Buying a new home should be a pleasant experience.

When you are looking for the home of your dreams, look to your local Farmers State Bank office to find a mortgage that is right for you.  Put down roots in the place you love with help from lenders who know your neighborhood and will  take the time to know you and your needs.  Stop by one of our convenient locations and speak with a loan officer today.

Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.

  • A fixed- rate mortgage offers a straightforward, predictable monthly payment.  With a fixed- rate mortgage, your interest rate and your total monthly payment of principal and interest will stay the same for the entire term of the loan.  That predictability makes it easier to set your budget.
  • An adjustable-rate mortgage is a type of loan with an interest rate that is guaranteed for a predetermined period of time, and when that term ends, the rate adjusts based on market conditions. It can be higher or lower than the initial rate and can change periodically after the initial fixed-rate period.  If you will be moving in a few years, or if you think interest rates will be going down, consider an adjustable-rate mortgage;  but keep in mind,  while taking advantage of the benefits, consider your ability to manage your loan payment should rates adjust to their cap.

Once you know approximately how much home is in your price range, use the Mortgage Calculator to estimate your monthly payments based on the principal and interest.


Fixed Rate Mortgage Example

Mortgage AmountInterest RateAPR*# of Monthly PaymentsPayment Amount
DISCLOSURE: Annual Percent Rate* (APR) is subject to change without notice. Interest Rate/APR effective as of 11/29/23. The Featured Rate shown is for a single family/ owner- occupied residence and requires a 20% down payment. Payments do not include optional amounts for escrow of taxes and/or insurance premiums, which would increase your payment obligation. Some restrictions and normal credit standards apply.