Mortgage Options
We realize that people have different needs and requirements when it comes to mortgages. That's why First American gives you the flexibility to choose from:
Want the security of knowing that your monthly mortgage payment of principal and interest will be the same for as long as you have your loan? Then a fixed rate loan can be an ideal choice for you.
- When you get the loan, the interest rate is set and will never change -- so you can budget accordingly.
For more information, call 847-952-3700. [top]
Adjustable Rate Mortgage (ARM)
The interest rate on an ARM is fixed for an initial period. After that time, the interest rate may vary annually according to market conditions, in which case your monthly payments could change.
- Because ARM rates are fixed for a relatively short period of time, the initial interest rate can be lower than those of longer term fixed rate loans.
- Your Mortgage Loan Representative will give you a full explanation of the terms of the ARM loan you're considering.
For more information, call 847-952-3700. [top]
If you're looking to finance more than $417,000, a Jumbo mortgage from First American can be just the answer.
- Varies by type -- fixed rate or ARM
- Flexible terms
- A loan to fit your financial situation whether 15 year, 30 year or ARM
For more information, call 847-952-3700. [top]
A great opportunity for those considering alternatives to conventional loans. Advantages of FHA loans include:
- Lower required down payment.
- Unlike conventional guidelines, the entire down payment can be a gift or borrowed from family and relatives.
- More flexible credit underwriting than conventional loans.
- No need to have a cash reserve on hand. [top]
Be sure to check with your First American Bank Mortgage Loan Representative to find out how much you can borrow. The rules for FHA loans are different from county to county and can change over time.
Loan Comparison Chart
Down Payment
|
Source of Down Payment
|
Amount of Loan
|
Cash Reserves
|
|
FHA |
3% | Gifts or funds borrowed from family or relatives | Higher % of income can be allocated for monthly payment | Not Required |
FHA ARM
|
3% | Gifts or funds borrowed from family or relatives | Higher % of income can be allocated for monthly payment | Not Required |
Conventional Mortgage
|
5% | Minimum 5% must be own funds | Lower % of income can be allocated for monthly payment | 2 months payment |
An FHA loan can offer big advantages when you’re looking for financing. Talk to one of our Mortgage Loan Representatives to find out if you qualify.
For more information, call 847-952-3700 and follow the prompts or send an e-mail. [top]