
First Bank and Trust Mortgage Refinance
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First Bank and Trust Mortgage Refinance Review
First Bank and Trust Mortgage Refinance is offered by First Bank and Trust (NMLS #409296), a bank founded in 1925 and based in Brookings, SD. First Bank and Trust Mortgage Refinance are available in 2 states across the USA.
Key Takeaways
- 4 different mortgage programs offered. First Bank and Trust Mortgage Refinance refinances 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.
- Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- Fair credit accepted. Borrowers with a credit score as low as 650 may qualify for First Bank and Trust Mortgage Refinance.
First Bank and Trust Mortgage Refinance Pros & Cons
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First Bank and Trust Mortgage Refinance FAQ
How long does First Bank and Trust Mortgage Refinance take to refinance?
First Bank and Trust Mortgage Refinance does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does First Bank and Trust Mortgage Refinance charge a mortgage origination fee?
Yes, First Bank and Trust Mortgage Refinance will charge a loan origination fee.
What mortgage programs does First Bank and Trust Mortgage Refinance offer?
First Bank and Trust Mortgage Refinance offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does First Bank and Trust Mortgage Refinance allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. First Bank and Trust Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
Contact
- Headquarters
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520 6th Street
Brookings, SD 57006 USA - Visit Site
- Email Support
Other Services by First Bank and Trust
Availability
- Minnesota
- South Dakota
Feature Breakdown
Credit Score Range | 650 - 840 |
Employment Statuses Considered |
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Immigration Status Considered |
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Intended Use |
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Military Status |
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Minimum Age | 18 |
Property Type |
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Verification Documents Required |
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