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  First Bank and Trust Home Mortgage

First Bank and Trust Home Mortgage

in Home Purchase Mortgages from First Bank and Trust · NMLS ID #409296

Unaffiliated

First Bank and Trust Home Mortgage

Unaffiliated

in Home Purchase Mortgages from First Bank and Trust · NMLS ID #409296

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Highlights
Loan Amount N/A
Loan Term (Years) 5 - 30 years
Credit Score Range 650 - 840

First Bank and Trust Home Mortgage Review

First Bank and Trust Home Mortgage is offered by First Bank and Trust (NMLS #409296), a bank founded in 1925 and based in Brookings, SD. First Bank and Trust Home Mortgage is available in 2 states across the USA.

Key Takeaways
  • 4 different mortgage programs offered. First Bank and Trust Home Mortgage offers FHA, USDA, VA, conforming, and conventional mortgages.
  • Financing for single-family and multi-family properties. However, First Bank and Trust does not offer financing for manufactured homes.
  • Standard interest rates types. First Bank and Trust Home Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
  • Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for First Bank and Trust Home Mortgage.
  • Fair credit accepted. Borrowers with a credit score as low as 650 may qualify for First Bank and Trust Home Mortgage.
First Bank and Trust Home Mortgage Pros & Cons
Pros Cons
  • Considers applicants with fair credit.
  • Offers financing for both single and multi-family homes.
  • Charges an origination fee.
  • Charges prepayment fees.
  • Only available in 2 states.
First Bank and Trust Home Mortgage FAQ

What is the maximum loan term you can get with First Bank and Trust Home Mortgage?

First Bank and Trust Home Mortgage offers mortgages with terms ranging from 5 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does First Bank and Trust offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Does First Bank and Trust Home Mortgage charge an application fee?

Do they charge mortgage origination fees?

Yes, First Bank and Trust Home Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, First Bank and Trust Home Mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.

What property usage types does First Bank and Trust Home Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. First Bank and Trust Home Mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for this business card is .

What is the support contact email?

The support contact email for this business credit card is info@bankeasy.com.

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Availability

  Available in 2 states
  • Minnesota
  • South Dakota

Feature Breakdown

Credit Score Range 650 - 840
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
Minimum Age 18
Property Type
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Proof of Insurance
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
Mortgage Features No-Closing-Costs Option
Loan Term 5 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • USDA
  • VA

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