Old Second

 
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First-Time Homebuyer

Purchasing your first home is a big step—and sometimes an intimidating one. Old Second will stand by you every step of the way, providing the personalized assistance and guidance you need to navigate the financing process and make the overall experience a rewarding one.

Financing Options

  • First-Time Homebuyer Programs

    Sometimes good credit alone won’t help you overcome all the obstacles to buying your first home. To help first-time homebuyers meet the requirements of a hefty down payment or being able to cover closing costs, Old Second participates in several affordable housing programs.

    • We regularly offer informative seminars in your community
    • Available programs—including the Federal Housing Administration (FHA)—can help buyers purchase a home with a variety of down-payment options
    • Specialized financing arrangements assist moderate and lower income homebuyers to qualify for loans
    • Gift/grant funds are available for use in making down payments or meeting closing costs in certain geographic areas
    • For information on first-time homebuyer programs, contact 877-966-0202
  • Fixed-Rate Mortgages

    When it comes to buying and owning a home, you have enough to think about. You may not want to worry about the future direction of interest rates. If you want to lock in a competitive interest rate for the entire life of the loan, consider Old Second’s traditional fixed-rate mortgages.

    • Predictable, fixed monthly principal and interest payments for the life of the loan
    • No interest rate risk; the mortgage rate is locked in for the life of the loan
    • We offer financings up to $2 million (Including jumbo loans with loan balances greater than $417,000, the current federal limit for most conventional mortgage financing)
    • Most loans are serviced through Old Second
    • Automatic payment options available through O2 Online Banking when you have a checking or savings account
    • If you are applying for a mortgage, read Shopping for Your Home Loan: Settlement Cost Booklet
  • Adjustable-Rate Mortgages (ARM)

    When your commitment to a home is not a long-term one, or you seek the flexibility of lower initial monthly mortgage payments and future rate adjustments based on the prevailing interest-rate environment, consider an adjustable-rate mortgage (ARM) from Old Second. An Old Second residential lender can provide details of how ARMs work and help you decide if an ARM may be appropriate for your situation.

    • Lower initial interest rate than a fixed-rate mortgage
    • Lower initial monthly payments than a fixed-rate mortgage
    • Provides greater home-buying power due to the lower initial monthly payments
    • We offer ARMs with a variety of terms to match your circumstances
    • Rates may be based on the 1-year Constant Maturity Treasury index (CMT) or 1-year LIBOR
    • After the initial period of the loan, the interest rate is subject to regular adjustments based on the value of the underlying index plus a margin
    • We offer financings up to $2 million (Including Jumbo ARM loans with loan balances greater than $417,000, the current federal limit for most conventional mortgage financing)
    • If you are applying for a mortgage, read Shopping for Your Home Loan: Settlement Cost Booklet
    • If you are applying for an adjustable rate mortgage, read the Consumer Handbook on Adjustable-Rate Mortgages (CHARM) Booklet