Residential Mortgage Loans
Obtaining a mortgage doesn’t need to be intimidating or overwhelming. When you apply for a mortgage at First Bank, you’ll benefit from:
- A simple application process
- Fast turnaround
- Access to local decision-makers
- Competitive rates
As an added convenience, you can have your mortgage payment deducted directly from your First Bank checking or savings account.
*see current rate sheet
Home Equity Line of Credit
First Bank’s Home Equity Line of Credit makes it easy for you to access the equity in your home to make home improvements, take a dream vacation, consolidate your bills, or make any other purchase. Our Home Equity Lines of Credit offer the following benefits:
- No points, no closing costs and no application fee
- Competitive interest rates; floating rate (see current rate sheet)
- Easy access to line of credit with checks
- Billing statements mailed each month with payments only upon the amount borrowed
- No interest charge until you use your credit line
- Term: 15 yearsTerm: 15 years
- Repayment: monthly interest plus 2% of principal balance outstanding; “balloon” payment due at end of 15 year term
- “Revolving” loan allows customers to draw down
and pay back line as needed
*Home Equity Loans over $250,000 require Title Insurance, Appraisal and fees may also apply. Interest payments may be tax-deductible; consult your tax advisor. (see current rate sheet)
Home Equity Hybrid Line
of Credit
Customers who plan on borrowing at least $25,000 and who maintain a deposit account with a balance of at least $5,000 qualify for First Bank’s Home Equity Hybrid Line of Credit. The Hybrid Line of Credit offers the same benefits of the Home Equity Line of Credit, along with an even more competitive interest rate.
- Rate: fixed for the first five years, variable
thereafter (see current rate sheet) - Term: 15 years
- Repayment First five years: monthly interest
only based on principal outstanding - Last ten years: monthly interest plus 2% of
principal balance outstanding; “balloon”
payment due at end of 15 year term - “Revolving” loan allows customers to draw
down and pay back line as needed during the
first five years; loan stops revolving at the end
of year 5
Fixed Rate Home Equity Loans
For customers who want to access their home equity and have predictable monthly payments, First Bank’s Fixed Rate Home Equity Loans offer the following:
- No points, no closing costs and no application fee
- Competitive interest rates fixed for the life of
the loan (see current rate sheet) - Billing statements mailed each month with
payments only upon the amount borrowed - Loan fully funded at closing
Rate: fixed rate (see current rate sheet) - Term: 5, 10, and 15 years
- Repayment: fixed payments of principal and
interest over the life of the loan so that full
amount is paid off by the time the loan matures - Full amount drawn at closing with no additional
draws allowed over the term of the loan
