{"id":38541,"date":"2024-09-04T09:39:15","date_gmt":"2024-09-04T09:39:15","guid":{"rendered":"https:\/\/swoopfunding.com\/au\/?page_id=38541"},"modified":"2024-09-04T09:53:06","modified_gmt":"2024-09-04T09:53:06","slug":"first-mortgage-funding","status":"publish","type":"page","link":"https:\/\/swoopfunding.com\/au\/commercial-mortgages\/first-mortgage-funding\/","title":{"rendered":"First mortgage funding"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"38541\" class=\"elementor elementor-38541\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b33206e e-flex e-con-boxed e-con e-parent\" data-id=\"b33206e\" data-element_type=\"container\" data-e-type=\"container\" id=\"hero-title\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-e157a8b e-con-full e-flex e-con e-child\" data-id=\"e157a8b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c54d7b2 elementor-widget elementor-widget-heading\" data-id=\"c54d7b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">First mortgage funding: What you need to know<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8309223 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"8309223\" data-element_type=\"section\" data-e-type=\"section\" id=\"product-page\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8d3de51\" data-id=\"8d3de51\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a94abf4 uael-heading-align-left elementor-widget elementor-widget-uael-table-of-contents\" data-id=\"a94abf4\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"styck-table-of-contents\" 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data-widget_type=\"uael-table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"uael-toc-main-wrapper\" data-headings=\"h2,h3,h4\" >\n\t\t\t<div class=\"uael-toc-wrapper\">\n\t\t\t\t<div class=\"uael-toc-header\">\n\t\t\t\t\t<span class=\"uael-toc-heading elementor-inline-editing\" data-elementor-setting-key=\"heading_title\" data-elementor-inline-editing-toolbar=\"basic\" ><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-toc-toggle-content\">\n\t\t\t\t\t<div class=\"uael-toc-content-wrapper\">\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t<ul data-toc-headings=\"headings\" class=\"uael-toc-list uael-toc-list-none\" data-scroll=\"500\" data-scroll-offset=\"115\" ><\/ul>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"uael-toc-empty-note\">\n\t\t\t\t\t<span>Add a header to begin generating the table of contents<\/span>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-d8dc521 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d8dc521\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-ac429c1\" data-id=\"ac429c1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-28080bf elementor-widget elementor-widget-ucaddon_breadcrumbs\" data-id=\"28080bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_breadcrumbs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t <div id=\"breadcrumbs-container\" class=\"left\">\n <nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><\/p><\/nav> <\/div>\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-979527c elementor-widget elementor-widget-ucaddon_last_updated\" data-id=\"979527c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_last_updated.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n<div id=\"last-updated-container\" class=\"\">\n\n \n <div class=\"last-updated view-user\" style=\"justify-content: left;\">\n <\/div>\n<\/div>\n\n\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cdf139e elementor-widget elementor-widget-text-editor\" data-id=\"cdf139e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Banks and private mortgage lenders commonly offer first mortgage loans. However, it\u2019s important to understand exactly how first mortgage funding works and how it differs from other options like second mortgage. This article aims to help you get a clear picture of what a first mortgage entails and the process to acquire this type of financing.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cf6d28 uael-heading-align-left elementor-widget elementor-widget-uael-table-of-contents\" data-id=\"1cf6d28\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"table-of-content-column\" data-settings=\"{&quot;heading_text_align&quot;:&quot;left&quot;,&quot;heading_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;heading_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;separator_bottom_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:15,&quot;sizes&quot;:[]},&quot;content_between_space_laptop&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;content_between_space_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"uael-table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"uael-toc-main-wrapper\" data-headings=\"h2,h3,h4\" >\n\t\t\t<div class=\"uael-toc-wrapper\">\n\t\t\t\t<div class=\"uael-toc-header\">\n\t\t\t\t\t<span class=\"uael-toc-heading elementor-inline-editing\" data-elementor-setting-key=\"heading_title\" data-elementor-inline-editing-toolbar=\"basic\" ><\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-toc-toggle-content\">\n\t\t\t\t\t<div class=\"uael-toc-content-wrapper\">\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t<ul data-toc-headings=\"headings\" class=\"uael-toc-list uael-toc-list-none\" data-scroll=\"\" ><\/ul>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"uael-toc-empty-note\">\n\t\t\t\t\t<span>Add a header to begin generating the table of contents<\/span>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9492de8 question elementor-widget elementor-widget-heading\" data-id=\"9492de8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is a first mortgage?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2dfbab4 answer elementor-widget elementor-widget-text-editor\" data-id=\"2dfbab4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A first mortgage is the primary loan that you take out to buy a home. If a property is financed by several mortgage loans, the first loan is considered the first mortgage. Your property will serve as the collateral. First mortgages are paid for in monthly installments over an agreed-upon term, typically 10 to 30 years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A first mortgage is usually mistaken for the first mortgage taken in an individual\u2019s name, but it actually just means the original loan taken out on a property. A buyer can have multiple properties in their name.\u00a0 For instance, if a homebuyer takes out a mortgage for three different properties, then the mortgages of all three properties are considered the first mortgage. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57877dd question elementor-widget elementor-widget-heading\" data-id=\"57877dd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How do first mortgage loans work?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2bfe9ca answer elementor-widget elementor-widget-text-editor\" data-id=\"2bfe9ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Buyers typically need to pay a percentage of the property\u2019s cost upfront as a down payment and borrow the rest. The borrowed amount will then be paid off monthly until the loan is repaid.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first mortgage takes priority over any second mortgage or junior lien attached to the property. For example, if you default on your loan and your property is foreclosed, the first mortgage lender will have the first claim to the proceeds of the foreclosure sale. The second mortgage lenders will just get the remaining proceeds, if any. However, if you owe property taxes, they\u2019ll have to be repaid first before any other claims, and if you\u2019re a business and file for bankruptcy, the court will decide which entity can take the first claim.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d50d3d5 question elementor-widget elementor-widget-heading\" data-id=\"d50d3d5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What can I use a first mortgage loan for?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9992355 answer elementor-widget elementor-widget-text-editor\" data-id=\"9992355\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">First mortgages are generally less risky for lenders. Thus, you typically get lower interest rates and higher loan amounts, perfect for big purchases like a home or property.\u00a0 The first mortgage lender will provide finance up to a percentage of the property\u2019s market value. Before you take out a first mortgage loan, look at your credit score as that can affect the interest rates, and make sure that you can afford the monthly mortgage payments with your take-home pay or business revenue.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e204342 question elementor-widget elementor-widget-heading\" data-id=\"e204342\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What's the difference between a first mortgage and a second mortgage?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d0dfc2 answer elementor-widget elementor-widget-text-editor\" data-id=\"4d0dfc2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">As you make your monthly payments, you build up your home equity, which is the amount of your home that you actually own.\u00a0 You can borrow more money against your home equity, which in essence, is your second mortgage. When you take out a second mortgage, you\u2019re essentially withdrawing equity value from your property.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Second mortgage lenders typically allow homeowners to borrow up to 80% of their home\u2019s value, less the amount owed on the first mortgage. For example, if your home is worth $600,000 and you still owe $200,000, the amount you can borrow against the equity is only $280,000. Here\u2019s the math:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">$600,000 x .80 = $480,000<\/span><\/p>\n<p><span style=\"font-weight: 400;\">$480,000 \u2013 $200,000 = $280,000<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As mentioned, the first mortgage takes precedence over the second mortgage if the homebuyer defaults on the loan. For example, if a homebuyer secures $300,000 first mortgage on a property and obtains a $40,000 second mortgage on the same property a few years later for any purpose such as home improvement or loan consolidation, the first mortgage will be given priority after the property is foreclosed and sold. If the homebuyer has only already repaid $50,000 and the proceeds of the foreclosure sale is $260,000, the first mortgage lender will receive the balance of $250,000, and the second mortgage can claim the rest, which is only $10,000 in this case. Since this poses a greater risk to the second mortgage lender, they usually command higher interest rates to offset the possibility of the borrower defaulting.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb87023 question elementor-widget elementor-widget-heading\" data-id=\"bb87023\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What should I consider before getting a first mortgage loan?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2e0b4d answer elementor-widget elementor-widget-text-editor\" data-id=\"b2e0b4d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You need to be financially ready for the down payment which is around 20-25% plus other loan costs and fees. Lenders will also look into your credit score and debt-to-income ratio to assess how you can afford the monthly payments. Evaluate your financial situation and make forecasts as necessary. This way, you can better decide which loan term to get. Shorter terms like 10-year loans can save you interest over time but come with higher monthly payments. Also, shop around to gauge the best interest rates and rate lock options.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6efd9f question elementor-widget elementor-widget-heading\" data-id=\"c6efd9f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What are the first mortgage requirements?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bbec49 answer elementor-widget elementor-widget-text-editor\" data-id=\"6bbec49\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The first mortgage requirements depend on whether you\u2019re getting a conventional loan or a government-backed one, but in general, you need to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Own a percentage of your home upfront<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A strong credit history or credit score<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proof of income<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The approval process of first mortgage loans can be a bit time-consuming, but since the loan amounts are higher and interest rates are generally lower, first mortgage loans can be very helpful in materializing big purchases and investments.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c6ece7 question elementor-widget elementor-widget-heading\" data-id=\"2c6ece7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How much can I borrow with a first mortgage loan?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a71956c answer elementor-widget elementor-widget-text-editor\" data-id=\"a71956c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">First mortgage lenders typically calculate how much you can afford to borrow by looking at your monthly gross income and expenses. They also look into many other factors including your credit score, loan-to-value ratio, debt-to-income ratio, the property\u2019s value,\u00a0 the property type,\u00a0 the desired loan term, and so on. In general, your question should not be \u2018how much can I borrow\u2019 but \u2018how much can I afford\u2019?<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-912d542 question elementor-widget elementor-widget-heading\" data-id=\"912d542\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What are the interest rates on a first mortgage?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4e0768 answer elementor-widget elementor-widget-text-editor\" data-id=\"d4e0768\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The interest rates on a first mortgage generally depend on the borrower\u2019s risk profile and the broader market conditions. If the market is highly competitive, lenders may try to offer lower interest rates to attract business. A higher inflation rate may also lead to higher interest rates. It\u2019s best to shop around and compare interest rates to get the best d<\/span><span style=\"font-weight: 400;\">eal. As of 2024, the average interest rate for 30-year terms is <\/span><a href=\"https:\/\/www.rba.gov.au\/statistics\/interest-rates\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">around 6.28%<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20652df question elementor-widget elementor-widget-heading\" data-id=\"20652df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Can I get a first mortgage loan if I have bad credit?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c196a8 answer elementor-widget elementor-widget-text-editor\" data-id=\"7c196a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Lenders usually charge higher interest rates for borrowers with poor credit scores to compensate for the increased risk, or they may require a larger down payment if you have a bad credit. One solution is to add a co-signer or actively work on credit repair to get the best deals. There are also alternative lenders you can explore in the form of credit unions or online lenders.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s best to set the right expectations or consider a less expensive purchase if your credit score needs a tune-up. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96554ba question elementor-widget elementor-widget-heading\" data-id=\"96554ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How much can I borrow for a mortgage?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-081e3ed answer elementor-widget elementor-widget-text-editor\" data-id=\"081e3ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Lenders usually offer an amount of 4-6 times your income, but the final amount ultimately depends on how much you can afford. The amount of down payment also matters as well as the type of property and your risk profile. There are ways to boost your <a href=\"https:\/\/swoopfunding.com\/au\/commercial-mortgages\/\">commercial mortgage<\/a> borrowing power. You can consider paying off debts since lenders typically look at how much money you currently owe. You can also close credit card accounts since financial institutions may also factor in your access to credit. As early as possible, you also should take care of your credit rating to get the best interest rates and loan opportunities for those big purchases.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can also just extend the loan term to better afford the monthly repayments. This can increase the total amount of interest you\u2019ll have to pay in the long term, but this can make your monthly obligations more manageable. Some lenders even consider up to 35 years of loan term.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46102ee elementor-widget elementor-widget-heading\" data-id=\"46102ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">First mortgage calculator<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89b47c2 elementor-widget elementor-widget-ucaddon_mortgage_repayment_calculator\" data-id=\"89b47c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_mortgage_repayment_calculator.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n \n \n <div id=\"commercial-mortgage-calculator\" class=\"new-mortgage-repayment-calculator form-calculator\" >\n <div class=\"left_column\">\n <h4>Provide us with your details below and one of our team of finance professionals will contact you to discuss your requirements<\/h4>\n\n <div class=\"form-group\">\n <label for=\"mortgagerequestedMortgageAmount\">Loan amount<\/label>\n\n <div class=\"input-group mb-3\">\n <div class=\"input-group-prepend\">\n <span class=\"input-group-text\">$<\/span>\n <\/div>\n <input id=\"mortgagerequestedMortgageAmount\" type=\"text\" class=\"form-control mask-money\" aria-label=\"Loan amount\" value=\"10000\" inputmode=\"numeric\">\n <\/div>\n <\/div>\n\n <div class=\"form-group\">\n <div class=\"label_and_numbers\">\n <label for=\"mortgagerequestedInterestRate\">Interest rate is<\/label>\n <div class=\"tag-number\">\n <span id=\"mortgagedisplayInterestRate\" class=\"value-tag\">-<\/span>%\n <\/div>\n <\/div>\n <div class=\"input-group mb-3\">\n <input type=\"range\" min=\"2.5\" max=\"12\" value=\"3.5\" class=\"slider\" id=\"mortgagerequestedInterestRate\" step=\".1\">\n <\/div>\n <\/div>\n\n <div class=\"form-group\">\n <div class=\"label_and_numbers\">\n <label for=\"mortgagerequestedTerm\">Repayment term<\/label>\n <div class=\"tag-number\">\n <span id=\"mortgagedisplayTerm\" class=\"value-tag\">4<\/span> years <\/div>\n <\/div>\n <div class=\"input-group mb-3\">\n <input type=\"range\" min=\"1\" max=\"30\" value=\"20\" class=\"slider\" id=\"mortgagerequestedTerm\" step=\"1\">\n <\/div>\n <\/div>\n\n <p class=\"note-calculator\">This calculator is intended for illustration purposes only and exact payment terms should be agreed with a lender before taking out a loan.<\/p>\n\n <\/div>\n <div class=\"right_column\">\n <p class=\"title\">Your results<\/p>\n <div class=\"show-number\">\n <p class=\"title-result\">Monthly capital & interest repayment amount<\/p>\n <p class=\"number-result\">$<span id=\"mortgagedisplayMonthlyRepayment\">-<\/span><\/p>\n <\/div>\n <div class=\"show-number\">\n <p class=\"title-result\">Interest only repayment amount<\/p>\n <p class=\"number-result\">$<span id=\"mortgagedisplayMonthlyInterestRepayment\">-<\/span><\/p>\n <\/div>\n <div class=\"show-number\">\n <p class=\"title-result\">Total amount payable<\/p>\n <p class=\"number-result\">$<span id=\"mortgagedisplayTotalRepayable\">-<\/span><\/p>\n <\/div>\n <div class=\"show-number\">\n <p class=\"title-result\">Total interest charged<\/p>\n <p class=\"number-result\">$<span id=\"mortgagedisplayTotalInterest\">-<\/span><\/p>\n <\/div>\n\n \n \n <a href=\"https:\/\/app.swoopfunding.com.au\/stage\/\" class=\"btn btn-lg btn-dark btn-block\" target=\"_blank\">Borrow $<span id=\"resultCTA\"><\/span><\/a>\n \n \n <\/div>\n <\/div>\n\n\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67f966c question elementor-widget elementor-widget-heading\" data-id=\"67f966c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What documentation do I need for a first mortgage loan?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-deb7b4d answer elementor-widget elementor-widget-text-editor\" data-id=\"deb7b4d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">As mentioned, you\u2019re free to shop around before you choose a mortgage loan. You can consider getting a mortgage preapproval to get a sense of how much money you can borrow to purchase your desired property. To do so, you would have to provide documentation including state-issued ID, pay stubs, federal tax returns, bank account statements, investment account statements, and credit report. You\u2019re not obligated to apply for a loan if you request for preapproval, so take the time to shop around to make a more informed decision.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you decide to formally apply for a first mortgage loan, you still need to submit the necessary documentation and prepare for the closing costs and other fees including property tax, mortgage insurance payments, down payment, appraisal fees, attorney fees, and so on.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7857bf1 question elementor-widget elementor-widget-heading\" data-id=\"7857bf1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How long does it take for a first mortgage loan to get approved?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7dbd5b3 answer elementor-widget elementor-widget-text-editor\" data-id=\"7dbd5b3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">From application to approval, the process usually takes 4-6 weeks. This depends on the type of loan and the financial institution you\u2019re working with. Some could take even faster as early as two weeks while others may take months depending on the possible complications that may arise. There\u2019s no fixed period, and the outcome is also not guaranteed. To streamline the process, just make sure that all the documentation is complete and accurate, and stay responsive in case the lender requests additional information.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6982154 question elementor-widget elementor-widget-heading\" data-id=\"6982154\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Swoop can help<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62c8b9c answer elementor-widget elementor-widget-text-editor\" data-id=\"62c8b9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Want to further optimize and speed up the process? We can help! Just<\/span><span style=\"font-weight: 400;\">\u00a0choose the type of funding you need, indicate your cash goal, and we\u2019ll automatically compare potential lenders that match your profile. Just sit back and relax and allow our matching system to do all the work!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Get the funding you require for your personal or business needs. Make the most of Swoop and <\/span><a href=\"https:\/\/app.swoopfunding.com.au\/stage?http_referer=https%3A%2F%2Fswoopfunding.com%2Fau%2F&amp;http_referer=https%3A%2F%2Fswoopfunding.com%2Fau%2F&amp;last_page_visited=https%3A%2F%2Fswoopfunding.com%2Fau%2F&amp;last_page_visited=https%3A%2F%2Fswoopfunding.com%2Fau%2F\"><span style=\"font-weight: 400;\">apply for funding<\/span><\/a><span style=\"font-weight: 400;\"> today!<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f9dabae elementor-widget elementor-widget-spacer\" data-id=\"f9dabae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-db02d6f elementor-widget elementor-widget-ucaddon_author_page\" data-id=\"db02d6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_author_page.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n\n\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ea4ef04 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ea4ef04\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8fecdc9\" data-id=\"8fecdc9\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4ac9865 elementor-widget__width-auto elementor-hidden-mobile elementor-widget elementor-widget-image\" data-id=\"4ac9865\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/wp-content\/uploads\/sites\/4\/2022\/08\/icon-swoop.svg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ed1cf3 elementor-widget__width-auto elementor-widget elementor-widget-heading\" data-id=\"5ed1cf3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Create your free Swoop account to easily apply for a working capital loan<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8836493 elementor-widget__width-auto bt-form-45 elementor-mobile-align-center elementor-widget-mobile__width-inherit elementor-widget elementor-widget-button\" data-id=\"8836493\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/app.swoopfunding.com.au\/stage\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Join Swoop<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-08713c9 e-flex e-con-boxed e-con e-parent\" data-id=\"08713c9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-974cf55 elementor-widget elementor-widget-ucaddon_auto_page_related\" data-id=\"974cf55\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_auto_page_related.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t\t\n\n\n\n <div class=\"container-auto-page-related\">\n <p class=\"title-related text-center\">Related pages<\/p>\n <div class=\"auto-page-related\">\n <ul>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/au\/commercial-mortgage\/bridging-finance\/\">Bridging finance explained &#8211; what is it? <\/a>\n <\/li>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/au\/business-loan-calculator\/commercial-mortgage-calculator\/\">Commercial mortgage calculator <\/a>\n <\/li>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/au\/commercial-mortgages\/\">Commercial mortgages <\/a>\n <\/li>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/au\/commercial-mortgage\/development-finance\/\">Development finance <\/a>\n <\/li>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/au\/commercial-mortgage\/how-to-finance-property-development\/\">How to finance property development <\/a>\n <\/li>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/au\/commercial-mortgages\/how-to-get-a-business-mortgage\/\">How to get a business mortgage <\/a>\n <\/li>\n <li >\n <a href=\"https:\/\/swoopfunding.com\/au\/commercial-mortgages\/second-mortgage-funding\/\">Second mortgage funding <\/a>\n <\/li>\n <\/ul>\n <\/div>\n 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However, it\u2019s important to understand exactly how first mortgage funding works and how it differs from other options like second mortgage. This article aims to help [&hellip;]<\/p>\n","protected":false},"author":54,"featured_media":0,"parent":8486,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-38541","page","type-page","status-publish","hentry"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_blog_full":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>First mortgage funding: What you need to know Add a header to begin generating the table of contents Banks and private mortgage lenders commonly offer first mortgage loans. However, it\u2019s important to understand exactly how first mortgage funding works and how it differs from other options like second mortgage. This article aims to help you get a clear picture of what a first mortgage entails and the process to acquire this type of financing.\u00a0 Add a header to begin generating the table of contents What is a first mortgage? A first mortgage is the primary loan that you take out&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"ayeshakhan1111","url":"https:\/\/swoopfunding.com\/au\/author\/ayeshakhan1111\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/pages\/38541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/comments?post=38541"}],"version-history":[{"count":7,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/pages\/38541\/revisions"}],"predecessor-version":[{"id":38548,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/pages\/38541\/revisions\/38548"}],"up":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/pages\/8486"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/media?parent=38541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}