First Bank of Richmond

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First Bank of Richmond
119 East Main St.
Centerville, IN 47330
Phone:(765) 855-3011
FAX:(765) 855-3714

Welcome to First Bank Richmond

OUR MISSION:
Exceed customers' expectations
Cultivate profitable relationships
Provide financial solutions
Remain locally-owned
Support our communities

MORTGAGES

Construction Loans
Interested in building a new home? First Bank offers financing for both the land purchase and the construction of your home.

* Term: typically 6 months
* Loan to Value: maximum of 80%
* Rate: fixed at Prime + .5%
* Borrower draws funds as needed
* Interest-only payments during construction
* Advances can be transferred into a First Bank deposit account


Fixed-Rate Mortgage Loans

Recommended for individuals who plan to own their home for more than 10 years, who expect interest rates to rise, or who have a fixed income and want to know what their payment will be for the life of the loan.
Adjustable-Rate Mortgage Loans

Recommended for individuals who plan to own their home for less than 10 years, or who expect interest rates to remain stable or decline. The interest rate may change at specific intervals, and the monthly payment may increase or decrease.

* Loan to Value up to 100%
* Terms up to 30 years
* Interest may be tax-deductible (contact your tax advisor for more info)
* Bi-weekly loans and auto deduction available

First Bank also offers special Indiana Housing Programs for those people who are eligible.

Second Mortgage Loans

Use the equity in your current home for a variety of other purposes, such as to consolidate bills, purchase a vehicle, or make home improvements.

* Loan to Value up to 89%
* Terms up to 15 years
* Fixed interest rate
* No prepayment penalty
* Interest may be tax-deductible (contact your tax advisor for more info)
* Rate deduction of .25% with auto withdrawal from a First Bank account
* Debt protection insurance available


Home Equity Line of Credit

Similar to a Second Mortgage, but funds are advanced as needed. As the loan is paid back, the funds become available again.

* Fixed and adjustable rates
* Loan to Value up to 89%
* No closing costs
* Variable interest rate adjusts quarterly and has a 10-year term
* Fixed interest rate loan has a 5-year term
* Simply write a check to access funds in $500 increments
* Interest may be tax-deductible (contact your tax advisor for more info)

Indiana Housing Program


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