financing, the customer will be qualified for permanent financing through First Flight and they will only pay interest on the amount drawn against the construction loan.  Our lot loan is the right loan if the customer is looking to purchase a residential lot for future construction of a primary residence or second home.

Features

1. Six and 12-Month terms available for Construction Loans
2. 3 yr, 5 yr, or 7 year balloon options based on a 20 year Amortization for Lot  Loans
3. No Down Payment required for a Lot in a approved subdivision
4. Financing available for Primary residences and Second homes
5. Purchase and Refinance Loan Available

COMBINATION LOANS

First Flight has combination loan (combo) programs for up to 100% financing through two mortgages.  The first mortgage is based on 80% of the purchase price or appraised value and the second mortgage for the additional 20%, 15%, 10%, or 5%.  This product is particularly attractive to either first time homebuyers or those who may not want mortgage insurance or have money available for a down payment.

Features

1. Fixed, Adjustable, and Interest Only Terms available on the 1st Mortgage
2. Fixed and Balloon Terms available on the 2nd Mortgage
3. Combination Loan (80/20) allows the borrower to avoid Mortgage Insurance
4. Great product for purchase money loans and debt consolidation
5. Financing available for Primary residences, Second homes, and Investment properties

FHA & VA

First Flight offers FHA and VA loans whether for purchase or refinance.  For current homeowners there is an option for a cash-out refinance or a no cash-out streamline refinance for our FHA loans and veterans with certificates of eligibility may qualify for VA loans for purchases or refinances. First Flight FHA and VA loans offer:

1. Minimal down payment options on purchases
2. First time home-buyer programs
3. Cash-out refinance to use equity in current home
4. Streamline refinance to reduce current interest rate.
5. Seller contributions allowed up to 6% on purchases