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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-, 30- or 40-year terms.
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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 Mortgages
This product offers home loans to members with a minimal down payment. Flexible sources of funds may be used for ythe down payment in addition to the borrower's own funds (i.e. gifts, grants, unsecured loans, or secured borrowed funds). With flexible mortgages, the minimum borrower contribution may be as low as 3%.
Flex mortgages are subject to PMI approval.
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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.) 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.
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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 608-362-1222. 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)
• Veteran's Affairs (VA) - State & Federal
• State & Local Programs
*All products with less than 20% down paymnet are subject to PMI conditions and approval.
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