About Us Locations/Hours Contact Us PERSONAL BUSINESS LOG IN Bank Borrow Rates Wealth TheKNOW Buying A House Should Be Exciting Let's help you get into your dream home APPLY NOW SEE CURRENT RATES HAVE A QUESTION? WE'LL CALL YOU BACK. Or you can call us at (800) 548-8138. You Have Options At First Bank Let's take a look. Conventional Loan We know you worked hard to save your down payment and now it's time to find a place of your own. This traditional mortgage is available with fixed or adjustable rates and terms up to 30 years. Home Equity Line of Credit (HELOC) Tap into the equity in your home when you need it most. Simply write a check to access your funds, and as you pay back the loan, the funds become available again. Home Equity Closed-End Loan Use the equity in your home for a variety of purposes. We have equity loans available with fixed interest rates for terms up to 15 years. Construction Loan Financing available for your land purchase and home construction. Lot Loan Stake your claim even if you're not ready to build yet. Jumbo Loan Finance the home of your choice without being restricted by the dollar limit on conforming mortgages. FHA Loan For qualified buyers purchasing a moderately-priced home with a lower down payment. Great option for first-time home buyers. VA Loan For qualified military personnel or veterans. Finance up to 100% with no down payment. USDA Loan For qualified property in rural areas. Fixed interest rate, 30-year term, no down payment. Need Some Help? VISIT THE MORTGAGE CENTER HAVE A QUESTION? WE'LL CALL YOU BACK. Previous Since we started banking at First Bank for a construction loan, the staff knew our names and gave us personalized service. They listened to our financial needs and concerns and offered astute advice. They gained our trust and our friendship to the point that we moved all of our accounts to First Bank. I can call or text my lender and she always provides just the help I need. It's nice knowing First Bank is looking out for us. They provide the services of a "big bank" with a "small town" feel. -Brian & Beth M. Next 1 2 3 Four Simple Steps to Buying Your Home 1. Compare Compare mortgage rates and payment terms to find the best one for you. 2. Calculate Run the numbers and estimate your monthly mortgage payment. 3. Plan Get financially prepared, and make it easier for you to get what you want. 4. Apply Get pre-approved for your mortgage, and confidently negotiate with sellers. Step 1. Compare Mortgage Rates And Terms Rates effective as of 10:00 A.M. EST, November 29, 2021. Rates subject to change daily. APPLY NOW 30 Year Fixed Rate 3.000% Rate 3.035% APR* 20 Year Fixed Rate 2.750% Rate 2.799% APR* 15 Year Fixed Rate 2.375% Rate 2.438% APR* *The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $100,000.00 and an estimated property value of $175,000. In addition, the property is located in Richmond, IN, is within Wayne County, is an existing single-family home and will be used as a primary residence. The rate lock period is 30 days, and the assumed credit score is 740. Loan amounts greater than $100,000 may result in a higher interest rate and APR. Visit Our Mortgage Center for A Custom Quote & Sign Up For Rate Watch GET A MORTGAGE RATE QUOTE CUSTOMIZED JUST FOR YOU Step 2. Calculate Your Mortgage Payment Use the calculators in our Resource Center to estimate your monthly mortgage payment. It is helpful to remember the rate for which you may qualify could be different depending on a variety of factors, including the term and your credit score. ESTIMATE YOUR PAYMENT Step 3. Get Your Finances In Order Taking time to get financially prepared before you apply for your mortgage will help you get there more easily and quickly. Here are a few of the items that we evaluate when approving a mortgage loan. Credit Score Your credit score is a number between 300 and 850, and it is based upon your spending, payment, and credit history. The higher your credit score is, the easier it can be for you to get approved for your mortgage. Even if you think you may not qualify for a conventional loan based on your credit score, ask us about our in-house loan products, or FHA, VA, or USDA loans. Debt-To-Income Ratio Your debt-to-income (DTI) ratio is based on how much of your total monthly income (before taxes are taken out) goes towards paying off your debt. Your new mortgage payment (including taxes & insurance) and all other monthly debts (credit card payments, car loan payments, student loan payments, etc.) should not exceed 38% of your gross monthly income. Take the time to prepare a basic monthly analysis of what you make and spend each month before you apply for your mortgage loan. Down Payment A down payment is the initial money you pay on the price of your house. It is deducted from the total amount owed and represents your beginning equity in a house or property. At First Bank Richmond, we have a number of down payment options available. Give us a call and we can discuss which options you may qualify for. Steady Income While we don't have any specific rules for evaluating employment history, we do want to see a pattern of proven income stability. We recommend you apply for your mortgage when you have been employed at your current job or working in the same field for at least two years with no employment gaps. Don't worry if it is less than that, as we look at your entire employment history during the mortgage approval process. Step 4. Apply Even though you may not be sure where you qualify, you probably have an idea of the type of loan you need. If you are applying for a conventional mortgage, you can apply online. It’s easy, and you’ll receive a response the same day. APPLY NOW If you are interested in any of our other home loan products, let's have a conversation. HAVE A QUESTION? WE'LL CALL YOU BACK. Frequently Asked Questions Can I apply for a loan before I find a property to purchase? What happens at the loan closing? I'm purchasing a home. Do I need a home inspection AND an appraisal? What are closing fees, and how are they determined? Recent Home Loan Articles Bidding Wars Fall From Peak But Remain Common In a seller's market – when there are more home buyers than there are homes for sale – competition is common. A good... READ MORE Permits To Build New Homes Increase In October If you're not looking to buy a new house, you may not think the number of new homes being built has anything to do with... READ MORE How Do Today's Rates Compare To Years Past? When you buy most things, you only have to consider their price. Buying a home is different. Whether or not a home is... 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