Mortgages^*

With great rates and a simple process, we're bringing momentum back to our housing market.

• Fixed Rate Mortgages 
• Adjustable Rate Mortgages 
• Reverse Mortgages 
• View Rates 

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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.

^{1 In the example above, the rates and amounts used are for illustrative purposes only and assumes a down payment of 20%. Monthly payment amounts do not include taxes and insurance and your actual payment amount will be greater. Individual situations may vary. This is not an offer to lend.} 

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

5/1 ARMs, you'll have a low fixed rate for the first 5 years with an adjustment every year thereafter.

7/1 ARMS, you'll have a low fixed rate for the first 7 years with an adjustment every year thereafter.

10/1 ARMs, you'll have a low fixed rate for the first 10 years with an adjustment every year thereafter.

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^{1 In the example above, the rates and amounts used are for illustrative purposes only and assumes a down payment of 20%. Monthly payment amounts do not include taxes and insurance and your actual payment amount will be greater. Individual situations may vary. This is not an offer to lend.} 

^{2 Rate may adjust 2% each year with an interest rate adjustment cap of 5%. Rates are variable and may increase after consummation.}