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Frequently Asked Questions – Mortgage Loans

Frequently Asked Questions – Mortgage Loans

*** California Residents Only ***

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What type of property can I finance?

First Financial can help you get a mortgage for owner-occupied properties (primary residence) for single family homes, town homes, condos and 2-4 unit properties. For vacation homes, we offer mortgages for single family homes, town homes and condos.

What is a Loan Estimate?

This estimate provides an itemized list of fees and costs associated with your loan and is provided within 3 business days of applying for a mortgage loan. The Mortgage Loan Estimate breaks down your loan terms on a standardized form to ensure you are able to compare offers from different lenders and make an informed decision.

Do I need a down payment to purchase a property?

Yes. Your down payment will depend on the type of loan you choose. For VA loans you may be able to get a loan with no money down.

How much will I need for a down payment to purchase a home?

The down payment depends on the type of home loan you’re looking for and your credit score. We have lots of options with as little as 3.5% down for FHA loans, 5% down for conventional loans and 10% down for most vacation homes.

What is an escrow account?

This is a pre-determined amount that’s included in your monthly mortgage payment to cover your taxes and homeowner’s insurance. The lender keeps this amount in an account to make the payments on your behalf.

What are the closing costs associated with purchasing a home?

A list of fees charged by the lender you choose and other third parties, that the lender uses to fund your mortgage loan. It costs the lender money to run your credit score, to get an appraisal and evaluate your mortgage loan application. This is why closing costs exist. You will be required to pay closing costs with every lender, but at First Financial we do our best to keep them low for you.


How do I know that First Financial is a real company?

First Financial has an A+ rating from the Better Business Bureau and we have been in business for over 20 years.

If your question is not answered please submit it to our Help Desk.

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First Financial

First Financial ® Corporate Headquarters 2850 Womble Road Suite 100-604 San Diego, CA 92106

Client Service Center: Main: 1-800-315-7791 Fax: 1-800-215-0217 (Monday–Friday 5:00am–6:00pm Pacific or 8:00am–9:00pm Eastern)

Merchant Services / High Risk Merchant Accounts: 1-800-950-0212 Fax: 1-800-215-0217


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