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Loan Services

First Federal Savings Bank offers a variety of loans to meet your individual needs.


Mortgage Loans


  • Conventional Fixed-Rate Loans - with maturities up to 30 years
  • Balloon Mortgages - We offer 10-year and 15-year fixed-rate balloon loans
  • Construction Loans
  • Purchase & Refinance Loans
  • Home Equity Loans
  • Residential Lot Loans.


 At First Federal Savings Bank, we understand that life is hectic. You will enjoy our hassle-free mortgage process. Our mission is to exceed the expectations of our valued customers every day.


First Federal Savings Bank will not sell your loan. All mortgages are processed, underwritten, and serviced in a local branch. When you have questions about your mortgage, any of our friendly team members will be happy to assist.


Enjoy the benefits of an optional high yielding "self escrow" account.  We help you make money while saving for your tax and insurance payments!


Private Mortgage Insurance is never required. Call one of our loan officers to learn more.






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


30-Year Fixed-Rate Mortgage

This loan provides you with the luxury of a lower monthly payment. It is great for first-time homebuyers and borrowers who prefer to keep their expenses down. The balance can always be reduced by applying extra payments directly to the principal.

20-Year Fixed-Rate Mortgage

With a more aggressive payback schedule, the balance will be reduced more quickly than the 30-year mortgage, while the payment remains lower than the shorter term 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.


Balloon Loans

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.  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)

   First Federal  FNMA
Loan Type 10-Year Balloon 30-Year fixed rate
Years to Maturity 30 years 30 years
Interest Rate 4.25%  4.75% 
Loan Amount $200,000.00 $200,000.00
Monthly Payment $983.88 $1,043.29
Savings per Year $712.92  
Total Principal & Interest paid after 15 years $177,098.40 $187,792.20
Remaining Loan Balance after 15 years  $130,787 $134,129 






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!




We offer a wide variety of loan products to help you with your new home purchase. Your loan officer will gladly help you select the mortgage that meets your needs.

Whether you would like to reduce your current term, decrease your monthly payment, drop Private Mortgage Insurance, or pull cash out for family needs, we will customize a loan just for you. We can refinance both conventional and government loans.




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.




Need a loan to finance the purchase of a lot for your future dream home? Contact a loan officer today for details.





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 for you to print. The applicant must of 18 years or older.  

After you have submitted your home loan application, the following checklists will aid you in gathering the information necessary for First Federal to process your home loan request. Please do not hesitate to contact a loan officer with any questions.


Purchase of a Home Checklist:

Tax returns from the past two years – (if self-employed, also provide business returns)
W-2's from the past two years
1 month of recent pay stubs for each employed person
3 months of current bank statements if account is not with First Federal
Final Sales contract 
Real estate agent’s name, address, and phone number
If sale is between individuals (no realtor), copy of previous title policy
Estimate on annual taxes
Estimate on homeowners insurance

Refinance of a Home Checklist:

Tax returns from the past three years– (if self-employed also provide business returns)
W-2’s from the past two years
1 month of recent pay stubs for each employed person
3 months of current bank statements if account is not with First Federal
Copy of most recent real estate tax bill
Current homeowners insurance policy
Copy of existing title insurance policy
Statement from current mortgage holder – showing their name, address, phone number, your account number



Commercial 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. We also offer fixed-rate options of 5, 10, and even 15-years, with balloon features if a longer amortization period is required. 


We offer:

  • Loans for Income producing 1-4 and multi family properties
  • Real estate loans for your business expansion
  • Loans for other commercial real estate purposes
  • Professional, knowledgeable loan officers that will learn your business & goals, and develop solutions to meet your needs
  • Expert analysis and professional service
  • A fast, efficient decision-making process on your loan request, and a quick turnaround







We offer a wide variety of business loans to meet all types of business needs.  Following are examples of the types of loan available:

Working Capital Line of Credit
Equipment Loans
Commercial Real Estate Loans
Development and Acquisition Loans
Agriculture Loans
Commercial Construction
Letters 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.



Share Loans


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.



New & Used Auto  & Motorcycle Loans


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:

  • Competitive Interest Rates
  • Fast approval process
  • Flexible terms up to 72 months
  • 100% financing for qualified borrowers
  • Rate discount of 0.15% just for having your payment automatically deducted from your FFSB checking or savings account
  • No Loan Financing Fee



Other Consumer Loans


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!


Loan Rates as of 06/24/2020


Mortgage Rates

Owner Occupied 1-4 Family


      BALLOON LOANS (max 30-year amort)   80% 80%-85% 85.01%-90%
10-year   2.875% 3.375% 3.750%
15-year   3.125% 3.625% 4.125%


10- year Fixed-Rate   2.750% 3.000%


15- year Fixed-Rate   2.950% 3.500%


20- year Fixed-Rate   3.375%



30- year Fixed-Rate   3.500% 3.875%


Non-Owner Occupied 1-4 Family

(max 25 year amort)

     3- year balloon 3.750%      
     5- year balloon 4.000%      
     10- year balloon 4.500% (+1/2pt)      
     15- year balloon 5.000% (+1pt)      

Construction Loans 

1-4 Family Owner Occupied 3.250%


*All Rates May Vary Based on Credit Score and/or Other Information

 *All Rates Are Subject to Change Without Notice



Auto Loans


2017-2020 Model Years "NEW" 12-48 MOS 63 MOS 72 MOS
Credit Score:  700 + 3.00% 3.25% 3.875%
660 - 699 4.00% 4.25% 5.50%
620 - 659 8.375% 8.625% 11.75%
580 - 619 13.50% 15.00% 17.25%
2013-2016 Model Years "USED" 12-36 Mos 48 Mos 63 Mos
Credit Score:  700 + 4.00% 4.50% 5.00%
660-699 5.75% 6.25% 7.00%
620-659 9.625% 10.375% 12.375%
580-619 14.625% 16.625% 17.75%

2012& Older


12-36 MOS 48 MOS
Credit Score: 700 + 5.25% 6.00%
660-699 7.375% 8.875%
620-659 9.875% 12.875%
580-619 14.875% 18.25%


*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


Loan Applications  

   To print a loan application, just click on the link below.

Consumer Loan App

Home Loan Application

Meet Our Loan Officers

Todd Gober 3

Todd Gober

NMLS# 613390

Kellie Dowd-Serrano

Kellie Dowd-Serrano

Vice President/Loan Officer
NMLS# 871632

Mike Siegel 2

Michael Siegel

Senior Vice President/ Senior Loan Officer
NMLS# 613393

Jarrod Capps 2

Jarrod Capps                              

Loan Officer/Branch Manager/IT
NMLS# 1521188

Doris Sauerhage

Doris Sauerhage  

Loan Officer/Branch Manager
NMLS# 1637248
New Baden


Brendan Dauber

Brendan Dauber 

Financial Analyst/Loan Review Officer
NMLS# 1920340





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