Nirav Patel
Mortgage Lender, NMLS #691732
How can I help you achieve your home-buying goals?
As your trusted First American Bank mortgage loan officer in Bartlett, Illinois, my mission is to provide you with exceptional customer service. I will walk you through every step of the home loan process and support you from mortgage prequalification to pre-approval, all the way through your closing date. As a partner with you in the home financing process, I will provide you with a variety of mortgage lending programs to meet your individual needs, whether you are seeking a fixed-rate or adjustable-rate mortgage (ARM). I am committed to keeping you informed throughout the mortgage loan process, and am here to answer questions, explain options and eliminate hassles and worry along the way. Whether you are a first-time home buyer or seasoned buyer, you can trust me and my team with all of your home financing needs.
Don’t hesitate to reach out using the direct contact information located on this page. I appreciate your business and look forward to working with you!
I am a licensed loan officer and I speak three languages: English, Hindi and Gujarati. I have been in the banking industry for over 14 years and doing residential loans for the last eight years. I understand the importance of buying a first home, so I regularly conduct first-time homebuying seminars at the Bartlett and Streamwood libraries. I am proud to be known for my great customer service and being always on top of mortgage files to make sure clients' loans close on time. Outside of the office, I enjoy spending time with my family. My hobbies are cricket, pool and running.
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| Product | Rate | APR |
|---|---|---|
Home Equity Line of Credit Terms and Conditions | 7.750% | 7.750% |
Not available for investment properties or properties located in Texas, New York, Alaska, or Hawaii- The Annual Percentage Rate (APR) is a variable rate based on the highest Prime Rate published in the Money Rates section of The Wall Street Journal on the first business day of the month. Rates subject to change at any time. The maximum APR is 18%. Monthly payments of interest only will result in a balloon payment. No annual fee for the first year - $75 annual fee thereafter. Costs to satisfy certain prior liens may be assessed. Property insurance is required. Flood hazard insurance may be required. An Early Cancellation Fee of 2.00% of the credit limit, or $500, whichever is less, will apply if the loan is closed within the first 36 months. An Early Cancellation Fee is not applicable when prohibited by state law. Offer is subject to normal credit qualifications.
*UP TO $2,500 IN CLOSING COST CREDIT: Third party fees and charges ranging from $500 to $3,100 may be assessed for HELOCs under $250,000 at closing. If at the time of closing you set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your HELOC and within the first statement cycle elect electronic statements, we will pay up to $2,500 of the Third Party Fees and Charges associated with closing on your HELOC, including, but not limited to, appraisal, title, flood, credit report, stamp & tax, and recording fees (Third Party Fees and Charges). If at any time during the term of your HELOC you fail to maintain the AFT or ACH or an electronic statement, you agree to repay the Third Party Fees and Charges that we previously paid which may be added to the outstanding balance of your HELOC. If at the time of closing you do not set up an AFT or ACH to make the monthly payment on your HELOC, then you agree to pay the Third Party Fees and Charges at closing. Not available for loans that fall outside our standard product, rate, term and underwriting guidelines.
Payment: Your Regular Payment will equal the amount of your accrued Finance Charges. Term: The draw period will extend to the first day of the month following execution of the loan documents plus ten (10) years.
Balance Due at End of Loan Term: Closing Fees: $612.00
Annual Fee: $75.00
| Product | Rate | APR | Points |
|---|---|---|---|
30 Year Fixed Rate Terms and Conditions | 6.500% | 6.631% | 0.000 |
15 Year Fixed Rate Terms and Conditions | 6.000% | 6.211% | 0.000 |
5/6 ARM SOFR Terms and Conditions | 6.750% | 7.500% | 1.000 |
Federal VA 30 Year Fixed Rate Terms and Conditions | 6.250% | 6.567% | 0.000 |
Subject to credit approval. Standard rates apply. Title fees, as part of the closing costs, will vary by county.
Rates are subject to change at any time without notice. Rates and terms are not guaranteed until application is completed and rate is locked by a First American Bank mortgage loan representative. Rates and programs are subject to limitations. Call for program availability. Not available on collateral properties located in Texas, New York, Alaska, and Hawaii. All programs are fully amortized loans that require monthly payments of principal, interest, and any required escrow payments for the term of the loan. The above payments do not include amounts for taxes and insurance premiums. Therefore, the actual payment obligation will be greater. The exact monthly payment of a loan will vary depending on the term of the loan, the amount and the Annual Percentage Rate (APR) at the time of loan approval. APRs will vary due to the cost of PMI (if necessary), title company fees, loan points based on your credit score and actual loan amounts. Available loan amounts range from $30,000 to $2,000,000. Please call for rate information on loan amounts not shown in the table.
Conventional Loan APRs: We assume a 25% down payment with no Private Mortgage Insurance (PMI) and based on payment for the full term.
Jumbo Loan APRs: We assume a 30% down payment with no Private Mortgage Insurance (PMI) and based on payment for the full term.
Adjustable Rate Mortgage (ARM) Loan APRs: Amortized for 30 years. The APRs shown are for the initial period and may increase after closing due to the movements of the interest rate index during the rate adjustment periods. Call for information regarding rate adjustment caps and margins.
At a 6.500% interest rate, the APR for this loan type is 6.631%. The monthly payment schedule would be:
- 359 payments of $1,327.33 at an interest rate of 6.500%
- 1 payment of $1,327.05 at an interest rate of 6.500%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
At a 6.000% interest rate, the APR for this loan type is 6.211%. The monthly payment schedule would be:
- 179 payments of $1,772.09 at an interest rate of 6.000%
- 1 payment of $1,771.70 at an interest rate of 6.000%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
At a 6.750% initial interest rate, the APR for this loan type is 7.500%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $1,362.06 at an interest rate of 6.750%
- 299 payments of $1,472.90 at an interest rate of 7.625%
- 1 payment of $1,474.25 at an interest rate of 7.625%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
At a 6.250% interest rate, the APR for this loan type is 6.567%. The monthly payment schedule would be:
- 359 payments of $1,090.97 at an interest rate of 6.250%
- 1 payment of $1,091.20 at an interest rate of 6.250%
The actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
Highly recommend: Nirav was so helpful throughout the entire home purchasing process. As a first-time home buyer, he was always available to answer any questions we had in a timely manner. I'm looking forward to continuing to work with Nirav.
Nirav is a true banker. His professionalism and efficiency help simplify the process. He’s done 2 loans for me so far and I would highly recommend him as a banker.
Nirav Patel is very professional and is knowledgeable as a Lending officer. He helped me and my family purchase our first house. Nirav answered all of our questions and concerns through out the loan application process starting with pre-approval application. He worked on our application swiftly and promptly to ensure that we can close loan faster. I will highly recommend Nirav Patel to anyone who wants to buy a new house for their mortgage needs.
I recently had the pleasure of working with Nirav during my first home purchase, and I can't recommend Nirav and his team highly enough. I initially found the process to be overwhelming as a first-time buyer with little knowledge of loans. However, Nirav's thorough guidance and excellent communication made all the difference. He took the time to explain every step, ensuring I understood the various types of loans and how my credit impacted my options. Unlike major banks that often failed to respond promptly, Nirav and his team were incredibly responsive. From the moment I applied, there were a few challenges on my file, but Nirav reached out to me the same day with a solution. Nirav provided daily updates on the process and was always accessible via phone, text, or email. This level of dedication and support was invaluable and made the entire experience stress-free. I wholeheartedly recommend Nirav and his team to anyone in need of loan assistance. They are professional, knowledgeable, and truly care about their clients. If you have any questions about my experience, please feel free to reach out. Choosing Nirav and his team will undoubtedly leave you extremely satisfied and happy with your decision.
Niravbhai made sure all our questions and concerns were answered. He is very efficient and professional. Highly recommended him!
Great guy to work with, pays attention to all the little details and make sure you are satisfied with every question you have. Indeed please to work with.
