Mortgage Rate Relief is made available by the Federal Home Loan Bank of Des Moines and First Bank & Trust.
Mortgage Rate Relief Program
Mortgage Rate Relief Program
Mortgage Rate Relief Program
An Affordable Loan Option
Is a more affordable home loan in your future? Our Mortgage Rate Relief Program offers lower rates to those who qualify. If high interest rates are preventing your from owning a home, reach out to a First Bank & Trust Mortgage Loan Officer to find loan options that work for your budget.
Rate subject to change, current as of 9/16/2024.
Who Qualifies?
- Home buyers or existing homeowners earning up to 80% of area median income (AMI).
- Those who qualify that are looking to purchase or refinance their primary residence.
Details
- Qualified applicants will receive an approximate 2% interest rate reduction below the current market rate.
- This interest rate reduction only applies to 30-year fixed-rate mortgage loans.
* Annual Percentage Rate (APR) of 5.158% is based on a $237,500 loan with 360 monthly payments of $1239.91. Standard credit qualifications apply. Offer valid for the purchase or refinance of primary residence and must be a 1-4 single-family unit property. Offer is valid as long as MRR funds are available. Not available with any other loan specials. All owner/occupant’s income must be considered when determining your eligibility for this interest rate reduction product. This includes any income you may have above what is used to qualify for the mortgage loan. The Mortgage Rate Relief product is available to home buyers or existing homeowners earning up to 80% of area median income (AMI), determined by the Federal Housing Finance Agency’s Underserved Areas Data. Rate subject to change, current as of 9/16/2024.
Make an Informed Decision
When it comes to purchasing a home, there's a lot to know. We’ve compiled some resources to help you plan for and understand your mortgage.
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Navigating the mortgage process doesn't have to be difficult. Our expert loan officers will answer all your questions, and help determine which options make the most sense for you.
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Conventional Mortgages
Fixed-rate mortgages have a consistent interest rate and monthly payment for the term of your home loan. Typical fixed-rate mortgages last 15 or 30 years. Adjustable-rate mortgages have a variable payment and interest rate. They can be a good option for homeowners who expect to move before rates change. Both offer low down-payment options.
First-Time Homebuyer
As a South Dakota Housing Development Authority and Minnesota Housing Finance Agency participating lender, we offer a first-time homebuyer loan. With options for no down payment and low rates, it can be a good option for new homeowners and those who haven’t owned a home in the last three years. Talk with a mortgage banker about restrictions that apply.
Insurers and Guarantors
Insurers and guarantors allow lenders, like us, to provide better home financing terms to more potential homebuyers. Talk with our mortgage bankers today about how Federal Housing Authority, Veterans Administration, USDA Rural Development, and Private Mortgage Insurance programs may benefit you.
Construction Loans
Looking to build the home of your dreams? A construction loan can get you started. These short-term loans can often be converted into a mortgage upon your home’s completion.
Refinancing
Sometimes it makes sense to refinance or pay off your original mortgage and create a new one. Refinancing may help lower your monthly payment and your interest rate depending on the market. Talk with a mortgage professional to see if refinancing is right for you.
Home Equity
A home equity loan or line of credit allows you to use the equity you’ve built up in your home as collateral. The equity is the difference between the current value of the home and your current mortgage balance. Sometimes called a "second mortgage", a home equity loan typically has a shorter term.
Home Equity Line of Credit Features:
- Advance what you need, when you need it**
- Low variable rate
- Interest-only monthly payments based on approval
- Easy access via check, Digital Banking, or by contacting the bank
Home Equity Loan Features:
- Single advance
- Fixed rate
- Monthly payments
** Subject to the minimum advance limitations within the Loan Agreement.
The Institution ID numbers for First Bank & Trust charters with the NMLS Registry are as follows: First Bank & Trust (includes Milbank, Toronto, Vermillion, Canton, Garretson, Madison, Watertown, and White in South Dakota and Pipestone, Cambridge, East Bethel, Edina, New Prague, Princeton, and Roseville in Minnesota) – 409296.