APR is accurate as of August 3, 2020
Mortgage loan rates are at historically low levels. There are many factors that go into setting these rates, including demand. The recent rate cut by the Federal Reserve to zero did not directly affect mortgage rates. To assist you in obtaining a low interest rate, whether buying or refinancing, please consider visiting our Mortgage Center at https://firstbankak.mymortgage-online.com/ so we can get things rolling for you.
|Type||Rate||APR *||Monthly P&I **|
|30 year fixed||2.500%||2.577%||$711.22|
|20 year fixed||2.500%||2.610%||$953.83|
|15 year fixed||2.250%||2.250%||$1179.15|
* Annual Percentage Rate (APR) assumes a 20% down payment on a loan amount of $180,000 at the stated term, in years, with a 1% origination fee. If the down payment is less than 20%, mortgage insurance may be needed which could increase the payment and APR. Annual Percentage Rate is subject to change.
** Monthly P&I represents the monthly principal and interest payment based on loan amount of $180,000 at the stated rate and term.
Rate Reduction Programs
|Interest rate reduction for low income borrowers||Up to 1% off above rates for qualified borrowers.|
|Energy efficiency rate reduction||Up to .5% off above rates for qualified borrowers.|