1st Financial Services LLC - Making Home Ownership Dreams Come True

Whether you are looking to refinance, buy a home, build a home, or cash-out some equity; 1st Financial Services, L.L.C. makes the process as quick and easy as possible. We offer low fixed and variable on conventional and jumbo loans, high loan-to value loans, light document loans, stated income loans, and home equity lines of credit. We also have programs for customers with less than perfect credit to customers who are one day out of bankruptcy. We also assist in dealing with collectors to help customers negotiate settlements on collections, charge-offs, and judgments, which if ignored, can drastically lower credit scores and keep customers from getting the rate they really deserve.

Which loan is right for you?

This depends on how long you plan on living in the house and the purpose of the loan.

Years in Home	Recommended Loan Program
1-3 years	3/1 ARM, 1/1 ARM, or 6 mth. ARM
3-5 years	5/1 ARM
5-7 years	7/1 ARM
7-10 years	10/1 ARM, 15 or 30 yr. Fixed
10+ years	15 or 30 yr. Fixed

Loan Programs	Advantages	Disadvantages
Fixed Rate Mortgages
30 year fixed 15 year fixed	* Interest rate does not change over the life of the loan. * Protected if rates go up * Can refinance if rates go down * Monthly payments are fixed	* Higher interest rate * Higher mortgage payments * Rate does not drop if interest rates go down

Adjustable Rate Mortgages
10\1 ARM 7\1 ARM 3\1 ARM 1 year ARM 6 month ARM 1 month ARM	* Lower initial monthly payment * Lower payment over a shorter period of time * Rates and payments may go down * May qualify for higher loan amounts	* More risk * Payments may change over time * Potential for high payments if rates go up

Balloon Mortgages
7 year 5 year	* Lower initial monthly payment * Lower payment over a shorter period of time * Many balloon mortgages offer the option to convert to a new loan after the initial term payment	* Risk of rates being higher at the end of the initial fixed period * Risk of foreclosure if you cannot make balloon or if you cannot refinance or if you cannot exercise the conversion option

Stated Income Programs
	* Don't need to verify income * Faster approval	* Higher rates * Higher down payment

No point, No fee programs
	* No closing cost * Less money required to close	* Higher rates * Higher payments

Imperfect Credit Programs
	* Potential for reestablishing credit if you pay your mortgage on time * When used for debt consolidation, you may be able to reduce your monthly debt payment	* Higher rates * Terms may not be as favorable * Harder to get long term fixed loans * Loans may have prepayment penalties

Home Equity Line of Credit
	* You only borrow what you need * Pay interest only on what you borrow * Flexible access to funds * Interest may be tax deductible	* Rates can change.The maximum interest rate is normally high * Payments can change * Harder to refinance your mortgage

Home Equity Fixed Loan
	* Fixed payments * Interest may be tax deductible	* Higher interest rates than 1st mortgages * Harder to refinance your first mortgage

For customers with less than perfect credit, it sometimes makes sense to take a higher rate on a loan initially in order to clean up their credit and put them in a position for a better loan in the future. Each customer's situation is unique. To find out the best route to take, contact one of our loan officers and let us run a few scenarios to see which fits you best.