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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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Construction Loans    |    Refinancing    |    Home Equity 

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. 


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.