Real Estate/Mortgage Loans
Why is land/real estate considered such a good investment? Because they’re not making any more of it. Pretty straight forward. Know what else is pretty straight forward? First Entertainment’s wide variety of real estate lending programs, including fixed and variable rate loans, Combo and Jumbo loans, as well as loans for non-owner occupied properties.
Our mortgage products can help you:
- Purchase a new home.
- Refinance your existing mortgage.
- Even help you to take advantage of your home's equity to help finance other valuable purchases.
Regardless of the program you choose, First Entertainment has competitive rate financing that's just right for our members. Not only that, but whether you're buying – OR SELLING – a home, we even have a program in place that can get you up to thousands in CASH REBATES! Click on through for all the details.
Welcome to the Mortgage Center. Whether your domicile is a French chateau, a Spanish-Colonial, a modified Cape Cod, an eco-home, a tepee or even a wikkiup, “Home Sweet Home” has a different meaning for everyone.
While a Producer may stake everything on his or her ability to afford that estate in Malibu, a Gaffer may feel equally comfortable in a bungalow in Burbank made completely out of tape. Whatever makes you feel right at home, it’s nice to know that First Entertainment is a full service Real Estate Lender offering a wide range of fixed and variable rate mortgage options, including Combo and Jumbo loans. Visit Our Mortgage Center for Low Rates.
Credit Union Mortgage Benefits
• Low, competitive rates
• NO application fees – Never, Ever… because you’re a member
• Maximum loan amount up to $3,000,000
• 10, 15, 20 or 30 year fixed-rate loans available
• HYBRID loans with introductory rate periods of 3, 5, or 7 years and annual adjustments
• NO negative amortization (annual & lifetime rate caps are dependent on loans)
• “No Points” programs available
• 30-Day escrow close available
So… find your house, we'll handle the rest. We even provide FREE Pre-Qualification for purchases and FREE Mortgage Analysis for refinancing. Heck… come in any morning before 9 am and we may even give you a donut!
Home Equity Products
You work really, really hard for your home. And we think it's time that lazy, good-for-nothing did something for you (okay, perhaps it's not "good-for-nothing," but you know what we mean). A First Entertainment Home Equity Line of Credit (HELOC) lets you tap into that valuable equity source to make other great things happen in your life.
Use the money for:
• School Tuition
• That Gourmet Kitchen
• Memorable Vacations
• Fantastic Landscaping
• A Home Theater
• Hang-Gliding Lessons
• Your Nephew Shayah’s New Trombone
Or, use it for really practical and necessary things like:
• Debt Consolidation
• Property Taxes
• Emergency Expenses
• Your Cat Rudy’s Chakra Therapy
For more information on any of our Real Estate/Mortgage Loan products, call our Real Estate lending department at (888) 800-3328 or (323) 845-4411.
If you have questions, or would like additional information on your existing First (Trust Deed) Mortgage with First Entertainment, please call (877) 498-9409.
You can also fill out our Home Equity Line of Credit Application, or see our Apply Now section for applications for all of our mortgage lending products and services.
A Note About Additional Collateral Protection Insurance
Follow this link if you've received a letter from us regarding additional Collateral Protection Insurance for your existing First Entertainment loan.
First Trust Deeds FAQ
What number do I call if I have questions regarding my existing First (Trust Deed) Mortgage with First Entertainment ?
If you have questions, or would like additional information on your existing First Trust Deed with First Entertainment, please call (877) 498-9409. Questions regarding new Mortgages, Seconds, and HELOCs should call (888) 800-3328.
Where do I mail my First (Trust Deed) Mortgage payments?
For First Trust Deeds only, please mail your payment to:
First Entertainment Credit Union
Post Office Box 7168
Pasadena CA 91109-7168
Can I Pay Off My Loan Faster than the Stated Term?
Yes, and you’ll save on finance charges. You can pay off your loan faster either by making larger payments than the minimum required, or making more than 12 full payments a year.
Is There a Pre-Payment Penalty?
There may be a pre-payment penalty on some loan products. Please verify with a Loan Advisor if there is a pre-payment penalty on the specific loan product you are interested in obtaining. Regardless of if a pre-payment penalty applies, when a loan is paid off, a fee for the reconveyance of the deed of trust will be charged.
Is a Credit Union Loan Assumable?
No, the person buying your property cannot assume your loan.
Does the Credit Union Require an Impound Account?
Only if you are financing more than eighty percent (80%) of the appraised value of the property or the sales price, whichever is less. Also, an impound account may be required if you do not make timely payments for taxes, assessments, insurance premiums, or other items which affect the Credit Union's security interest in the property.
Is Flood Insurance Required?
If the property is in an area designated as having special flood hazards and in which the sale of flood insurance is available, the insurance is required.
Is Mortgage Insurance Required?
Only if you are financing more than 80% of the appraised value or the sales price of the property, whichever is less.
How Long Does it Take to Fund a Credit Union Real Estate Loan?
Although processing time may vary, typically it takes 30 days to process your loan. However, the Credit Union can usually give you a prequalification for your loan within 48 hours.
Is There Any Charge if I Cancel the Loan After Applying, but Before Any Rescission Period?
You may be charged for any third party costs incurred by the credit union. In most cases, third party costs would be the fees for appraisal and the credit report.
Are These All of the Possible Questions I Could Be Asking Regarding First Trust Deeds?
Absolutely not. But we were getting close to filling up the Internet and we figured that smart people like you would call us at (888) 800-3328 to find out more information, or perhaps to apply.
Common Real Estate Terms
This glossary is for further understanding of real-estate terminology and is not comprehensive or intended to define all essential and necessary aspects of real estate loans. If you think it is… you’re sadly mistaken. But it’s a start. Have more questions? Call our Real Estate lending department at (888) 800-3328 or (323) 845-4411.
Adjustable Rate Mortgage (ARM)
In this type of real estate loan, the interest rate is adjusted from time to time (usually every six months or annually) based on the movements of a selected index. The adjustments will usually result in an increase or decrease in the monthly payment. Adjustable Rate Mortgages are also known as Adjustable Mortgage Loans (AMLs) or Variable Rate Mortgages (VRMs).
The means by which a home loan is scheduled to paid off, including principal and interest, by a series of regular installment payments. Loans are typically amortized over 30 years.
Annual Percentage Rate (APR)
The APR is a shopping tool that denotes the true cost of credit expressed as a yearly rate. It takes into account the interest rate as well as other charges, such as points, prepaid interest, etc.
A charge, often non-refundable, made by a lender to cover the cost of processing your application. The credit union does not charge an application fee.
The estimated market value of the property as determined by a professional appraiser.
If a loan is assumable, you are permitted to transfer your mortgage and its specified terms to the person(s) purchasing your home. The ability to assume fixed and variable rate loans varies from lender to lender. Real Estate loans at the credit union are not assumable.
A mortgage on which payments are due and payable every two weeks. Since a total of twenty-six bi-weekly payments (equivalent to 13 monthly payments) are made annually, loans of this type are paid off more quickly than loans requiring twelve monthly payments per year. (At this time, First Entertainment does not offer this mortgage type.)
A limit, expressed as a percentage, on the amount the interest rate on a Variable Rate loan can increase or decrease, either during each adjustment period (periodic cap) or during the life of the loan (overall cap). This term may also refer to the amount the payment can go up (payment cap) at each adjustment interval. However, payment caps do not limit the amount of interest the lender is earning and may cause negative amortization.
Deed of Trust
The legal instrument signed by the borrower to secure a real estate loan.
Written instructions by a beneficiary under a deed of trust stating and demanding the amount necessary for issuance of a reconveyance.
Information regarding the loan, which the lender is required by law to give to a borrower.
The cash portion of the purchase price that is paid from the buyers own funds.
The difference between the price at which the home could be sold and the amount of the balance due on the first mortgage (and any other liens on the property).
A neutral third party appointed to act as custodian for all documents and funds until the buyer and seller meet all requirements.
First Trust Deed
The mortgage that has first priority over any other lienholder in the event of a default on the loan or foreclosure on the property.
Fixed Rate Loan
A loan where the interest rate in effect at the time the loan is made remains the same over the life of the loan.
An interest-earning savings account (held by the lender) for accumulating the portion of a borrower's monthly payments designated for future payment of taxes, insurance, fees, assessments, etc. The lender then disburses funds from the impound account to make these payments.
A measure of the general movement of interest rates which a lender uses to calculate how much the interest rate will change for that institution's variable rate loans.
In a Variable Rate loan program, it's the rate that takes effect after the initial discounted period expires. This rate is calculated by adding the current value of the index to the margin or spread.
An interest rate for the first 6 or 12 months of a variable rate loan, that is usually lower than the fully indexed rate.
The description of the property as listed in the county records.
Margin or Spread
An amount, expressed as a percentage, which is added to the index to determine the interest rate on a variable rate loan.
A lien held by the lender against the borrower's real property in return for funds borrowed to purchase the property
A situation that may occur when a variable rate loan has a "payment cap" feature. Since this limits how much your payment can increase during an adjustment, your adjusted payment may not be enough to cover the total amount of interest due. In this case, the unpaid interest would be added to your unpaid principal loan balance.
What you might give off to the Mortgage Lender if you come in on a day where you have a really bad attitude. Heck, the Mortgage Lender could even do that to you, but we don’t think that’s gonna’ happen – ‘cause this is First Entertainment! By the way… we just threw this one in here to see if you were reading these terms.
A point is a pre-paid finance charge equal to 1% of the principal amount of the loan, and is payable at the close of escrow. For example, two points charged on a $100,000 loan would equal $2,000.
The interest that accrues on the mortgage from the date of settlement to the beginning of the period covered by the first periodic payment.
An additional fee charged to the borrower under some loan agreements (usually a fixed-rate loan) if the loan is paid off prior to the end of the loan term.
The amount of the loan, excluding interest.
Private Mortgage Insurance (PMI)
Insurance on a real estate loan to protect the lender from loss if the borrower defaults on the mortgage and the lender forecloses on the property.
An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for debt. Most commonly used upon payment in full of a trust deed.
Negotiation of a new loan in order to pay off an existing loan. Homes are usually refinanced to take advantage of lower interest rates, switch from one loan type to another (e.g. variable to fixed), or generate cash from equity. Since refinancing usually involves new loan costs, these costs must be weighed against the benefits to be gained.
Residential Mortgage Credit Report
Detailed account of credit, employment, residence, and public record from three national repositories.
Secondary Mortgage Market
The buying and selling of first or second mortgages on deeds of trusts by banks, insurance companies, government agencies, and other mortgagees (ie. Freddie Mac, Fannie Mae).
Also referred to as Closing Costs, these are costs incurred by the seller and the buyer in transferring title to the property from one to the other, or at refinance. They typically include such things as property tax, insurance, broker's fees, escrow fees, title insurance premium, deed recording fee, etc. Escrow instructions will stipulate which portion of the fees are to be paid by buyer or seller.
Processing fee charged by a title company to calculate the amount needed to pay off an existing real estate loan. The title company would then issue a check to the lender to pay off that loan.
Outside service that tracks member's property taxes in order to verify that the taxes are being paid.
The number of years before your loan is scheduled to be paid off (15 or 30 year terms are most common).
An insurance policy protecting the individuals claiming an interest in the property (such as the borrower and lender) against loss resulting from any encumbrances not identified by the Title Company in their Preliminary Title Report.
You can find our Mortgage Application here. You can also see our Apply Now section for applications for all of our mortgage lending products and services.
For more information on our Real Estate/Mortgage Loan products, call our Real Estate lending department at (888) 800-3328 or (323) 845-4411.
First Entertainment Credit Union is an Equal Housing Lender.