|
 
First
Federal Savings Bank Makes It Easier To Buy A New Home
Buying
a new home should be a pleasant experience.
We'd like to help make it that way by taking the worry out of applying
for a mortgage.
Select
A Mortgage Loan To Fit Your Financial Situation.
Before you apply for pre-approval for your mortgage loan, you'll need
to decide which type of loan may be right for you.
- Conventional
Loans
have a fixed rate and monthly payment for the entire life of the loan.
It's easy to budget for this type of loan because your payment will
always be the same. The rate on a conventional mortgage loan is generally
higher than an adjustable rate mortgage.
- Adjustable
Rate Loans usually start with lower rates than conventional loans.
We'll let you know how much the rate can be adjusted over the life
of the loan, so you'll know from the beginning the absolute maximum
amount you would ever have to pay. If you will be moving in a few
years, or if you think interest rates will be going down, you'll want
to consider an adjustable rate since monthly payments may be lower.
- FHA
Loans offer lower interest rates, require a relatively small down
payment, and are insured through the Federal Housing Administration.
Once you
know approximately how much "home" is in your price range,
use the guide below
or our convenient Mortgage
Loan Calculator to estimate your monthly principal and interest
payments. Closing costs are normally paid in a lump sum at the time
you take out the loan. Other annual costs such as taxes, insurance,
and mortgage life insurance are also not included on the chart, but
may be added to your monthly payments.
|
Monthly
Mortgage Payment Guide
This is based on a fixed 30 year term |
|
Mortgage
Amount |
7%
APR |
8%
APR |
9%
APR |
| $60,000 |
$399 |
$440 |
$483 |
| $80,000 |
$532 |
$587 |
$644 |
| $100,000 |
$665 |
$734 |
$805 |
| $120,000 |
$798 |
$881 |
$996 |
| $140,000 |
$931 |
$1,028 |
$1,127 |
| $160,000 |
$1,064 |
$1,174 |
$1,288 |
| $180,000 |
$1,198 |
$1,321 |
$1,449 |
| $200,000 |
$1,331 |
$1,468 |
$1,610 |
The
above rates are for illustrative purposes only. They are based on
the
Annual Percentage Rate (APR) indicated for principal and simple interest.
We offer a variety of mortgage plans. Click
here to view our current
rates.
Is Refinancing
Right For You? Generally, it's a good idea for you to consider refinancing
whenever the interest rate for mortgages is more than two percentage
points below your present mortgage. And whether you apply with us
for
a new mortgage to buy the home you want, or to refinance your present
mortgage, ask about a Homeowner's Line of Credit. It can help you
save
on fees when you apply; interest when you want to borrow money; and,
on taxes at the end of the year. Click
here to go to our Mortgage
Web Center. Or, if you wish to speak to a mortgage loan expert, please
contact us at 208-733-4222.
|
|
 |
