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Mortgage Loans

Karen Cabrera

Karen Cabrera
Assistant Vice President 
Residential Mortgage Loan Officer
NMLS # 642760
21 E. Main St. Galesburg, IL 61401
(309) 343-0002 ext. 20601
Karen.Cabrera@thefmbank.com

Liz Miller

Liz Miller
Residential Mortgage Loan Officer
NMLS # 742269
21 E. Main St. Galesburg, IL 61401
(309) 343-0002 ext. 20612
Liz.Miller@thefmbank.com

 

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Mortgage Loans

Fixed-Rate Mortgages

Buying or refinancing a home is probably the largest financial transaction you’ll undertake in your lifetime.  That’s why it’s vitally important to have the skills of an experienced lender on your side.  Ask any realtor in the Galesburg area and you’ll find that F&M Bank is one of the most trusted names in the mortgage lending business.  You’ll find a wide range of financing options, competitive interest rates and most important of all, great service!

  • Fixed-rate mortgages: Feature interest rates that remain the same for the life of the loan. They are one of the most common ways to finance a home purchase. These types of loans are best for those who want a stable, consistent mortgage payment for budgeting purposes, new purchases during periods of low interest rates and those who will be living in the same home for a long period of time.
  • Types available:
  • Conventional
  • FHA loans (Federal Housing Authority loans)
  • VA (Veterans Administration) loans
  • Benefits: Choice of terms, rate buydowns available, easy monthly payments, in-house servicing at F&M Bank

Adjustable-Rate Mortgages

  • Adjustable-rate mortgages (ARMs): Available in many different terms, adjustable-rate mortgages feature interest rates that fluctuate based on market conditions. Most come with rate increase and overall rate caps. These types of loans are best for those expecting an influx of income, those who can afford fluctuating payments or anyone looking to live in a home for shorter terms.
  • Types available: 1-year,  3-year and 5-year ARMs
  • Benefits: lower initial interest rates, monthly installment payments, in-house servicing at F&M Bank

First-Time Home Buyer Programs

These mortgage programs help eliminate financial barriers for first-time home buyers.

  • Illinois First-Time Home Buyer Program- low-cost, fixed-rate mortgages available to borrowers who have not owned a home for three years or more. These mortgages come with low interest rates, reduced closing costs, lower required down payments and flexible terms. Find more information at www.ihda.org or by contacting an F&M Bank mortgage lender (contact information at the top of this page).
  • USDA Rural Development Loan Program- F&M Bank is an approved lender for guaranteed loans with fixed rates and zero down payment from the U.S. Department of Agriculture. Other key features include no private mortgage insurance, available escrow services and convenient monthly payments.

Other Home Loan Options

F&M Bank also offers home loan options outside of conventional mortgages. Bridge loans, construction loans and other interim financing are available when you are between the sale of any existing home and purchasing a new one. We realize each situation is unique, so don’t hesitate to contact us about your needs.

Apply for Your Mortgage Loan Today

Call or stop by any F&M Bank location in Galesburg or Peoria to talk to a mortgage lender to see how we can help with your home buying needs.