Your finances are safe and secure with First State Bank.
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From application to closing, First State Bank delivers competitive rates, great service, and a smooth mortgage experience. Get pre-qualified or start your application today!
FEATURED PRODUCT:
5-Year Adjustable Rate Mortgage (ARM)
Rates as Low as 6.375% RATE* / 7.622% APR*
With mortgage rates on the rise, alternative loan options are becoming more popular. While an adjustable-rate mortgage (ARM) may not be for all borrowers or scenarios, it could be an option to keep the interest portion of a mortgage payment more affordable in the near term.
An ARM:
- Saves interest compared to a 30-year fixed-rate mortgage during the initial 5-year term
- Can be paid off or refinanced prior to the first adjustment without penalty
First State Bank offers a wide range of financial options, so no matter your home loan needs, you can count on us to bring you home.
WHY WORK WITH A LOCAL LENDER
Why First State Bank?
We're locally owned and operated, which means all lending decisions are made right here. Our loan professionals help you understand the mortgage process at a neighborhood level. We're there for you from application to close!
Flexible options
No matter your situation, we'll find an affordable solution that best fits your needs.
Competitive rates
Getting a great rate can make a huge difference over the life of your loan.
A true community bank.
We are committed to the success of the families and businesses in our communities.
FINDING THE RIGHT MORTGAGE FOR YOU
Whether you are buying, building, or remodeling, the mortgage lending team at First State Bank offers a wide range of financing solutions to get you into your dream home quicker.
Adjustable-Rate Mortgage
A flexible loan option that comes in a variety of terms and often has initial lower rates and payments.
Asset-Based Loans
If you are retired or have low- or no income for some other reason, getting conventional mortgage financing may be a challenge. An asset-based loan looks beyond your income and takes your full financial picture into account.
Bridge Loans
This loan pays off your current mortgage with the net proceeds going toward down payment and closing costs on a new home.
Construction Loans
For those building their dream home from the ground up.
Fixed-Rate Mortgage
Enjoy a consistent payment and set rate over the life of your loan with convenient payment options and a variety of terms.
Government Housing Loans
Solutions with low down payment options for eligible borrowers, including FHA, VA, and Michigan State Housing Development Authority (MSHDA) loans.
Investor Advantage
A loan program that provides residential property investors or renovators access to funds based on the property and repair plan.
Physicians Loan Program
Are you a medical professional looking to purchase a home? Medical school debt doesn’t have to interfere with your dreams of owning a home.
Portfolio Loans
A unique solution for when you are not eligible for a conventional loan due to your situation or property.
THE IMPORTANCE OF GETTING PREQUALIFIED
When you’re ready to start shopping for a home, your first step should be to get pre-qualified. Prequalification lets sellers know you’re serious about buying – and it lets you know what homes are within your range, so you can narrow their home search to properties that fit your budget.
Pre-qualification:
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Shows sellers you’re serious
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Allows you to determine what you’re comfortable paying
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Limits search to homes that fit your price range
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Confidently make an offer knowing you have been qualified by a reputable lender
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Close faster
MORTGAGE APPLICATION PROCESS
Start your journey with First State Bank
Talk to a mortgage consultant to get started
A thorough review
Your credit report is pulled, then the Mortgage Processor and Underwriter report and review your documents.
Approval, appraisal, and additional details
Once your application has been approved, an appraisal and title work is ordered. Your processor may ask for additional information to help move along the process
Getting cleared to close
Underwriting reviews and clears final documents and sends them to you. You'll have at least three days to review before scheduling a closing date.
Welcome home
Your closing with the title company is scheduled.
Rates as of 3/18/2024. The rate and corresponding APR (Annual Percentage Rate) displayed are subject to change without notice. Actual rates and corresponding APR may vary depending on your specific terms. This is not a commitment to make a loan, nor is it a guarantee that you will receive this rate if you are approved for the loan. Rate and APR quotes are not guaranteed until you submit a full application. All offers are subject to credit approval; applicants may be offered credit at higher rates and other terms. All applicants must meet loan program requirements. Products are subject to change without notice, limitations may apply. Loan to value restrictions may apply. Loans above 80% Loan to Value may require private mortgage insurance (PMI). In some instances, PMI can be avoided, please contact a Mortgage specialist to see if PMI needs to be a requirement of your mortgage.
All loans and pre-qualifications are subject to credit approval and/or acceptable appraisal. You must carry insurance on the property that secures a loan, and flood insurance may be required. Any taxes or additional conditions imposed by the city, state or county that the subject property is located in will be the borrower’s responsibility. Program terms and conditions are subject to change at any time without notice.
*Displayed rate of 6.375% & APR of 7.622% is based on a loan amount of $200,000 and a loan to value of 80% (no mortgage insurance) with a FICO of 700.