Mortgages

Indiana First offers 3 different types of mortgages: Fixed Rate, Bi-Weekly and Adjustable Rate, as well as a First Time Home Buyers Mortgage Program.

Fixed Rate Mortgage

A Fixed Rate Mortgage is a mortgage in which the interest rate does not change during the entire term of the loan. These mortgages are offered in various terms. The only change in payments a borrower may incur would be an increase or decrease in the amounts the lender collects for mortgage insurance, real estate taxes, or property insurance (escrow payments).

A fixed-rate loan "amortizes" the money borrowed over the stated term by paying the interest due and reducing the principal a little each month. In the early years, most of the monthly payment goes toward interest and very little is applied toward the principal. The reverse occurs in the later years of the loan.

Current Rates

Bi-Weekly Mortgage

Bi-Weekly Mortgages are fixed rate mortgages in which the borrowers pay half of their monthly payment every two weeks. This enables the customer to make 13 full payments in a 12 month period. This type of mortgage is beneficial because less interest is paid over the life of the loan.

Indiana First Bank requires that all bi-weekly mortgage payments be linked with an Indiana First checking account.

Current Rates

Adjustable Rate Mortgage

An adjustable rate mortgage (ARM) is a mortgage in which the interest rate changes at predetermined intervals. The interest rate will increase or decrease based upon an index which reflects the current money market rate. The change in interest rate will also change the borrower's monthly payment. To protect the borrower from "Payment Shock", the loan has preset limits as to the amount the interest rate can change both annually and over the life of the loan.

First Time Home Buyers Program

Indiana First Savings Bank is committed to making home ownership a reality for its customers. The First-Time Home Buyers program is designed to make the purchase of an individual's first home easy and affordable.

Some of our program details:

• The program is limited to the purchase of your first home
• The home must be located in Indiana, Jefferson, Westmoreland, Armstrong, Cambria, Blair, Bedford, Somerset or Fayette counties in Pennsylvania
• The maximum selling price of the home cannot exceed $80,000
• Mortgages can be obtained with a low down payment and paid back over many years
• Our normal origination fee is waived
• Mortgage loans are available at favorable interest rates
• Income restrictions apply

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