Mortgage FAQ — 1st Trust Financial, LLC

Question 1

What is a mortgage broker and how is 1st Trust Financial different from a bank?

Andrew Wulk · Accepted Answer

A mortgage broker works on your behalf to shop multiple wholesale lenders and find the best rate and terms for your specific situation. Unlike a bank, which can only offer its own loan products, 1st Trust Financial has access to a wide network of wholesale lenders — meaning we can compare options and get you a better deal than you'd typically find going directly to a single bank.

Question 2

What areas do you serve?

Andrew Wulk · Accepted Answer

We are based in Chester Springs, PA and primarily serve Chester County and the surrounding Pennsylvania region. We are licensed to originate mortgages throughout Pennsylvania.

Question 3

How do I get started?

Andrew Wulk · Accepted Answer

The easiest way to get started is to fill out our online application or give Andrew a call at 610-280-3335. He'll walk you through your options and let you know exactly what to expect.

Question 4

What types of loans do you offer?

Andrew Wulk · Accepted Answer

We offer a wide variety of loan programs including Conventional loans, FHA loans, USDA loans, Jumbo loans, No Closing Cost loans, and Refinance programs. Every borrower's situation is unique — Andrew will help identify the right product for you.

Question 5

What is a Conventional loan?

Andrew Wulk · Accepted Answer

A Conventional loan is a mortgage not backed by a government agency. These loans typically require a higher credit score and down payment than FHA loans, but often come with lower overall costs for well-qualified borrowers.

Question 6

What is an FHA loan?

Andrew Wulk · Accepted Answer

An FHA loan is backed by the Federal Housing Administration and is designed to help buyers with lower credit scores or smaller down payments. FHA loans require as little as 3.5% down and are popular with first-time homebuyers.

Question 7

What is a USDA loan?

Andrew Wulk · Accepted Answer

A USDA loan is a government-backed loan for eligible rural and suburban properties. It offers 100% financing (no down payment required) for qualified borrowers. Certain areas of Chester County may be eligible.

Question 8

What is a No Closing Cost loan?

Andrew Wulk · Accepted Answer

A No Closing Cost loan rolls your closing costs into the loan or covers them via a slightly higher interest rate. This can be a great option if you want to preserve your cash at closing.

Question 9

Can I refinance my current mortgage?

Andrew Wulk · Accepted Answer

Absolutely. Refinancing can lower your monthly payment, reduce your interest rate, shorten your loan term, or allow you to tap into your home's equity. Use our Refinance Savings Calculator to see a quick estimate, then contact us for a personalized analysis.

Question 10

How are mortgage rates determined?

Andrew Wulk · Accepted Answer

Mortgage rates are influenced by national market conditions (like the Federal Reserve's policies and bond markets) as well as individual factors including your credit score, loan-to-value ratio, loan type, property type, and loan term. As a broker, we shop multiple lenders to find the most competitive rate for your profile.

Question 11

What are closing costs?

Andrew Wulk · Accepted Answer

Closing costs are fees associated with finalizing your mortgage. They typically include lender fees, title insurance, appraisal, recording fees, and prepaid items like homeowners insurance and property taxes. They generally range from 2–5% of the loan amount. We'll provide a detailed Loan Estimate early in the process so there are no surprises.

Question 12

Do you charge broker fees?

Andrew Wulk · Accepted Answer

Our compensation is disclosed upfront on your Loan Estimate. As a broker, we are paid by the wholesale lender — and because we shop multiple lenders, the savings we find often far outweigh any costs. We believe in full transparency throughout the process.

Question 13

How long does the mortgage process take?

Andrew Wulk · Accepted Answer

A typical purchase mortgage takes 30–45 days from application to closing. Refinances can sometimes move faster. Our experience and technology allow us to work efficiently and keep things on track.

Question 14

What documents will I need?

Andrew Wulk · Accepted Answer

Most borrowers will need to provide: recent pay stubs (30 days), W-2s and tax returns (2 years), bank and asset statements (2–3 months), a government-issued ID, and information about any existing debts. Self-employed borrowers may need additional documentation. Andrew will give you a personalized checklist.

Question 15

What credit score do I need to qualify?

Andrew Wulk · Accepted Answer

Credit score requirements vary by loan type. Conventional loans typically require a minimum score of 620, while FHA loans can go as low as 580 (with 3.5% down) or even 500 (with 10% down). The higher your score, the better the rate you'll qualify for. Contact us to discuss your specific situation.

Question 16

What is pre-approval and do I need it?

Andrew Wulk · Accepted Answer

A pre-approval is a lender's conditional commitment to lend you up to a certain amount based on a review of your finances. Most sellers and real estate agents require a pre-approval letter before accepting an offer. It also helps you shop with confidence knowing your budget. We recommend getting pre-approved before you start house hunting.

Question 17

What happens after I submit my online application?

Andrew Wulk · Accepted Answer

Andrew will review your information and reach out to you personally — typically within one business day — to discuss your goals, answer questions, and outline the next steps. There is no obligation.

Frequently Asked Questions

Getting Started

Loan Types

Rates & Costs

The Process

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