Loan Products
Select from our wide range of mortgage products available for Purchases and/or Refinances. If you do not find one that suits your immediate needs, please contact us at any of our Branch Offices or call one of our Loan Originators. Our goal is to provide the best financing assistance available. Remember we are the mortgage loan specialists and have been assisting the residents of northern Indiana and southwestern Michigan since 1966.
Fixed Rate Mortgage
This is the most popular type of home mortgage loan.
- Fixed interest rate for the life of the loan
- Fixed monthly payments for the life of the loan
- Purchase or Refinance
- Primary residences, second homes, investment properties, and construction loans
- Terms from 10 to 30 years
- Longer the term the lower the monthly payment
- Shorter the term the higher the payment, however, less interest is paid over the life of the loan and the equity will build quicker
- For the person with limited or fixed incomes
- If you plan to stay in your home a long time
FHA Loan
A borrower does not have to have perfect credit to qualify for an FHA mortgage. And FHA has many options to help borrowers stay in their home and avoid foreclosure.- FHA loans require a low 3.50% down payment and the source of the funds can come from a family member as a gift.
- Fixed interest rate for the life of the loan.
- No ARMs available.
- Purchase, Refinance, Cash Out Refinance, or Streamline Refinance available.
- Single-family, primary residence only, 1-unit properties, manufactured homes are eligible.
- Terms from 15 to 30 years.
- Borrowers are not required to conform to external MI Company underwriting guidelines. FHA insures all qualified borrower mortgages.
Adjustable Rate Mortgage (ARM)
Saves you money in the early years with lower interest rate.
- Interest rate adjusts periodically with movement in a pre-selected index
- Lower interest rate than a traditional fixed rate mortgage loan
- Purchase or Refinance
- Select from many ARM adjustment periods (1 YR, 3/1, 5/1, 7/1, 10/1)
- Primary residences, second homes, investment properties, jumbos, and constructions
- Index - U.S. Treasury Securities - 1 Year T-Bill
- Margin - a fixed percentage that is added to the index at each adjustment period
- Rate Cap - the maximum amount the rate can increase or decrease per adjustment period and over the life of the loan
Jumbo Mortgage
If you need to borrow more than $417,000.
- Select from many ARM programs
- Primary residences, second homes, and construction loans
- Purchase or refinance
- No point cap on our Jumbo loans
- Blanket (Bridge) loans available
Construction/Perm Mortgage Loan
One transaction for the entire process
- Convenience of one application, one closing
- Fixed, Adjustable Rate, and Jumbo Mortgages available
- Six month interest only
- At end of construction, interest rate will be modified to current market rate not to exceed interest rate at time of loan closing
Construction End Loan
The security of a permanent mortgage at construction end
- Fixed and Adjustable Rate mortgages available
- Lock-in rate option available at application
- Commitment is good for 6 months
Modular Construction Mortgage Loan
One transaction for the entire process
- Fixed and Adjustable Rate mortgages available
- 4 month interest only
- 30 day rate lock at time of application
- At end of construction, interest rate will be modified to current market rate not to exceed interest rate at time of loan closing
Secondary Homes
- Fixed Rate and Adjustable Rate Mortgages available
- Purchase, No Cash-Out, and Cash-Out Refinances available
- Up to 95% LTV
No Point/No Fee Loan
- Maximum LTV 97%
- Fixed Rate of Hybrid ARMs only
- First Federal pays for: appraisal, credit, title insurance (Lender Policy - with $100 maximum)
- Single Family Primary & Secondary Residence
- Purchase only
Blanket Mortgage Loan
Equity in present home can be used toward purchase of new home.
- 1 Year Adjustable Rate mortgage
- Point caps do not apply
- 80% maximum LTV
- May be used for a construction loan also
- Modification fee collected at modification time
- Primary residence and second homes only
- Do not lose the opportunity to purchase that new home just because your present home hasn't sold yet
80/10/10 Mortgage Loans
Avoid the added expense of mortgage insurance while making a down payment as low as 5%, or a great alternative to the jumbo loan.
- 80% LTV first mortgage (3/1, 5/1, 7/1, or 10/1 ARM or Fixed Rate available)
- 10% second mortgage (15 year fixed rate)
- 10% down payment funds must come from borrowers own funds.
- Owner occupied, 1-2 unit primary residence, or owner ocupied, secondary residence
- Purchase or no cash out refinance
Non-Conforming Mortgage Loans
Loans that do not meet Freddie or Fannie guidelines.
- Adjustable rate mortgages
- Purchase, Cash out refinance, No cash out refinance
- Up to 95% LTV
- Owner occupied Primary Residence, secondary residence
- Construction Loan, Modular Loan, Improvement Loan, and Investment Properties
Investment Loans
Properties up to 4 units
- Fixed and Adjustable Rate Mortgages
- Purchase, Cash-Out and No Cash-Out Refinances available
- Maximum of 4 investment properties with total dollar amount not to exceed $500,000.
Purchase With Improvement Loan
One mortgage for the purchase price and funds to make the improvements for your ideal home.
- Adjustable Rate Mortgage
Home Improvement Loans
Perfect loan for those repairs that are needed, or that extra bedroom you have been dreaming of.
- Fixed and Adjustable Rate mortgages available
- Refinances
- Up to 90% LTV
- Owner occupied primary, Secondary residence and investment properties
Lot Loans
We can provide the financing for that special lot that will become the location of your dream home.
- Adjustable Rate mortgage
- Up to 80% LTV
- Limited closing costs
Lender Paid Mortgage Insurance
First Federal Savings Bank pays Private Mortgage Insurance.
- Fixed rate or Hybrid Arms
- Purchase, Refinance or Cash Out
- Primary residences, second homes
- Terms from 10 to 30 years
Visit RATE WATCH for the current loan rates.
