Whether you’re ready to make a move, remodel a room, build your dream home, or use the equity in your home to ease your budget, First Mid can help. Our mortgage lenders live and work in our banking communities and are available to answer your questions and assist you in choosing the right financing for your situation.
What are the types of Conventional Loans?
Conventional loans are available in a variety of terms, either as an adjustable rate mortgage or as a fixed rate mortgage, ranging from 10 to 30 years. This may be an appealing option for those who plan to stay in their home for many years. With a Conventional loan, purchase transactions may require as little as a 5% down payment.1 For more specific details, please contact a First Mid residential lender. Check here for today’s featured rates, or here to get a custom quote.
Does First Mid offer loans to first-time homebuyers?
First Mid offers the HomeOne Mortgage. This is a first-time homebuyer product that allows a down payment as low as 3 percent of the purchase price and it does not have geographic or income restrictions; however, the property must be a single family dwelling. The HomeOne Mortgage is a fixed rate mortgage with no pre-payment penalty, so it’s a great way for first-time borrowers to budget their home expense and still pay down the balance quicker – when they can afford to pay a little extra.
What is an FHA Loan?
An FHA Loan allows a down payment as low as 3.5 percent of the purchase price of the house. The Federal Housing Administration is a federal agency created in 1934 and is today under the umbrella of the U.S. Department of Housing and Urban Development. Such a loan can help first-time homebuyers more easily obtain the necessary down payment.
What is a Rural Development Loan?
A Rural Development Loan is a little-known program that helps low- and moderate-income households buy a house by allowing buyers to finance 100 percent of the house’s cost. Participants must meet income eligibility guidelines and the property must be located in eligible areas.
What is a Jumbo Loan?
A Jumbo Loan is a larger than usual loan amount for unusually higher-priced properties. The dollar amount that causes a loan to be considered a Jumbo may vary by geographical location.
What is a VA Loan?
Eligible veterans and their surviving spouses may be eligible for the VA to guarantee a portion of a loan obtained by a private lender, allowing the lender to provide more favorable terms.
Should I consider refinancing my home loan?
Refinancing may help you secure a lower rate or can help you obtain extra cash for any purpose. We offer a mortgage refinance calculator to help you decide if this option is right for you.
What is a Lot Loan?
You may need a Lot Loan to finance the site of your future home. Sometimes Lot Loans are converted into construction loans once you’re ready to build.
What is a New Construction Loan?
If you want to build a house, you’ll need a New Construction Loan. Because these loans are considered riskier than a conventional home mortgage, you will likely need excellent credit and to put down a larger down payment than for a standard home loan.
What is a Home Equity Loan, or a Home Equity Line of Credit?
These loans allow you to tap into the equity you have in your home, either by borrowing a lump sum for a specific purpose, or having a line of credit you can tap into as needed.
What is the Mortgage Pre-Approval Process at First Mid?
At First Mid, getting pre-approved is free and you are under no obligation to secure a loan with us.
- First determine how much you can afford to spend. Use one of our calculators to help determine your payments for a particular loan type.
- Visit our Mortgage Center to get pre-approved for a conventional loan. We will just need some basic information.
- Once your submission has been received, we will review your application and let you know if you are approved for a loan.2
With pre-approval, you will know the value of the home you can afford and the estimated size of your monthly mortgage payments. Best of all, the letter of loan approval will give you confidence when you talk to the real estate agent or seller. Pre-approval gives you negotiation power and an advantage over other potential buyers because it indicates you are a serious buyer ready to make a decision.
Error Resolutions, Information and Written Requests
You have certain rights under federal law related to resolving errors in the servicing of your mortgage loan, requesting information about your mortgage loan and… (click for more).
- Example: “A $100,000 conventional fixed rate mortgage requiring 5% down payment ($5,000) and financed at an Annual Percentage Rate of 4.00% would require 360 monthly payments of $453.54 each, or 240 monthly payments of $575.68 each. Additional rates and repayment terms may be calculated using our online mortgage calculator.
- Subject to verification of information provided.