Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Conventional Fixed-Rate Loans

Get the home you dream of and a budget you can predict.

We’ll help you finance your dream home.

A fixed-rate mortgage offers a straightforward, predictable monthly payment. Your interest rate—and your total monthly payment of principal and interest—will stay the same for the entire term of the loan. That predictability makes it easier to set your yearly budget.

Perfect for you if:
  • You understand your financial needs well.
  • You’re looking for a home to stay in for a long time.
  • You need to be sure your budget stays consistent.

Loan Features

  • Your interest rate and monthly principal and interest (P&I) payments remain the same for the life of your loan.
  • Available in a variety of loan term options.

Loan Benefits

  • Predictable monthly P&I payments allow you to budget more easily.
  • Protection from rising interest rates for the life of the loan, no matter how high interest rates go.
  • May be a good choice if you plan to stay in your home for a long time.

Considerations

  • The overall interest you pay is higher on a longer-term loan than on a shorter-term loan.
  • On a shorter-term loan, the monthly P&I payment is typically higher than on a longer-term loan.
  • Small extra principal payments every month will shorten the term of your loan and build equity faster.

Terms

30-year Fixed-rate Mortgage
The 30-year fixed-rate mortgage is one of the most popular mortgages. Many people like the fixed interest rate and lower monthly payments. But since the term of the loan is long, you’ll pay more interest over the life of the loan than you would on a shorter-term mortgage, and you’ll build equity more slowly.

20-year Fixed-rate Mortgage
A 20-year fixed-rate mortgage helps you pay off your home faster and build equity more quickly than longer-term fixed-rate mortgages. This type of mortgage generally has a lower interest rate than longer-term home loans but higher monthly payments.

15-year Fixed-rate Mortgage
You generally pay a lower interest rate with a 15-year fixed-rate mortgage than you would for longer-term fixed-rate mortgage loans. You will pay less interest than you would with a longer-term loan and build equity more quickly. However, your monthly payments will be higher for a 15-year fixed-rate mortgage than they would be on a longer-term mortgage.


Apply online today

Applying for a First Bank mortgage is fast, easy and secure. Before you begin, have the following information on hand.

Financial Information
  • Income
  • Your total assets
  • Monthly expenses
Property Information
  • Estimated purchase price and down payment amount (if buying)
  • Estimated property value and loan amount (if refinancing)
Work with a local mortgage specialist

Loans are subject to credit approval.

For a $200,000 mortgage loan for a term of:

  • 30 years fixed interest rate of 4.75%, with an APR of 4.906%, the monthly payment would be $1,043.29.
  • 15 years fixed interest rate of 4.125%, with an APR of 4.391%, the monthly payment would be $1,491.94.

Based on 20% down payment and 1% Origination Fee. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. These payments are based on recent interest rates and can vary based on individual credit.

Trending Topics
30-Year Mortgage Rate Forecast Tips A great way to lock in the best mortgage interest rate is to shop around. By learning how to read a 30-year mortgage rate forecast, homeowners can pinpoint an ideal… Business Grants Explained Coming up with the capital to start or expand your small business can be a frustrating task. If you’ve ever heard of business grants, they may seem like a silver… Home Mortgage Calculator from First Bank A home mortgage calculator can help you determine your monthly mortgage payments. This will help you financially prepare for that future purchase, whether you are a first-time homebuyer or seeking… Commercial Loan Payment Calculator Are you interested in obtaining a commercial mortgage? A commercial loan calculator* can help determine your monthly payments. This is important because purchasing a location for your business is significant… Save Money with This Refinance Calculator for Home Mortgages When mortgage interest rates are low, homeowners should compare their current mortgage terms with the option of refinancing. By locking in the right rate, homeowners can take advantage of significant… 3 Major Factors of a Small Business Credit Card Comparison Conducting a small business credit card comparison can be a useful tool when looking for resources that can help your company. But there are many credit card options available to… Calculate Your Monthly Mortgage Loan Payment (with Taxes and Insurance) A mortgage loan calculator with taxes and insurance can help prospective homeowners prepare for the financial responsibility of owning a home. Purchasing a home may be one of the biggest… Business World Credit Card Business owners use credit cards to pay for most business expenses. It's important to have a business credit card that enables you to get the most out of your money. Discover… Credit Card Processing for Businesses If you are a business owner, you probably know that accepting multiple forms of payment (cash, debit, credit, and checks) is important. But you may not know just how essential… How To Get A Small Business Loan If you are an entrepreneur ready to start your own business, or a seasoned small business owner looking to expand, you may need to know how to get a small…