Mortgages^*

Buying a new home is a big decision. You work hard to earn your money, so it's important to understand your mortgage options and choose the option that minimizes interest charges and maximizes your chances of qualifying.

There are many factors to consider when choosing a mortgage – how much you want to borrow, current interest rates, how long you plan on staying in your new home, your age and income, and so much more, Your First Midwest Banker will help you align those factors with the mortgage option that fits you best.

A mortgage from First Midwest is more than just principal and interest. It's a smart borrowing option where our commitment to you lasts well beyond the closing of your loan. 

Call 800-241-1749 to learn more or to apply for your mortgage today.

Get $150 Towards Your Mortgage Closing Costs^**

With mortgage rates at historic lows, now is the right time to consider refinancing your mortgage or purchasing a new home. And, for a limited time, you'll get $150 towards your mortgage closing costs^** as our way of saying thanks for choosing First Midwest for your borrowing needs. Just use one of our Mortgage Calculators and email the results to yourself. An exclusive link will be sent to you along with those calculator results where you can get your $150 coupon. It's that simple.

Call 800-241-1749 to learn more or to apply for your mortgage today.

Back to Top

Fixed Rate Mortgages

With a fixed rate mortgage, your rate is locked for the life of the loan. The principal and interest payments will not change as interest rates go up and down, you'll make equal monthly payments over a fixed term. At First Midwest, we offer 15 and 30-year conventional and jumbo fixed rate mortgages.

^{1 In the example above, the rates and amounts used are for illustrative purposes only and assumes a down payment of 20%. Monthly payment amounts do not include taxes and insurance and your actual payment amount will be greater. Individual situations may vary. This is not an offer to lend.}

Back to Top

Adjustable Rate Mortgages

With an adjustable rate mortgage (ARM), the interest rate can go up or down, but only after the initial fixed term ends. ARMs are set by following an interest-sensitive measure such as the one-year Libor index. Many ARMs follow what's called the "two-five" formula, meaning that the rates can't move more than 2% per adjustment period or more than 5% over the lifetime of the loan. First Midwest ARMs feature:

• Limits (caps) on how much interest can change at the end of each adjustment period. Adjustment periods include:
  • 5/1 Conventional ARM – fixed rate for the first 5 years, then adjusts every year thereafter
  • 5/1 Jumbo ARM – fixed rate for the first 5 years, then adjusts every year thereafter
• Terms available up to maximum of 30 years.

^{1 In the example above, the rates and amounts used are for illustrative purposes only and assumes a down payment of 20%. Monthly payment amounts do not include taxes and insurance and your actual payment amount will be greater. Individual situations may vary. This is not an offer to lend.}

^{2 Rate may adjust 2% each year with an interest rate adjustment cap of 5%. Rates are variable and may increase after consummation.}

Back to Top

Easy to Apply, Easy to Pay

In today's busy world, we understand that convenience is more important than ever. And, because we truly value your time, we've made both our mortgage application and payment processes straightforward and uncomplicated.

Whether you are purchasing a new home or refinancing your existing one, you'll want to know what you can afford before you begin shopping for your new home. That's why it's important to work with your First Midwest Personal Banker. Our guarantee is to provide you with the highest level of customer service. From start to finish, each person working on your loan is personally committed to helping you achieve financial success through proper financing. Our goal is to create value for you throughout your entire home ownership experience.

When the time comes to make your payments, you can take advantage of our worry-free auto-debit service where your First Midwest mortgage payment is paid automatically from your First Midwest Checking account. This removes any concern in keeping up with making your payment each month, and will also save you time and money.

Call 800-241-1749 to learn more or to apply for your mortgage today.

Back to Top