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Types of Loans

Fixed Rate Mortgage Loan

A fixed-rate mortgage has a fixed interest rate, fixed, equal monthly payments, and is fully amortizing over the term of the loan. A portion of each monthly payment covers the interest due on the loan. The remaining portion is applied toward the reduction of the principal balance. Regular payments systematically reduce the loan balance until the loan is paid in full.

The standard fixed-rate mortgage is still the most popular mortgage loan type and may be the best mortgage option for you if you:

  • Like a consistent payment amount to allow for easier budgeting
  • Do not like the risk of fluctuating interest rates
  • Like the idea of flexibility in the size of the monthly mortgage payment as well as how quickly the principal balance can be paid down. Shorter terms carry lower interest rates and higher monthly payments. Longer terms have smaller monthly payments and may be easier to budget.
  • Are interested in a bi-weekly payment option that can reduce the principal balance of your loan quicker. 

Adjustable Rate Mortgage Loans

Adjustable-rate mortgages (ARMs) have fluctuating interest rates that rise and fall with economic factors allowing the potential for changing payment amounts. ARMs often have substantially lower initial interest rates than the rate for fixed-rate loans. An Adjustable Rate Mortgage may be ideal for you if you are:

  • Looking for lower payments at the beginning of your loan to help you borrow more
  • Planning to move within a few years
  • Confident your income will keep pace with the rate adjustments

 Construction Perm Loans

You have more to worry about when building your home than which construction loan is best for you. Our lenders will help you choose which of our two construction loans best meets your financial needs:

Construction Conversion Mortgage:

For new construction homes with multiple payments to the builder during construction, and you make interest-only payments during the construction period.

Renovation Mortgage:

For major home improvements to your current home with multiple payments to the contractor during the renovation process and you make interest-only payments during this period.

First Time Homebuyers

Purchasing your first home can feel like an overwhelming process. The people you know and trust at First Federal Bank are committed to understanding your specific financial situation, explaining all of your mortgage options and making the process as hassle-free as possible. We have designed a special kit just for first time homebuyers to help guide you through the process.

Low Down Payment/No Down Payment Options

Special loans are available with little or no money down if you meet certain income and housing criteria. Programs are also available through agencies such as the USDA Office of Rural Development and the Federal Home Loan Bank. The following are several options available to you to make your dream of owning a home a reality:

100% Financing

100% Financing provides you with an option to own your own home sooner than traditionally possible while building your investments by eliminating your need for a down payment. If you already own a home, you can refinance up to 100% of your home's value. 100% Financing may be the best mortgage option for you if you:

  • Are looking for the maximum financing available
  • Have limited or no funds available for a down payment or would rather keep your funds in other investment options
  • Are looking for flexible options for additional home buying potential

There are also special programs available through the USDA Office of Rural Development (subject to availability). 

Kimberly Ward, Loan Officer NMLS #774891
First Federal Bank of the Midwest
1200 N. Main St., Bowling Green, OH  43402
Toll Free:  (877) 367-8178
Direct:  (419) 353-3856
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