Richmond, Indiana – First Bank Richmond is proud to celebrate 135 years serving the communities in and around Wayne...
We know you worked hard to save your down payment and now it's time to find a place of your own. This traditional mortgage is available with fixed or adjustable rates and terms up to 30 years.
Home Equity Line of Credit (HELOC)
This line of credit is the easy, convenient way to utilize the equity in your home. Access your funds with a check, and as you pay back the loan, the funds become available again.
Home Equity Closed-End Loan
Need something specific? Use our closed-end home equity loan for a one-time cash out on the equity in your home.
Can't find your house on the market? Why not build your own.
If you're not quite ready to build, you can still purchase the land for your future dream home.
Conforming mortgages can have dollar amount restrictions. A jumbo loan helps when you need just a bit more.
Designed for low-to-moderate income borrowers, the FHA loans require lower down payments and credit scores than many traditional loans.
Thank you for serving. We offer VA loans for qualified military personnel and veterans with up to 100% financing and no down payment.
Want to get out of town? The USDA loan is perfect for qualified properties in rural areas.
Compare mortgage rates and terms to find your best option.
Estimate your monthly mortgage payment.
Get financially prepared.
Contact a loan agent to start the process.
Yes. Applying for a mortgage loan before you buy is a good idea! If you are pre-qualified for a specific amount, you’ll know which homes are within your budget and be able to negotiate with the seller.
The closing will take place at the office of a title company or attorney in your area who will act as the bank's agent.
During the closing you will be reviewing and signing several loan documents. The closing agent or attorney conducting the closing should be able to answer any questions you have, or feel free to contact your mortgage lender, if you prefer.
Just to make sure there are no surprises at closing, your mortgage lender will contact you a few days before closing to review your final fees, loan amount, first payment date, etc.
A home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they each have totally different purposes, it makes the most sense to rely on both to help confirm that you've found the perfect home.
The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the stability of the property will also be reported.
However, appraisers are not construction experts and won't find or report items that are not obvious. That's where the home inspector comes in. They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.
It's a good idea to accompany the inspector during the home inspection. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.
A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. Your Mutual Federal mortgage lender should be able to give you an estimate beforehand.
To assist you in evaluating our fees, we've grouped them as follows:
If an escrow or impound account will be established, you will make an initial deposit into the escrow account at closing so that sufficient funds are available to pay the bills when they become due.
If your loan requires mortgage insurance, mortgage insurance payments may be collected at closing. Whether or not you must purchase mortgage insurance depends on the percentage of the down payment you make.
If your loan is a purchase, you'll also need to pay for your first year's homeowner's insurance premium, flood and wind if applicable, prior to closing. The policies must be purchased and paid in full prior to closing and we consider this to be a required advance.