Mortgage FAQs

There are many questions prospective mortgage recipients have when they begin searching for the right loan plan. Investigate First Atlantic Mortgage Services FAQs to clarify any confusion you have.

1 How do I find out if I meet the criteria for a mortgage?

As a general rule, around 28% of your gross yearly income should be marked for housing costs. Just divide your gross annual earnings by 12, and multiply that number by .28. That will give you an estimate of the amount not to exceed per month for a mortgage payment. Other debts should also be taken into account. These monthly expenses, plus your housing expenditure, should not be higher than 36% of your monthly earnings. First Atlantic Mortgage Services will be glad to crunch the numbers with you and help you determine your future mortgage viability.

2 How much am I required to put down on my new home?

Usually, you can put down as low as 0% to 3% of your house’s purchase price, or as high as you can afford above that percentage. However, the more money you put down, the more loan options become available.

3 Why would refinancing my current mortgage be helpful?

Refinancing can help lower your monthly mortgage payments, leaving money for other investments or any other purpose. You can also use the extra cash to make other home improvements that will drive up your house’s value.

4 Can you tell me what points are?

Points are a one-time charge by the mortgage lender, which grant you the power to receive a lower interest rate. Every point equals one percent of the mortgage amount.

5 Can my mortgage payment be automatically taken out of my account?

Of course. Your First Atlantic mortgage means no extra paper work to misplace or add to your unwanted clutter. With this pre-authorized withdrawal option, your mortgage payments will be deducted monthly from the account of your choice. It's a simple way to make your monthly payment, and you don’t have to do any extra work.

6 What should my expectations be at settlement?

You should be ready to sign multiple pieces of paperwork at settlement, including the mortgage, note and all disclosures. Make sure to bring the following with you: two forms of valid identification and a form of payment to cover the remaining down payment and closing costs.

7 Can you tell me the total turn-around time?

We will make sure to meet your desired closing date as long as there is a sensible amount of time until the scheduled closing day. If we have all of your necessary documentation and the appraisal and title insurance are finished and accepted, the closing can be within 20 to 30 days. Mortgage refinances are usually closed within 45 days.