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Applying for Your First Mortgage: An Interview with Mathew Carson of First Capital Group

When it comes to applying for mortgages, a first time homebuyer may not know where to begin or what to expect. That's why we interviewed Mathew Carson of First Capital Group to learn more about applying for your first mortgage.

Tell Us About First Capital Group:

We're a small local company that has been providing real estate financing to the Bay Area for 40 years. Our longevity in business shows we are trusted and respected for the quality and service we provide.

We aim to provide consumers with advice, and educate them on the best loan programs to suit their needs.

First Capital Group Services:

We provide financing for residential property purchases and refinances. These include condominiums, TIC's, single family homes and 2-4 unit buildings. We also do commercial loans on mixed use and multi unit apartment buildings.

Applying for Your First Mortgage:

  • First: You'll need to get pre approved if it's a purchase. This involves having your credit pulled and providing financial documentation to your mortgage broker, so they can pre approve you for a specific amount. If you're looking to refinance an existing property then we would have you complete the loan application, pull credit and review your financial documents in order to qualify you for the loan amount required.
  • Tips: Be proactive. Don't wait till the last minute to get pre-approved. In the current market, where the qualification standards have become stricter, its important to address any potential issues before you enter into a contract. Addressing all the issues up front,
  • Factors of Influence: Credit and income influence your mortgage the most and these factors aren't necessarily confined to first time buyers. Credit and income are the primary drivers of what you can qualify for, and what interest rate you can get.
  • Common Issues: One of the biggest issues we see is to do with credit. This is often a late payment that is effecting the borrowers score in a negative way. If we know this beforehand, we have ways to fix this, and increase the score. Better credit score = better interest rate!
  • Advice: Find a reputable broker that will communicate with you throughout the process. Having your documentation ready in a timely manner is also key. The landscape has changed dramatically and everything has to be documented. So no matter how crazy you think your brokers requests are, he or she is the messenger. They will do what they can to "push back" on certain bank requests, but in this market lenders are increasingly more demanding on paperwork. One key thing is to minimize the transfer of funds between accounts, and "large" non payroll deposits.

Its a big decision buying a home, and handing over all your personal financial information to someone you have often never met before. Make sure you review all the options available to you. I like to think of myself as not just a broker, but an advisor, looking at the whole financial picture and picking a program that fits into that plan. I want to be your mortgage broker for life, not just for one transaction.

Contact Info:

  • Email: mathew@mathewcarson.com
  • Phone: (415) 606-4252 or (415) 606-4252
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