Why Buyers Need To Think About Future Renovations
There are a lot of financial calculations involved in buying a home. Buyers need to figure out their down payment, what...
Conventional Loan
We know you worked hard to save your down payment and now it's time to find a place of your own. This traditional mortgage is available with fixed or adjustable rates and terms up to 30 years.
Home Equity Line of Credit (HELOC)
Tap into the equity in your home when you need it most. Simply write a check to access your funds, and as you pay back the loan, the funds become available again.
Home Equity Closed-End Loan
Use the equity in your home for a variety of purposes. We have equity loans available with fixed interest rates for terms up to 15 years.
Construction Loan
Financing available for your land purchase and home construction.
Lot Loan
Stake your claim even if you're not ready to build yet.
Jumbo Loan
Finance the home of your choice without being restricted by the dollar limit on conforming mortgages.
FHA Loan
For qualified buyers purchasing a moderately-priced home with a lower down payment. Great option for first-time home buyers.
VA Loan
For qualified military personnel or veterans. Finance up to 100% with no down payment.
USDA Loan
For qualified property in rural areas. Fixed interest rate, 30-year term, no down payment.
Since we started banking at First Bank for a construction loan, the staff knew our names and gave us personalized service. They listened to our financial needs and concerns and offered astute advice. They gained our trust and our friendship to the point that we moved all of our accounts to First Bank. I can call or text my lender and she always provides just the help I need. It's nice knowing First Bank is looking out for us. They provide the services of a "big bank" with a "small town" feel.
-Brian & Beth M.
First Bank is a hometown bank with a hometown feel. With national banks, getting a mortgage completed could be a nightmare, First Bank Richmond made the process easy and seamless.
-Casey R.
Having purchased my first home in June of 2018, I had no idea about the policies and procedures involved in that purchase. I was fortunate however, to have First Bank Richmond to guide me through the difficult and somewhat confusing process. They put in extra time and effort to ensure that my transaction was smooth and enjoyable. First Bank Richmond demonstrates both professionalism and customer care that are essential in creating a lasting business relationship. First Bank Richmond is my first choice!!
- Ginny B.
Compare mortgage rates and payment terms to find the best one for you.
Run the numbers and estimate your monthly mortgage payment.
Get financially prepared, and make it easier for you to get what you want.
Get pre-approved for your mortgage, and confidently negotiate with sellers.
*The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $100,000.00 and an estimated property value of $175,000. In addition, the property is located in Richmond, IN, is within Wayne County, is an existing single-family home and will be used as a primary residence. The rate lock period is 30 days, and the assumed credit score is 740. Loan amounts greater than $100,000 may result in a higher interest rate and APR.
Use our calculator to estimate your monthly mortgage payment. It is helpful to remember the rate for which you may qualify could be different depending on a variety of factors, including the term and your credit score.
Taking time to get financially prepared before you apply for your mortgage will help you get there more easily and quickly.
Here are a few of the items that we evaluate when approving a mortgage loan.
Your credit score is a number between 300 and 850, and it is based upon your spending, payment, and credit history. The higher your credit score is, the easier it can be for you to get approved for your mortgage.
Even if you think you may not qualify for a conventional loan based on your credit score, ask us about our in-house loan products, or FHA, VA, or USDA loans.
Your debt-to-income (DTI) ratio is based on how much of your total monthly income (before taxes are taken out) goes towards paying off your debt.
Your new mortgage payment (including taxes & insurance) and all other monthly debts (credit card payments, car loan payments, student loan payments, etc.) should not exceed 38% of your gross monthly income. Take the time to prepare a basic monthly analysis of what you make and spend each month before you apply for your mortgage loan.
A down payment is the initial money you pay on the price of your house. It is deducted from the total amount owed and represents your beginning equity in a house or property.
At First Bank Richmond, we have a number of down payment options available. Give us a call and we can discuss which options you may qualify for.
While we don't have any specific rules for evaluating employment history, we do want to see a pattern of proven income stability.
We recommend you apply for your mortgage when you have been employed at your current job or working in the same field for at least two years with no employment gaps. Don't worry if it is less than that, as we look at your entire employment history during the mortgage approval process.
Even though you may not be sure where you qualify, you probably have an idea of the type of loan you need. If you are applying for a conventional mortgage, you can apply online. It’s easy, and you’ll receive a response the same day.
If you are interested in any of our other home loan products, let's have a conversation.
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Yes. In fact, applying for a mortgage loan before you buy is a good idea! If you are pre-qualified for a specific amount, you’ll know which homes are within your budget and be able to negotiate confidently with the seller. Once you have completed and submitted your application, a loan officer will contact you with further information.
The closing will take place at the office of a title company or attorney in your area who will act as our agent. If you are purchasing a new home, the seller may also be at the closing to transfer ownership to you, but in some states, these two events actually happen separately.
During the closing you will be reviewing and signing several loan papers. The closing agent or attorney conducting the closing should be able to answer any questions you have, or feel free to contact your mortgage lender, if you prefer.
Just to make sure there are no surprises at closing, your mortgage lender will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.
Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you've found the perfect home.
The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the stability of the property will also be reported.
However, appraisers are not construction experts and won't find or report items that are not obvious. They won't turn on every light switch, run every faucet or inspect the attic or mechanicals. That's where the home inspector comes in. They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.
Accompany the inspector as instructed during the home inspection. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.
A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Your First Bank mortgage lender should be able to give you an estimate beforehand.
To assist you in evaluating our fees, we've grouped them as follows:
If an escrow or impound account will be established, you will make an initial deposit into the escrow account at closing so that sufficient funds are available to pay the bills when they become due.
If your loan requires mortgage insurance, mortgage insurance payments may be collected at closing. Whether or not you must purchase mortgage insurance depends on the percentage of the down payment you make.
If your loan is a purchase, you'll also need to pay for your first year's homeowner's insurance premium, flood and wind if applicable, prior to closing. The policies must be purchased and paid in full prior to closing and we consider this to be a required advance.
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