First Tech Overview
First Tech is a bank that specializes in short-term loans for small business owners. First Tech is committed to helping small business owners expand and develop. The bank offers a number of business financial solutions and while they are one of the largest little-bank lenders, they are unlike any other bank. First Tech Mortgage specializes in mortgage financing solutions for entrepreneurs and high-net-worth borrowers.
First Tech has 120 bank branches in 11 states, over 300 loan officers, and over 2,900 mid-level employees serving approximately 25,000 customers.
First Tech History
One of the first mortgage refinancing companies to be formed back in 1996 was First Tech. Since its inception, they have been in the business of lending home loans to individuals in various states. In fact, First Tech began as one company but has evolved into three companies with First Tech Mortgage, First Tech Federal Credit Union and First Tech Capital.
With each of their companies, they were able to combine their long-term vision of being one of the top refinance loan companies in the United States. Their history dates back to the 1930’s and has a rich, reliable and proven track record to reassure potential customers. Their roadmap for success includes their location in Massachusetts, New Hampshire, Connecticut, Vermont, New York, Rhode Island, New Jersey, and Maine.
Over the years, they have been able to stay on top of their industry, implementing new loan programs to accommodate every situation. By reviewing loan options and providing helpful advice for their clients, they have a comprehensive knowledge of complex mortgage products. Their versatility works into their strength, allowing them to serve clients across the country.
First Tech success continues today because of their well qualified staff and employees. Their team consists of more than 250 dedicated loan officers, lending managers, customer service representatives, and mobile loan professionals.
First Tech Loan Specifics
First Tech Mortgage rates are influenced by the value of the underlying property it’s used to finance. That’s because the interest rate you get is determined using the Lender Paid Mortgage Insurance (LPMI) charges the government determines through a valuation formula.
These charges are based on the loan-to-value ratio (LTV), which is the percentage of the total loan amount when compared to the property’s value.
For a homebuyer who acquires a loan for 100 percent of the property’s value, they get a loan-value ratio (LVR) of 100. For this scenario, the borrower actually has no equity in the property at all, and the value of their loan is exactly what they will owe the lender.
If the LVR is 80 percent, the borrower is only purchasing the property using 80 percent of their home value. This essentially means that they are getting a home loan for 20 percent of the property’s value. This is also known as the home loan’s equity position. You can think of this as investing 20 percent of the loan as cash equity.
First Tech Mortgage Customer Experience
The team at First Tech Mortgage was great to work with. Their level of professionalism and work ethics are evident when interacting with them on the phone, in email, or in person. I don’t know if this is the norm for the industry, but their commitment to keeping their customers happy is very evident.
The process is pretty simple – fill out an application online for an estimate, receive an email with an offer, and then if you accept the terms, the team at First Tech Mortgage works their magic to get you a loan (or sometimes approval for just an estimate!).
First Tech Phone Number and Additional Details
First Tech’s advertised cheap mortgage rates are likely to be appealing to borrowers. However, the terms are very restrictive. First Tech will allow you to cancel your mortgage within three-days of signing the loan documents, but you will need to repay the entire amount. If you are not able to refinance, but you decide to stay in the house, the lender will charge you an addition 10 percent penalty fee. If you are over or under-qualified, First Tech offers a one-day mortgage that allows the borrower to continue to qualify for a lower mortgage rate while amortization, fees, and other loan conditions remain the same. However, if you later fail to qualify, the lender has the right to impose a prepayment penalty.
First-tech is a mortgage lender that offers refinancing programs to homeowners. The lender provides loan applications for FHA, VA, and conventional loans. The company’s mortgage offerings are available to residents of any state. In addition to the home loan offerings, the lender offers home equity and auto loans. First-tech has several brick and mortar lending offices located throughout California, Colorado, and Texas.