First Capital Mortgage - Mortgage Basics

Q: How can First Capital Mortgage rates be lower than those offered by the competition?

A: There are several reasons why we can offer such low rates. First, we are a highly successful, privately-held Mortgage Banker. Secondly, we work from a centralized location and have very low overhead. Finally, we have access to the best investors available in mortgage lending.

Q: Should I apply for a mortgage with a bank or a mortgage company?

A: As a Mortgage Banker, we offer our clients many types of loan programs from numerous investors. In addition, since we are your local mortage solution, we are always there for you with low rates and fees and to address all of your questions and concerns.

Q: Which is better, fixed or adjustable rate mortgages?

A: The answer depends on many things and a First Capital Mortgage consultant can assess your individual situation with you. We can help you understand your options and make sure you are comfortable the decision you make.

Q: Should I be able to lock in my rate at time of application?

A: Yes. At First Capital Mortgage, we guarantee our rates in writing and encourage our
clients to lock in as soon as the market presents an acceptable rate. Better safe than sorry.

Q: Are fees important?

A: Absolutely. Once you have found a lender with low rates, comparing fees will determine which lender is really offering the best loan program. Many times, other companies may
have hidden fees or surprise their clients at closing. With First Capital Mortgage, you'll understand every aspect of your loan program and you won't get surprised at your closing.

Q: Is the mortgage application process as difficult and time-consuming as
I have heard?

A: First Capital Mortgage has streamlined and automated the application process with the most up-to-date technology which saves you time and aggravation.

Q: Is First Capital Mortgage a mortgage banker or a broker?

A: First Capital Mortgage, LLC is licensed by the State of New Jersey Department of Banking and Insurance as a Licensed Mortgage Banker and Secondary Mortgage Loan Licensee. We are also licensed by the PA Department of Banking as a PA Licensed Loan Correspondent and Licensed Secondary Mortgage Broker. We are also a Licensed Connecticut First & Second Mortgage Lender/Broker. Because we are a Mortgage Banker, we work with many investors and we will find you the best possible rates on the best programs anywhere.

Q: What does the term "bait and switch" mean in relation to mortgage lending?

A: Some lenders initially offer you a fantastic "floating" rate, and then, when it comes time to lock in your rate, you find that your "market" rate is much higher. That's why we put our rate locks in writing for you.

Q: How do I determine if a mortgage lender is reputable?

A: Mortgage lenders are supervised by the Department of Banking in the state in which they operate. You can contact the Department of Banking and inquire about the lender you've chosen.

Q: How do I get "pre-qualified" for a mortgage?

A: It’s simple. First Capital Mortgage can pre-qualify applicants before they begin shopping for a new home, which is a powerful tool when making a purchase offer. Sellers love it! You can call a First Capital loan officer 7 days a week!