FAQ

Can I still buy a home without 20% to put down?

Yes, you can! First Option Mortgage offers a variety of available financing options for potential buyers with little or no down payment. We’re also capable of offering certain qualified buyers access to federal programs which offer forgivable down payment assistance.

What is an EMI?

 EMI or Equated Monthly Instalment is a fixed amount paid by you to the bank, on a specific date every month. EMI’s are always a fixed cost when you borrow money from the bank as a loan. EMI’s are used to pay both the interest and principal amount of a loan in a way that over a specified number of years, the loan amount is repaid to the bank, along with interest.

What is the Eligibility Criteria for a Home Loan?

Any one with a regular source of income,  whether that source is self employed or salaried individuals/professionals, can apply for home loans. You must be at least 21 years old when the loan period begins and should not exceed an age of 65 years old, when the loan ends. This is a very basic home loan eligibility criteria and specific criteria, such as the minimum and maximum age limits, minimum income level, credit score, etc. may differ from one lender to another.

What is mortgage insurance?

Mortgage Insurance (MI) helps protect the lender if a borrower forecloses on their property.  Borrowers pay for the MI, allowing some lenders to grant loans they might not have otherwise.

How long does it take to obtain a mortgage and close on a house?

While most competitors close their loans somewhere between 30 to 90+ days after initial disclosure, First Option Mortgage is consistently closing their loans in less than 30 days.  We have in-house Processing and Underwriters that can help expedite the approval process, allowing our Loan Originators to move closing dates up when requested by real estate agents.

What if I have more questions?

If you have more questions, please give us a call.  Buying a home is one of the biggest purchases of a lifetime and First Option Mortgage believes in the importance of educating our borrowers with as much knowledge as possible, so they may comfortably and confidently purchase the home of their dreams.