Mortgage Loan Programs

At First Interstate Financial Corp. we offer a variety of programs to suit every need. If you don't see what you are looking for, call 1.888.389.9878, or e-mail us at info@fifcorp.com.

STANDARD PROGRAMS

    FIXED RATE MORTGAGES
  • 15 or 30 year terms to 97% loan to value
  • Loan amounts to $1,000,000
 Pros & Cons
    ADJUSTABLE RATE MORTGAGES (ARMs)
  • Loan terms up to 30 years plus up to 97% loan to value.
  • Index adjustments vary from 1 month to 1 year
  • Payment adjustments vary from 1 month to 10 years
  • Available are 1 & 6 month ARMs, 1 year ARMs and 3/1, 5/1, 7/1 and 10/1 ARM
Pros & Cons
    FHA/VA GOVERNMENT-BACKED MORTGAGES
  • FHA-insured loans require a minimal down payment
  • VA-guaranteed loans, available only to veterans, require no money down
  • Both programs feature Fixed Rate and ARM loans and up to 30 year terms
Pros & Cons

SPECIAL SITUATIONS

STATED INCOME: Some applicants, like self-employed persons, contractors and others, prefer not to document income. Stated income loans require the source of income but do not verify it. Rates are usually higher than fully documented loans. Pros & Cons
NO CLOSING FEES: To substantially reduce the amount of money needed for loan closing, FIF offers a No Closing Fee program. In exchange for a slightly higher interest rate, fees for such services as title insurance, credit reports, underwriting, doc preparation, appraisal, etc. are covered. Pros & Cons
PREPAYMENT PENALTIES: In exchange for a lower interest rate, applicants may agree to pay a prepayment penalty if they pay the loan off early. For ARMs, a penalty is incurred if the loan is prepaid within 3 years and for Fixed Rate loans, an early payoff can trigger a penalty. This feature, suited for those planning to reside in the property for a long period, is available on 30 year Fixed Rate loans plus 1-year, 5/1 and 7/1 ARMs. Pros & Cons
CONSTRUCTION/PERMANENT: When building a new custom home, both interim construction financing is required plus a permanent loan when the property is completed. FIF's Construction/Permanent program allows a single closing prior to construction to cover the total transaction. When the property is finished, the construction loan is converted to permanent financing. Hallmarks are competitive rates, quick and easy closings and convenient construction draws for builders. Pros & Cons
INVESTORS/RENTALS: If a second/vacation home will be rented periodically to generate income (when the property is not in use by the owners), FIF offers a special program which goes up to 90% loan to value with loan amounts to $500,000. In addition, applicants may use projected rental income to offset the payment for qualifying. A program is also available for multiple property ownership. Pros & Cons
SECOND HOMES: For "true" second/vacation homes (non-income producing), FIF offers a variety of programs that can provide up to 90% of the purchase price. Loan amounts vary from $20,000 up to $10 million with Fixed Rate, ARM and Balloon financing available. Pros & Cons

SECOND MORTGAGES/HOME EQUITY LOANS

    SECOND MORTGAGES
  • FIF's Second Mortgage Program enables you to borrow money in a lump sum against the equity in your home. The second is subordinate (junior) to your existing first mortgage.
  • 15 or 30 year fixed rate programs up to a combined LTV of 100% (1st + 2nd)
  • Fixed interest rate and payments
Pros & Cons
    HOME EQUITY LINES OF CREDIT (HELOCs)
  • FIF's Home Equity Line of Credit Program provides you with a revolving line of credit collateralized by your property. Lines may be used for any purpose and feature easy check access. Draw funds down only when they're needed.
  • The line is based on a 1 month ARM index, and features interest only
  • The loan to value is up to 90%
Pros & Cons
    125% LTV HOME IMPROVEMENT/DEBT REDUCTION
  • FIF offers a special program to handle major home improvements or to pay off outstanding credit card debt. It enables borrowers to obtain up to 125% of their home's value.
 Pros & Cons

 

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