Why choose First State Bank and Trust for your Mortgage?
Owning your own home is one of life’s most satisfying achievements. Yet, without the right kind of guidance, financing your home can seem complicated and overwhelming.
At First State Bank and Trust, you’ll get a competitive rate and something extra: an honest expert who will guide you every step of the way.
Give us a call or stop in. Tell us what you’d like to achieve. Whether buying, building or refinancing, we’ll create a roadmap to get you there. Together.
Fixed Rate Mortgages
- 15, 20, or 30-year terms.
- Protection from rising interest rates.
- No pre-payment penalties for early payoff or refinancing.
- Minimum down payment as low as 5%.
Federal Housing Authority (FHA) Loans
- Government-backed loans.
- Lower credit score requirements.
- Mortgage insurance is required.
- Minimum down payment as low as 3.5%.
Veterans Affair (VA) Loans
- Backed by US Department of Veterans Affairs.
- Finance up to 100%.
- Lower credit score qualifications.
- No mortgage insurance required.
Construction Loans
- 9-month term with payments of interest-only.
- The cost of land can be included in the construction loan.
- At the end of construction, the loan will be refinanced into your “end loan” with a fixed interest rate for up to 30-years.
Land Loans
- Used to purchase a piece of land.
- Flexibility to roll into a construction loan at a later date.
- Interest rates locked up to 7-years.
Bridge Loans
- Short-term loan intended to bridge the gap during times when financing is needed during a transitionary period. For an example, moving from one house to another and not closing simultaneously.
- Up to a 12-month term with your rate locked in for the duration of the loan. Monthly payment is interest only.
- Full repayment of the loan when home is sold or other assets become available.
Home Equity Lines of Credit (HELOC)
- Revolving line of credit.
- Borrow only when you need it.
- Interest rates are variable and adjust accordingly to Wall Street Prime.
- Interest only payments when funds are borrowed.
