Which mortgage is right for you?
Fixed or Adjustable Rate?

Know the differences so you can choose what's best for you.

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Multiple solutions ideal for purchasing or refinancing

First American Bank is a full-service bank with branches in Illinois, Wisconsin and Florida. We work closely with homeowners to help them secure a home loan and rate that perfectly matches their budget and lifestyle. For a limited time, we’ll pay $500 toward your closing costs when you sign up for automatic loan payments and eStatements*. This offer expires December 31, 2019, so don't wait to apply.

Rates

Rates Effective: 11.18.19
Rates and points are subject to change without notice.
Product Rate APR Points
30 Year Fixed Rate
Terms and Conditions
3.750%3.807%0.000
15 Year Fixed Rate
Terms and Conditions
3.250%3.351%0.000
5/1 ARM
Terms and Conditions
3.375%3.993%0.000
Jumbo 30 Year Fixed
Terms and Conditions
3.875%3.895%0.000
FHA 30 Year Fixed
Terms and Conditions
3.250%3.977%0.000
Federal VA 30 Year Fixed Rate
Terms and Conditions
3.375%3.431%0.000
30 Year Fixed Rate

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $175,000 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 3.750% interest rate, the APR for this loan type is 3.807%. The monthly payment schedule would be:

  • 359 payments of $810.45 at an interest rate of 3.750%
  • 1 payment of $811.36 at an interest rate of 3.750%

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.

15 Year Fixed Rate

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $175,000 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 3.250% interest rate, the APR for this loan type is 3.351%. The monthly payment schedule would be:

  • 179 payments of $1,229.67 at an interest rate of 3.250%
  • 1 payment of $1,229.73 at an interest rate of 3.250%

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.

5/1 ARM

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $175,000 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 3.375% initial interest rate, the APR for this loan type is 3.993%, subject to increase. Based on current market conditions, the monthly payment schedule would be:

  • 60 payments of $773.67 at an interest rate of 3.375%
  • 299 payments of $848.53 at an interest rate of 4.250%
  • 1 payment of $847.57 at an interest rate of 4.250%

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.

Jumbo 30 Year Fixed

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $500,000 and an estimated property value of $750,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 3.875% interest rate, the APR for this loan type is 3.895%. The monthly payment schedule would be:

  • 359 payments of $2,351.19 at an interest rate of 3.875%
  • 1 payment of $2,349.56 at an interest rate of 3.875%

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.

FHA 30 Year Fixed

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $178,062 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 3.250% interest rate, the APR for this loan type is 3.977%. The monthly payment schedule would be:

  • 12 payments of $890.54 at an interest rate of 3.250%
  • 12 payments of $888.17 at an interest rate of 3.250%
  • 12 payments of $885.72 at an interest rate of 3.250%
  • 12 payments of $883.19 at an interest rate of 3.250%
  • 12 payments of $880.58 at an interest rate of 3.250%
  • 12 payments of $877.88 at an interest rate of 3.250%
  • 12 payments of $875.09 at an interest rate of 3.250%
  • 12 payments of $872.21 at an interest rate of 3.250%
  • 12 payments of $869.23 at an interest rate of 3.250%
  • 12 payments of $866.16 at an interest rate of 3.250%
  • 12 payments of $862.99 at an interest rate of 3.250%
  • 227 payments of $774.94 at an interest rate of 3.250%
  • 1 payment of $773.89 at an interest rate of 3.250%

The monthly payment amounts quoted include the mortgage insurance premium.

Mortgage insurance is required for most FHA loans. The monthly mortgage insurance premium is calculated based on the average annual outstanding balance, so it will vary from year to year.

$774.94
$115.60
$890.54

The actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

Federal VA 30 Year Fixed Rate

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $175,875 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 3.375% interest rate, the APR for this loan type is 3.431%. The monthly payment schedule would be:

  • 359 payments of $777.54 at an interest rate of 3.375%
  • 1 payment of $776.26 at an interest rate of 3.375%

The actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

Disclosures

Subject to credit approval. Standard rates apply. *Special Offer: $500 off your closing costs valid on applications received between 11/16/19-12/31/19. Loan must close by 3/31/20. Only available on 1-4 family home. Limited to residents of Illinois; Kenosha, Racine, Milwaukee & Walworth counties in Wisconsin; Lake & Porter counties in Indiana; and Miami-Dade, Broward, Collier, Monroe, & Palm Beach counties in Florida. Prior to closing you must set up an Automatic Funds Transfer (AFT) or Automatic Clearing House (ACH) to make the monthly payment on your loan, and within the first statement cycle you must elect electronic statements (requirement does not apply to FHA, USDA and loans sold on the secondary market). Closing costs include only those fees and charges required by First American Bank as a condition of obtaining a loan. Title fees, as part of the closing costs, will vary by county. May not be combined with other promotions. Please see a banker for details.

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. 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 $650,000. 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.