An In-depth Analysis of the Lender First Colony Mortgage Corporation

How reliable is First Colony Mortgage Corporation? As we go through with this First Colony Mortgage Corporation review, we shall address that question.

If you have bad credit and have been turned down for a loan elsewhere, First Colony Mortgage Corporation may be able to help. Moreover, First Colony Mortgage Corporation will consider loan applications from applicants with any type of income, including those who are self-employed.

By reading our First Colony Mortgage Corporation review, you will be equipped with all the information you need to make a wise choice about whether or not to engage with this firm.

How Much Money Can You Borrow from First Colony Mortgage Corporation?

The maximum loan amount that you can receive from First Colony Mortgage Corporation is based on your fulfillment of certain requirements. Specifics about your current financial situation and the type of loan you’re looking for will be required.

First Colony Mortgage Corporation, for instance, caps FHA loan amounts for single-family homes at between $472,030 and $1,089,300. If you want to know how much of a loan you might be eligible for, you can contact First Colony Mortgage Corporation outright.

First Colony Mortgage Corporation Pros & Cons

Pros:

• The loan plans offered by First Colony Mortgage Corporation are flexible enough to serve a wide variety of homebuyers
• First Colony Mortgage Corporation is operating in over 25 U.S. states

Cons:

• No information about First Colony Mortgage Corporation’s closing costs and rates can be found on their website
• You’ll need to speak with a loan officer first in order to learn more about the services they offer

What is the Longest Loan Term You May Obtain from First Colony Mortgage Corporation?

For those in need of a loan, First Colony Mortgage Corporation offers several flexible solutions. Borrowers have the option of choosing a loan with a fixed interest rate or one with a variable rate.

The tenure of a fixed-rate mortgage is predetermined and typically ranges from ten to thirty years, whereas the term of an adjustable-rate mortgage varies and typically ranges from three to ten years. If you work with First Colony Mortgage Corporation, you may be able to get a loan with favorable terms.

What Mortgage Rates Does First Colony Mortgage Corporation Offer?

The website does not provide access to current First Colony Mortgage Corporation interest rates. Because of this, we cannot verify if their prices are reasonable.

Customers should use extreme caution whenever a company acts in a way that is not clear to its customers. Prior to signing any documents with First Colony Mortgage Corporation, make sure you have a thorough understanding of the mortgage interest rate and closing costs.

Finding the greatest loan offer possible requires shopping around with various lenders to evaluate rates and terms.

What is the Estimated Funding Time?

The steps necessary to obtain a loan may differ from one state to the next. In most cases, the date of closure and the day on which the financing is finally settled occur on the same day. It is also possible to have the funding early. Sometimes, the loan closing can be completed after the buyer has signed all necessary documentation on the same day.

A precise financing estimate can be obtained by contacting the loan department at First Colony Mortgage Corporation.

Do They Charge Mortgage Origination Fees?

To kick off the process of getting a mortgage loan, the borrower is required to pay an origination fee to the lender. As a proportion of the overall loan amount, this rate has the potential to range from 1% to 5%. Although they are uncommon, lenders who don’t charge their customers these fees do exist.

First Colony Mortgage Corporation, on the other hand, is secretive about it. Get in touch with one of their loan officers if you have any questions or need to learn about their origination fees.

Does First Colony Mortgage Corporation Charge Prepayment Fees?

Prepayment penalties are associated with mortgage loans, as they are with the vast majority of other loans. These costs, however, are highly context-dependent, thus their amount and duration will vary widely.

When it comes to FHA and VA loans, First Colony Mortgage Corporation does not charge any prepayment penalty. For information on any possible prepayment penalties associated with your loan, you can contact First Colony Mortgage Corporation directly.

What Mortgage  Programs Are Available?

First Colony Mortgage Corporation offers a wide variety of mortgage programs for both home purchases and refinances. Here are some examples:

Conventional loans

A wide variety of residential properties can be financed using this option. If the borrower’s down payment is less than 20% on the loan, mortgage insurance must be purchased. This loan’s monthly mortgage insurance premium is less expensive than FHA premiums. Those with strong financial histories and sizable down payments should look into conventional loans.

FHA loans

Maximum loan amounts for an FHA loan are set by each state and county and are often far lower than those for conventional loans. The Federal Housing Administration (FHA) loan is a great option for borrowers who may not have the best credit or the funds for a large down payment.

VA loans

Veterans can have access to this loan thanks to the Veterans Administration’s backing. Veterans can get no down payment and closing-cost financing of up to 103%, making it possible for them to buy a home outright without saving any money. 

An upfront financing fee (which can be rolled into the loan) is charged by the VA, the amount of which varies depending on whether or not this is the borrower’s first VA loan. If a veteran is looking for the most cost-effective mortgage alternative, this program is ideal.

Reverse Mortgages

Those who are 62 or older can access the equity in their property to eliminate a forward mortgage or for other purposes through a reverse mortgage. A debtor typically needs 40-50% equity in their house in order to be approved.

Anyone who meets the requirements can get a line of credit, a monthly income, a lump sum payment, or a combination of these. The property’s current owners are still the ones with legal ownership. As long as the debtor continues to occupy the home, there will be no payments due.

In the event of a debtor’s death, the debtor’s heirs are liable for repaying the outstanding loan sum or the value of the property, whichever is less.

What Property Usage Types Does First Colony Mortgage Corporation Allow?

Loans for both purchasing and refinancing properties are available through First Colony Mortgage Corporation. This home could serve as your permanent residence or as a vacation hideaway for your family.

Furthermore, First Colony Mortgage Corporation offers loans that allow you to borrow against the value of your home and so access some of your equity. First Colony Mortgage Corporation loans can be utilized for the acquisition of any type of property.

How Do People Rate the Customer Service and User Experience?

First Colony Mortgage Corporation has received an A+ rating from the Better Business Bureau. When the Better Business Bureau (BBB) gives a company an A+, it means the business is trustworthy, advertises in a truthful manner, responds to consumer complaints, and runs an ethical business.

However, First Colony Mortgage Corporation reviews are inconsistent, despite the company’s A+ BBB rating. This makes it difficult to draw judgments about the company based on customer feedback alone.

If you have any further questions or concerns concerning the authenticity of First Colony Mortgage Corporation, please feel free to contact our Fintopi experts.

Contacts of First Colony Mortgage Corporation

If you have any further inquiries about the services offered by First Colony Mortgage Corporation, feel free to give them a call. All of the information you’ll need to get a hold of them is posted on the site.

If you need to get in touch with First Colony Mortgage Corporation, you may reach them at (801) 226-7456. Furthermore, you can apply for a loan on their website immediately if you need money quickly.

Availability of First Colony Mortgage Corporation

Mortgage services is provided by First Colony Mortgage Corporation, a Utah-based licensed financial institution. The office hours of First Colony Mortgage Corporation are Monday through Friday, 9 AM to 5 PM. 

Customers can dial the supplied number to contact customer care during the business’s advertised hours of operation. First Colony Mortgage Corporation, like many other businesses, is closed on Saturdays and Sundays.

First Colony Mortgage Corporation Summary

The following findings have been reached in this First Colony Mortgage Corporation Review:

• BBB has given First Colony Mortgage Corporation an A+ rating and accredited status.
• In order to accommodate a wide variety of borrowers, First Colony Mortgage Corporation offers a variety of loan programs with varying degrees of flexibility.
• The loan rate and closing costs offered by First Colony Mortgage Corporation are currently unknown.
• It’s estimated that First Colony Mortgage Corporation is active in approximately 25 different states.

If you don’t feel comfortable working with First Colony Mortgage Corporation, please let us know and we’ll try our best to find you a lender who is a better fit.

FAQs About Loan Company1

1. Who owns First Colony Mortgage Corporation?

Scott Shelley and John M. Aldrich formed First Colony Mortgage Corporation in 1984. Most mortgages are handled internally, from application to underwriting to closing.

2. Where is First Colony Mortgage Corporation headquarters?

Headquarters for First Colony Mortgage Corporation can be found at 508 W 800 N, Orem, Utah.

3. Who are First Colony Mortgage Corporation’s competitors?

First Colony Mortgage Corporation’s competitors are Thompson Kane & Company LLC, Millenium Home Mortgage LLC, Provident Lending Group, Guardian Mortgage Inc., etc.