Loans available through First Federal Bank, as of 2015, include fixed rate mortgages, adjustable rate mortgages, construction loans, and low or no down-payment loans. Loans are available in northwest Ohio, northeast Indiana and southeast Michigan, states First Federal Bank.
The most popular loan offered is the fixed rate mortgage, explains First Federal Bank. Fixed rate mortgage loans offer a constant interest rate and payments that fully amortize during the loan term. With a shorter-term loan, payments are higher and interest rates are lower. A longer-term loan has lower monthly payments with a higher interest rate. The principal loan balance can be reduced faster using a bi-weekly payment option.
Adjustable rate mortgages frequently have lower introductory interest rates than fixed rate loans. Monthly payments may vary, as interest rates are not fixed and can fluctuate with economic changes. Borrowers who might find adjustable rate mortgages optimal are ones who have salaries with potential to remain comparable to rate changes, or ones who plan to refinance within a few years, asserts First Federal Bank.
One hundred-percent financing is available for purchase and refinance loans, to assist people who have little or no available down payment, and ones who would like the maximum financing available, states First Federal Bank. Programs from the USDA Office of Rural Development and the Federal Home Loan Bank are also available.