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Fixed-Rate Mortgage

Gives you the peace of mind that comes with a consistent, stable interest rate.

  • Interest rate stays the same for the life of the loan
  • A variety of terms to choose from
  • No prepayment penalty

The main value of a fixed-rate mortgage is its interest rate doesn’t change. If interest rates are low, and your credit score is optimal, A fixed-rate mortgage could lock in the best rate possible for the duration of your mortgage.

Adjustable-Rate Mortgage (ARM)

This type of loan offers interest rates that fluctuate, or vary, with current market conditions throughout the loan’s lifetime.

  • Variable interest rate
  • Rate may be lower initially than fixed-rate mortgages
  • Choose an initial adjustment period of 5, 7 or 10 years

An adjustable-rate mortgage can be your best avenue for optimal savings. It depends on the current interest rate, your home’s total cost and how you feel about a rate that will change. 

If you don’t plan to stay in your home for a long time, you’ll want to consider an adjustable rate loan when rates will be lower in the beginning.

First-Time Buyer Mortgage (FHA)

First home? You’ll want to look at the first-time homebuyer mortgage.

  • Backed by the U.S. Federal Government
  • Competitive terms
  • Low closing costs
  • Easier qualifying credit requirements

Since 1934, the Federal Housing Administration (FHA) has been helping people become homeowners by insuring the loan, so your lender can ultimately offer you a better deal. Benefits include low down payments, low closing costs and easy credit qualifying. 

FHA loans offer competitive terms and require a down payment of just 3.5% on one to four unit properties.

Refinance Loan

Looking to refinance your current home mortgage? Refinancing options are available.

  • A variety of terms to choose from
  • Low closing cost options available
  • Choose a rate and term refinance or a cash-out refinance, even if your current mortgage is with another bank

When you refinance your home, you replace your current mortgage with a new, more favorable one. There are many reasons why refinancing your mortgage could be a good idea, like taking advantage of lower interest rates. You can also leverage your financial position if it’s greatly improved since you were approved for your initial mortgage. 

If you have equity in your home, you may be able to take out a new mortgage for more than what you owe, so you can use the extra cash for other expenses. Refinancing could also eliminate your private mortgage insurance (PMI) payments. 

Other reasons are to avoid a balloon payment or refinance an adjustable-rate mortgage to a fixed term.

Fannie Mae HomeReady® Loan

Enables affordable housing opportunities for borrowers with low-to-moderate income.

  • Available for home purchases and limited cash-out refinances
  • Affordable and cancellable mortgage insurance available
  • Wide range of down payment and closing cost funding sources accepted
  • Income limit is 80% of Area Median Income*
  • Homeownership education and counseling options are available

*Area Median Income data source is Fannie Mae.

The Fannie Mae HomeReady® Loan program offers fixed-rate mortgage loans designed to make home ownership more accessible for more people. Created to meet the needs of borrowers with low-to-moderate income, HomeReady® offers affordable financing with flexible terms.

Wide range of down payment and closing cost funding sources accepted including gifts, grants, cash-on-hand and Fannie Mae Community Seconds.

Jumbo Loans

A jumbo loan gives you special terms when you finance more than $766,550.

  • Fixed- and adjustable-rate mortgage financing available
  • Special financing available for doctors/residents

A jumbo loan lets you take out a larger amount than a traditional mortgage would allow. We’re proud to offer competitive rates to ensure you get the house of your dreams.

Lot Loan Program

Buy your lot now and build later with the Lot Loan Program.

  • Fixed-rate loan
  • Gives a buyer up to three years to close on a construction loan
  • Maximum loan amount: $250,000
  • Lot size can be up to 5 acres
  • Borrower to have a First Mutual Bank Construction-to-Permanent loan in place at end of loan term, or pay the Lot Loan in full

Our Lot Loan Program can help you purchase the land you want now, with the freedom to start building your dream home at a later date. Use this fixed-rate loan to buy up to 5 acres of land without the financial burden of simultaneously paying for construction costs.

Construction to Permanent Loans

Save on mortgage costs by only paying the interest until your construction period is complete.

  • Borrow up to 95% of either the appraised value of the property with or the cost of the construction, whichever is lower
  • Available as a fixed- or adjustable-rate loan
  • No prepayment penalty
  • Up to five draws are available to help you finance your construction costs throughout the process

If you’re looking to build your new home, our Construction to Permanent Loans help you save on mortgage costs. While your home is in construction, you pay only the interest on your mortgage until your construction period is complete.

Then your mortgage converts to a fixed- or adjustable-rate loan. It’s never been easier to finance a home from building it to living in it.

Doctor and Resident Loan

Medical doctors, residents, dentists, podiatrists, ophthalmologists and veterinarians can take advantage of special lending terms.

  • No Private Mortgage Insurance (PMI) charges
  • Fixed and adjustable rate mortgages available for purchases and refinances
  • Student loan payments may be excluded from debt-to-income calculation
  • Construction financing available

If you’re a medical doctor, resident, dentist, podiatrist, ophthalmologist or veterinarian, a Doctor and Resident Loan may be for you. We offer these loans with special mortgage financing terms to help make financing that dream home an easy procedure.

Enjoy special rates and up to 100% financing. Your student loan payments may be excluded from your debt-to-income calculation, making it easier to qualify for your loan.

Community Champions Program

A loan dedicated to helping our hometown heroes buy their dream home.

  • Applies only to adjustable rate mortgages (ARM)
  • Borrower must be employed full-time in one of the qualifying professions
  • No Private Mortgage Insurance (PMI)

Our Community Champions Loan is a loan program for: firefighters, emergency medical technicians, paramedics, nurses, police officers, teachers and military including: active, retired, veterans and National Guard Members who make a difference in our communities every day. We can help our community heroes make the dream of homeownership a reality.

Our Community Champions Program is dedicated to helping our hometown heroes buy their dream home, with benefits like 100% financing available with no PMI, and more!

Home Improvement Loan

Consider a financing strategy for your home improvement projects that will not disrupt your long-term investment plan. Our home improvement loan offers a cost-effective way to fund your dream renovations, allowing you quick access to cash with competitive rates. Not only will you tackle those renovations you have been planning, but you will increase the equity of your home.

Because buying a home doesn’t need to be a secret.

Download our step-by-step guide on the homebuying process. From making an offer to closing, this guide gives you the information you need to feel comfortable throughout the process.  

Let’s Set You Up for Success

Schedule your free mortgage consultation.

Everyone’s situation is different, which is why talking to a mortgage expert is essential. We’re ready to answer your questions. Talk to an experienced Mortgage Loan Originator.

Start saving for tomorrow, today

Every little bit counts, and with our savings account options, you can get started today. Putting money aside for your goals is easy with our help.

Your Path to a New Home Starts Here

Get financial insights, facts and homebuying advice.

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