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Mortgage Rates

Buying a new home or refinancing and you're not sure which mortgage is best for you? At First American Bank, you can always talk to a live person by calling  (847) 586-2401  during the business hours of 8:00 a.m. to 6:00 p.m. Central Time Monday through Friday (excluding federal holidays) or Saturday 8:00 a.m. to 1:00 p.m. You can also stop by one of our 53 locations to speak with a personal banker.

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In today's economy, you may be concerned that your home's current value won't support a new mortgage, leaving you to bear the expense of the appraisal. So, before we order the full appraisal, we'll run your property through our automatic estimator. If it comes back with a high degree of confidence, we'll commit to reimburse you for the cost of the full appraisal if we're not able to complete the mortgage due to valuation. In other words, you'll know if you have the guarantee before you commit to the expense of a full appraisal. Contact us now for more information.

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The following mortgage rates are real time refreshed and published multiple times per day.

Rates Effective: 12/18/2018. Rates and points are subject to change without notice.

 
Term
Rate
(%)
Annual
Percentage
Rate(%)
Points
(%)
 

FIXED CONVENTIONAL

Loan-to-Value <75%

15 YEAR

4.1250

4.2200

0

Terms and Conditions

FIXED CONVENTIONAL

Loan-to-Value <75%

30 YEAR

4.7500

4.8060  

0

Terms and Conditions

FIXED FHA

Loan-to-Value <96.5%

30 YEAR

4.5000

5.2540

0

Terms and Conditions

FIXED JUMBO

Loan-to-Value <70%
up to $1M

30 YEAR

4.3750

4.3940

0

Terms and Conditions

ARM CONVENTIONAL

Loan-to-Value <75%

5/1 YEAR

3.8750

4.8720

0

Terms and Conditions

 


Additional Information

Subject to credit approval. Standard rates apply. *Title fees, as part of the closing costs, will vary by county. Please see a banker for details.

Offer for no risk appraisal is only available for single family homes and non-commercial customers.

Rates are subject to change at any time without notice. Quoted rates can be locked for 60 days and are based on the purchase/refinance of a single family home to be used as a primary residence. Rates and terms are not guaranteed until application is completed and rate is locked by a First American Bank mortgage loan representative. Rates and programs are subject to limitations. Call for program availability. All programs are fully amortized loans that require monthly payments of principal, interest, and any required escrow payments for the term of the loan. The above payments do not include amounts for taxes and insurance premiums. Therefore, the actual payment obligation will be greater. The exact monthly payment of a loan will vary depending on the term of the loan, the amount and the Annual Percentage Rate (APR) at the time of loan approval. Available loan amounts range from $30,000 to $650,000. Please call for rate information on loan amounts not shown in the table.


Conventional Loan APRs: Are based on a loan amount of $175,000. We assume a 25% down payment with no Private Mortgage Insurance (PMI) and based on payment for the full term. APRs will vary due to the cost of PMI (if necessary), title company fees, loan points based on your credit score and actual loan amounts.

Jumbo Loan APRs: Are based on a loan amount of $500,000. We assume a 30% down payment with no Private Mortgage Insurance (PMI) and based on payment for the full term. APRs will vary due to the cost of PMI (if necessary), title company fees, loan points based on your credit score and actual loan amounts.

Adjustable Rate Mortgage (ARM) Loan APRs: Are based on a loan amount of $175,000 amortized for 30 years. The APRs shown are for the initial period and may increase after closing due to the movements of the interest rate index during the rate adjustment periods. Call for information regarding rate adjustment caps and margins.

 


Payment Stream Information

15 Year Fixed Conventional Loan

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $175,000 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 4.125% interest rate, the APR for this loan type is 4.220%. The monthly payment schedule would be:

  • 179 payments of $1,305.44 at an interest rate of 4.125%
  • 1 payment of $1,306.06 at an interest rate of 4.125%

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

30 Year Fixed Conventional Loan

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $175,000 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 4.750% interest rate, the APR for this loan type is 4.806%. The monthly payment schedule would be:

  • 359 payments of $912.88 at an interest rate of 4.750%
  • 1 payment of $913.97 at an interest rate of 4.750%

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

30 Year Fixed FHA

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $178,062 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 4.500% interest rate, the APR for this loan type is 5.254%. The monthly payment schedule would be:

  • 12 payments of $1,018.02 at an interest rate of 4.500%
  • 12 payments of $1,016.10 at an interest rate of 4.500%
  • 12 payments of $1,014.09 at an interest rate of 4.500%
  • 12 payments of $1,011.99 at an interest rate of 4.500%
  • 12 payments of $1,009.79 at an interest rate of 4.500%
  • 12 payments of $1,007.49 at an interest rate of 4.500%
  • 12 payments of $1,005.08 at an interest rate of 4.500%
  • 12 payments of $1,002.57 at an interest rate of 4.500%
  • 12 payments of $999.94 at an interest rate of 4.500%
  • 12 payments of $997.19 at an interest rate of 4.500%
  • 12 payments of $994.31 at an interest rate of 4.500%
  • 227 payments of $902.21 at an interest rate of 4.500%
  • 1 payment of $903.66 at an interest rate of 4.500%

The monthly payment amounts quoted include the mortgage insurance premium.

Mortgage insurance is required for most FHA loans. The monthly mortgage insurance premium is calculated based on the average annual outstanding balance, so it will vary from year to year.

$902.21
$115.81
$1,018.02

The actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

Jumbo 30 Year Fixed

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $500,000 and an estimated property value of $750,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 4.375% interest rate, the APR for this loan type is 4.394%. The monthly payment schedule would be:

  • 359 payments of $2,496.43 at an interest rate of 4.375%
  • 1 payment of $2,495.07 at an interest rate of 4.375%

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

5/1 ARM Conventional

The information provided assumes the purpose of the loan is to refinance the existing mortgage, with a loan amount of $175,000 and an estimated property value of $235,000. The property is located in IL and is within Cook county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 35 days and the assumed credit score is 740.

At a 3.875% initial interest rate, the APR for this loan type is 4.872%, subject to increase. Based on current market conditions, the monthly payment schedule would be:

  • 60 payments of $822.91 at an interest rate of 3.875%
  • 299 payments of $958.27 at an interest rate of 5.375%
  • 1 payment of $957.30 at an interest rate of 5.375%

If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

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