Mortgages*
With great rates and a simple process, we're bringing momentum back to
our housing market.
Get Connected
with a Residential Lender
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.