We
offer the widest range of conventional home mortgage
loans available at 1st Midwest Mortgage. The program
options and range of rates/terms are almost endless.
Our professional loan officers will assist you in
deciding which program is best suited for your
needs. Here are the primary programs we offer:
Fixed Rate Mortgages – Available in 10-,
15-, 20-, 25-, and 30-year periods.
- Monthly payments the same over the life of
the loan
- Interest rates do not change
- Rates are protected if rates go up during
the loan
- Borrower may refinance if rates go down
Adjustable Rate Mortgages – Available in
6-month, 1-, 2-, 3-, 5-, and 7-year periods.
- Payments and interest rates are generally
lower than Fixed Rate Mortgages
- Rates and payments may go up or down during
the term of the loan
- Borrower may qualify for higher loan amounts
than with a Fixed Rate Mortgage.
Balloon Mortgages – Available in 5-, 7-,
15-year periods.
- Lower monthly payment over a shorter period
of time
- Unpaid balance (balloon payment) is due at
end of mortgage period
- May offer option to convert to another loan
after term is completed
First-Time Buyers Program – Available in
a variety of Fixed and ARM programs and are designed
to assist first-time homebuyers.
- Often available with lower down payment
- Less strict program qualifications
- Possibility of lower rates
Imperfect Credit Programs –
Available in a variety of Fixed and ARM programs and
are designed to assist buyers who may have imperfect
credit histories.
Home Equity Line Of Credit –
Offers homeowners the opportunity to borrow money as
needed based on the equity in their homes. Borrow as
needed. Payments and interest are based on what you
borrow. Interest may be tax deductible.
Fixed Home Equity Loan – Fixed
payments based on a fixed amount borrowed against
the equity in your home. Interest may be tax
deductible.