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First Mid Bank & Trust Home Refinancing Review
First Mid Bank & Trust Home Refinancing is offered by First Mid Bank & Trust (NMLS #411170), a bank founded in 1934 and based in Mattoon, IL. First Mid Bank & Trust Home Refinancing are available in 2 states across the USA.
- 5 different mortgage programs offered. First Mid Bank & Trust Home Refinancing refinances FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
- Financing for single-family and multi-family properties. However, First Mid Bank & Trust does not offer financing for manufactured homes.
- Standard interest rates types. First Mid Bank & Trust Home Refinancing offers adjustable-rate mortgages and fixed-rate mortgages.
- 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 580 may qualify for First Mid Bank & Trust Home Refinancing.
First Mid Bank & Trust Home Refinancing Pros & Cons
First Mid Bank & Trust Home Refinancing FAQ
How long does First Mid Bank & Trust Home Refinancing take to refinance?First Mid Bank & Trust Home Refinancing 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 Mid Bank & Trust Home Refinancing charge a mortgage origination fee?
Yes, First Mid Bank & Trust Home Refinancing will charge a loan origination fee.
What mortgage programs does First Mid Bank & Trust Home Refinancing offer?
First Mid Bank & Trust Home Refinancing 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%.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- 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 Mid Bank & Trust Home Refinancing allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. First Mid Bank & Trust Home Refinancing allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
Other Services by First Mid Bank & Trust
|Credit Score Range||580 - 840|
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Interest Rate Types Offered||