Mortgages

Fixed-rate mortgages are closed-ended loans and are available for terms from 10 years up to 30 years. Interest rates and terms are locked for the term of the loan and you can expect nearly the same payment each month (the only change may be the result of changes in property taxes, insurance, or other expenses, also known as “PITI”). When you choose a fixed-rate mortgage, you can expect: 

First Flight offers Construction-to-Permanent Mortgage Financing for lots up to 5 acres with a single closing. This is available to first and second homes borrowers (owner-occupied) with financing up to 90% (10% down) with Terms up to 30 Years, visit our Construction-to-Permanent Mortgage Loans page.

First Flight Lot Loans are mortgages available for residential lots in North Carolina. They can be used for a manufactured home or for a location where you plan to build a future home. For more information, visit our Lot Loans page.

First Flight offers FHA & VA loans for purchase or refinance. Veterans with certificates of eligibility may qualify for VA loans, and FHA loans are insured by the Federal Housing Administration. Learn more at our FHA & VA Loans page.

First Flight also offers mortgages for amounts up to $3 million. In addition to primary residencies, these loans can also be used for investment properties or second homes. If you’re looking at a high-value purchase, a Jumbo Loan could be your best choice, with fixed- and adjustable-rate mortgages options. Plus, purchase, refinance, and cash-out loans are available.

Adjustable-rate mortgage (ARM) products feature an interest rate that is adjusted periodically based on a pre-selected index and on eligible on primary residence, investment properties and second homes. You can expect your monthly payment to adjust, either up or down, depending upon the index. These loans offer benefits such as: conforming and jumbo loan options, purchase, refinance, and cash-out loans. 

We want to make sure you’re prepared for the journey ahead, so our friendly mortgage experts will help you navigate the process of taking out a mortgage. While each situation is unique, here’s a brief, step-by-step look at what most borrowers can expect.

Pre-qualification is an estimate of your borrowing power. This estimate is based only on the information you provide and is not verified by First Flight.

This form will ask for detailed information about you, your employment record, and the home you are purchasing, etc. During this step you may also be asked to provide certain documentation including: W2, paycheck stubs, and the purchase contact (offer to purchase). Apply for a mortgage online.

The team of underwriters evaluates credit history, debts, assets, income, and information about the property you are wishing to purchase, in order to make a mortgage loan decision defines underwriting. The following are some factors considered in the underwriting process:

Processing your loan involves collection of all the outstanding documents that are needed to satisfy all the conditions set forth by the underwriter in your loan commitment letter.

These conditions can include verifying your income and assets, reviewing the Offer to Purchase and appraisal, etc. The processing step of the loan also includes putting together the loan package which will be sent to the attorney’s office for closing. To prepare for the upcoming closing the following steps are required: scheduling the closing time and date, choosing the closing attorney, and obtaining homeowners insurance.

At the loan closing, or settlement, your mortgage is activated, the title (ownership) to the property is transferred from the seller by recording a deed, and you are given the keys to your new home.