Mortgages*

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Fixed Rate Mortgages

With a fixed rate conventional or jumbo mortgage, your rate is locked for the life of the loan. The principal and interest payments will not change as interest rates go up and down, you'll make equal monthly payments over a fixed term.

Please contact a Residential Lender for our most current rates and to get your free, personalized rate quote.

Adjustable Rate Mortgages

With an adjustable rate mortgage (ARM), the interest rate can go up or down, but only after the initial fixed term ends. Many ARMs follow what's called the "two-five" formula, meaning that the rates can't move more than 2% per adjustment period or more than 5% over the lifetime of the loan.

First Midwest ARMs feature:

  • Limits (caps) on how much the interest rate can go up or down in any new adjustment period
  • Terms available up to 30 years
  • Loan amounts up to $1.5 million

Types of hybrid ARMs:

  • 5/1 adjustable-rate mortgage
  • 7/1 adjustable-rate mortgage
  • 10/1 adjustable-rate mortgage
Please contact a Residential Lender for our most current rates and to get your free, personalized rate quote.

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