First Federal Savings Bank offers a variety of loans to meet your individual needs.
First Federal Savings Bank offers a variety of home loan options.
First Federal keeps all real estate loans in-house, meaning we do not sell your loan to a large multi-national holding company or regional financial institution. Rather, your loan is kept with us, serviced by us, and the funds you repay each month are reinvested in your local community, rather than some large city on a coast. This is the mission statement we operate under...service to our community. By keeping your loan in-house, you have immediate access to your loan officer, your loan file, information about your account, and you can have your questions answered promptly, professionally, and by a person you probably know! We do not have answering machines, so when you call, you will be greeted by a friendly voice with a real person behind that voice, anxious to help. Come visit First Federal today and help our community grow.
We offer loans to finance your home purchase with 10, 15, 20, 25, and 30 year maturities. You decide what works best for you. We offer two types of conventional mortgage loans: Fixed rate loans and balloon loans.
Fixed Rate Loans
15-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate — and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year maturity and voluntarily make larger payments that will pay off their loan in 15 years. This approach combines the benefit of a shorter term with the flexibility to adjust the payment, if needed, and may provide a better alternative to committing to a higher monthly payment for the entire loan term.
10-Year Fixed Rate Mortgage
10-Year Fixed Rate Mortgage products are also available. This loan is fully amortized over a 10-year period and features constant monthly payments. It offers all of the advantages of the 30-year loan, plus a lower interest rate — and you'll own your home sooner. The disadvantage is that, with a 10-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year loan and voluntarily make larger payments that will pay off their loan in 10 years. This approach is often safer than committing to a higher monthly payment.
If you’re looking to lock into a competitive rate but for a shorter term (10 year fixed rate or 15 year fixed rate), a Balloon Loan will give you the flexibility you need. When it’s time to renew your loan, you’ll have the opportunity to lock in a fixed rate or renew your loan for another short term—possibly at a lower rate. Balloon loans offer the flexibility of locking in an interest rate for either 10 or 15 years, but can still be amortized up to 30 years. This is our specialty product, and can be amortized over a period of up to 30 years. Our balloon rates are typically lower than the 30 year fixed rate FNMA loan rates that are sold on the secondary market, and involve a simpler process to qualify. We invite you to compare rates today and see if a balloon option might be right for you!
Below is an example of how a balloon loan might compare to a 30 year fixed rate FNMA loan: (actual rates may vary)
Time for your dream home to materialize? With a short-term construction loan you’ll have the money you need whenever your contractor needs it throughout the entire process. We can also roll your short-term loan into a mortgage after your new home is completed. Construction loans vary from 6-9 months typically, and are disbursed either through the bank, or a title company. Call today for details!
It doesn’t matter where you have your mortgage. By refinancing with us, you can either reduce the number of years it will take to repay, decrease your monthly loan payment, or pull out a little cash for family needs.
Need a little extra cash for that remodeling project? How about a second mortgage? Second mortgage loans have liens subordinate to a prior first mortgage lien. They offer the benefit of a formal repayment plan, competitive rates, tax advantages, and a simplified underwriting process since we would typically hold the first mortgage.
RESIDENTIAL LOT LOANS
Need a loan to finance the purchase of a lot for your future dream home, contact a loan officer today for details.
APPLYING FOR A MORTGAGE LOAN
Contact a loan officer for an application or stop by one of our convenient locations and pick one up. Loan applications are also be available on our website to print out.
Purchase of a Home Checklist:
Tax returns from the past two years – (if self-employed, also provide business returns)
Refinance of a Home Checklist:
Tax returns from the past three years– (if self-employed also provide business returns)
COMMERCIAL REAL ESTATE LOANS
Our lending team can provide financing for your purchase, or refinancing of income producing 1-4 single family rental properties, or multi-family properties. Our specialization is real estate lending, and we offer competitive, longer term fixed rate options to finance your lending needs. Our non owner occupied 1-4 family real estate loans can be amortized for a period up to 20 years, and we offer fixed rate options of 5, 10, and even 15 years, with balloon features if a longer amortization period is required.
Working Capital Line of Credit
Whether your business requires a mortgage loan, a loan to purchase equipment or money for an expansion, your application will be considered promptly. Please contact a loan officer today for more information.
First Federal Savings Bank offers loans using your savings account or certificate of deposit as collateral. These loans have an interest rate of 2.50% above the collateral rate.
First Federal Savings Bank (FFSB) offers new and used auto and motorcycle loans with a variety of terms and rates. A First Federal pre-approved loan can put you in or on that "new vehicle" the same day. Plus, you can lower your interest rate up to 0.15%,and your monthly payment by simply signing up to have your payment automatically deducted from your FFSB checking or savings account.
Features at a glance:
Whether you are looking for a Boat, Motorcycle, RV, ATV, or anything in-between, we have financing for you. Want to take a small vacation and go hike a mountain in Montana, or relax on a beach in Bermuda, our streamlined underwriting process can make the application experience quick and simple, and get you and your family on your road today! Call for our competitive rates and terms, and see if FFSB can you today!
With First Federal's lower rates you can save by refinancing your home mortgage or auto loan. Its a simple process and can save hundreds of dollars over the life of the loan. Contact a loan officer today for rates and terms!
*All Rates May Vary Based on Credit Score and/or Other Information
*Rates Are Subject to Change Without Notice
*ATV, Motorcycle, RVs, Boats, etc - Add 2% to vehicle rates
*All Rates May Vary Based Credit Score and/or Other Information
*Rates Are Subject to Change Without Notice
Commercial Loans, AG Loans, & All Other Loans
- Contact a Loan Officer at your Local Branch for current rates
To print off a loan application just click on the link below for the loan you want.