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Mortgage Rates

Take advantage of our low rates to purchase a new home or refinance your existing mortgage. Our daily updated rates are available in Illinois, Wisconsin, Florida and select counties in Indiana.

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Term
Rate
(%)
Annual
Percentage
Rate(%)
Points
(%)
 

FIXED CONVENTIONAL

Loan-to-Value <75%

15 YEAR

4.1250

4.2200

0

Terms and Conditions

FIXED CONVENTIONAL

Loan-to-Value <75%

30 YEAR

4.7500

4.8060  

0

Terms and Conditions

ARM CONVENTIONAL

Loan-to-Value <75%

5/1 YEAR

4.0000

4.9170

0

Terms and Conditions

 

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Additional Information

Subject to credit approval. Standard rates apply. *Title fees, as part of the closing costs, will vary by county. Please see a banker for details.

Rates are subject to change at any time without notice. Quoted rates can be locked for 35 days and are based on the purchase/refinance of a single family home to be used as a primary residence. 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 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. Available loan amounts range from $30,000 to $650,000 with Loan-to-Value < 80%. Please call for rate information on loan amounts not shown in the table.

Conventional loan APRs shown are based on a loan amount of $175,000. We assume a 25% down payment with no Private Mortgage Insurance (PMI) and based on payment for the full term. APRs will vary due to the cost of PMI, if necessary, and actual loan amounts. 

The APRs shown on adjustable rate mortgage (ARM) loans are based on a loan amount of $175,000 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.  

Payment Stream Information

15 Year Fixed Conventional Loan

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 4.125% interest rate, the APR for this loan type is 4.220%. The monthly payment schedule would be:

  • 179 payments of $1,305.44 at an interest rate of 4.125%
  • 1 payment of $1,306.06 at an interest rate of 4.125%

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.

30 Year Fixed Conventional Loan

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 4.750% interest rate, the APR for this loan type is 4.806%. The monthly payment schedule would be:

  • 359 payments of $912.88 at an interest rate of 4.750%
  • 1 payment of $913.97 at an interest rate of 4.750%

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.

5/1 ARM Conventional

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 4.000% initial interest rate, the APR for this loan type is 4.917%, subject to increase. Based on current market conditions, the monthly payment schedule would be:

  • 60 payments of $835.48 at an interest rate of 4.000%
  • 299 payments of $960.22 at an interest rate of 5.375%
  • 1 payment of $958.90 at an interest rate of 5.375%

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.

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