upscale house surrounded by trees

Mortgages

The right financing is key to your homeownership dreams.

When it comes to purchasing a home or refinancing an existing mortgage, your options are numerous. During this exciting time, our home loan experts will help you determine what type of loan works best for your goals. With various terms, competitive rates and low closing costs, there's a home loan built for your life.
  • Conventional loans with fixed or adjustable rates
  • FHA & VA Loans
  • USDA Rural Development Loans

Get pre-approved before you house-hunt.

When you're pre-approved for a First Bank of Manhattan & New Lenox mortgage, you know exactly how much house you can buy. We offer this no-cost option so you're ready to negotiate with sellers immediately.

You'll need these documents and information to apply for a mortgage:
  • Last 30 days of pay stubs
  • Last two years W-2s
  • Last two months bank statements
  • Complete tax returns for the last two years
  • Copy of homeowners insurance policy, if this is a refinance
  • Information on existing mortgage or mortgages, if this is a refinance
  • Copy of contract, if this is a purchase
  • Person to contact for access to dwelling, including phone number
  • Name, address, telephone number of attorney, if applicable
The payments below are based on a $200,000 mortgage.
Loan Product Rate APR Monthly Payment
30 Year Fixed Conventional1 5.625% 5.772%
$1,151.31
15 Year Fixed Conventional1 5.500% 5.748% $1,634.17
5/6mo SOFR ARM1* 5.125% 6.408% $1,088.97
1The Annual Percentage Rates (APRs) shown are based on a $200,000 mortgage with estimated closing costs of $3,208.70 for a purchase. This does not include all closing costs, for example, amounts to start a tax and insurance escrow account. This assumes no more than 70% loan to value.  Monthly payment is based on this example and does not include any amounts for mortgage insurance premiums, property taxes or insurance.  Your actual payment obligation may be higher.  Conventional mortgages may not exceed $726,200.   Consult your tax advisor regarding the deductibility of interest.  Hazard insurance is required, flood insurance may be required.  Loans are subject to credit approval.  Rates are effective 2/2/2023 until 5:00 p.m., and are subject to change at anytime without prior notice.  

*Example of how an ARM is calculated: Calculations are based on a $200,000, 5/6mo SOFR ARM amortized over 30 years with an initial interest rate of 5.125% and an annual percentage rate of 6.408%. The APR may increase after consummation. Individual rate adjustments are capped at 2% for the first adjustment only, 1% subsequent adjustments and the rate can never increase by more than the lifetime cap of 5%. A payment example would be as follows with an initial interest rate of 5.125%: 60 payments of $1,088.97 at 5.125%, 6 payments of $1,315.05 at 7.125%, 293 payments of $1,329.63 at 7.25%, and a final payment of $1,333.67 at 7.25%. The monthly payment may increase when the interest rate on an adjustable-rate mortgage is reset. After the initial fixed-rate period, your interest rate can increase every six months according to the market index. Current index (30-day avg SOFR) as of February 2, 2023, is 4.310%. New interest rate is determined by adding the current index plus Margin (3%) rounded to the nearest 0.125. Any change may significantly impact your monthly payment.

Please call 815-478-4611 or email mortgageinfo@fnbmanhattan.com for the most current mortgage rates and information on all our products.
















First Bank of Manhattan & New Lenox are full-service banks with branches in Will County, Illinois.