Frequently Asked Questions
First Alliance Home Mortgage uses your credit report to evaluate your mortgage request and determine how you have handled your credit in the past.
Our mortgage rates is updated daily to give you the most current First Alliance Home Mortgage rates when choosing a home loan. And our mortgage rates are backed by an experienced staff of mortgage professionals, so you can feel confident that you have the most up-to-date information you need.
Lenders don't just look at your credit history, but also at your ability and willingness to pay in the future. Learn more about First Alliance Home Mortgage programs with flexible credit guidelines. We may be able to help you buy a home, even if your credit isn't perfect.
If you plan to be in your home for seven years or less, an adjustable-rate mortgage (ARM) could be attractive. Keep in mind that with an ARM, your monthly payments have the potential to go up each time your interest rate adjusts. If you plan to be in your home seven or more years, you may want to consider a fixed-rate mortgage, which offers predictable payments and long-term protection against rising mortgage rates.
When you pay a discount point, you are paying part of your interest to the bank up front. This helps lower your interest rate and your monthly payment over time. One discount point is always equal to 1% of the loan amount. For example, one point on a $100,000 loan would require payment of $1,000 at closing. The longer you plan to remain in a property or hold your mortgage, the more advantageous it is to pay points.
Some mortgages and homeowners’ costs may be tax-deductible: discount points, interest paid on a home loan and property taxes.
Determine what your primary goal is, do you want cash flow or to make a long-term investment? One common misconception is that all you have to do is collect rent. There's a lot more involved, including regular maintenance, updates to keep your property in demand and the monthly mortgage payment. Purchasing real estate can be a lucrative way to invest your money, but it comes with risks and benefits you need to consider to make sure it's right for you.
Perhaps you want to find a second home to get away for some rest and relaxation. If you're looking for a vacation home, be as invested in this search as you were for your primary home. Consider points of interest nearby and property amenities. Plus, you should determine how much time you plan to spend in the home and how easy or difficult it is to travel to the vacation home. Interested in buying a vacation home?