Fixed Rate Mortgages
If you're planning to stay in your new home for many years, a fixed rate mortgage can make a lot of sense. This loan assures that your monthly principal and interest payment will remain the same over the term of your loan.
A wide range of affordable mortgage plans are available including WHEDA or State and Federal VA. Choose from 10-, 15-, 20- or 30-year terms.
Top of page
Adjustable Rate Mortgages
Are you planning on staying in your new home for only a few years? Consider an adjustable rate mortgage. It can get you more home for lower payments. As rates go up or down over the term of your mortgage, your payments will adjust accordingly. Top of page
Flex 97 Mortgages
The Flex 97 mortgages offer home loans to members with a minimal down payment. Flexible sources of funds may be used - meaning in addition to your own funds, allowable sources can include gifts, grants, unsecured loans, or secured loans.
With the Flexible 97, the minimum borrower contribution is 3% of the home's value. There are no income caps, geographic restrictions, or home buyer counseling requirements for these products. Top of page
Expanded Approval Products
These are mortgages with competitive rates for borrowers with less-than-perfect credit.
After a comprehensive review of a borrower's credit history, we can offer mortgage loans to many borrowers previously unable to receive conventional mortgage financing. Loan amounts are available at up to 97% of the purchase price. A minimum contribution of 3% towards the down payment and/or closing costs is required.
Top of page
Balloon Mortgages
Balloon mortgages are most attractive if you expect to sell your home within five to seven years. This type of mortgage starts at a fixed rate for a short, preset term with monthly payments based on an amortization schedule of up to 30 years. At the end of the initial loan period, the remainder of the full loan is due, at which time your loan is refinanced at the prevailing interest rate. Top of page
Home Equity Line of Credit (HELOC)
You can borrow up to 90% of your home's equity for almost any purchase with this revolving line of credit. Apply just once and the money will be available whenever you need it. (An annual credit review will be conducted to verify good standing.) You pay only 2% of the outstanding amount, and the interest rate is lower than most credit cards. Convenient personal checks are provided for loan advances.
Ask about our NEW Home Equity Debit Card (aka The Large Card). It gives you the convenience and security of accessing cash from your HELOC with a debit card. Use it like you would a regular debit card at ATMs and stores anywhere MasterCard® is accepted. Plus, there are no annual fees and no minimum withdrawals. Learn more at thelargecard.com.
Top of page
Home Equity Loans
If you need to use your home's equity to cover a planned expense or purchase, a fixed rate home equity loan may be the option for you. Repay the loan in equal monthly installments that are easy to budget and locked in at a fixed rate. You can even borrow up to 90% of the appraised value of your home. Top of page
Construction Loans
While you're deciding on a builder, contact First American's mortgage department at 608-368-1222. We offer construction loan programs designed to save you money while building. Top of page
Mortgage Insurance
Mortgage insurance helps protect the lender in the event the buyer fails to repay a loan. Loans that are insured, either by the government or by a private mortgage insurer, enable the buyer to purchase a home with a lower down payment than would otherwise be acceptable to the lender. The following insurance options are available to qualifying First American members:
• Private Mortgage Insurance (PMI)
• Federal Housing Administration (FHA)
• Veteran's Affairs (VA) - State & Federal
• State & Local Programs Top of page
