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Loans

Loans

Loans

First National Bank offers consumer loan options for every life situation.

Mortgage Loans

A mortgage, also referred to as a Mortgage Loan, is an agreement between you (the borrower) and First National Bank (the mortgage lender) to buy or refinance a home. To qualify for the loan, you must meet certain eligibility requirements. A person who gets a mortgage will most likely be someone with a stable and reliable income, a debt-to-income ratio of less than 50%, and a good credit score. Mortgages are "secured" loans. With a secured loan, the borrower promises collateral to the bank, which in this case is your home. Learn More.


Home Equity Loans

A Home Equity Loan is a lump sum amount that you borrow against the equity you've built in your home. To calculate your home equity, subtract your current mortgage balance from the appraised value of your home. Over time, you build equity in your home as you make payments on your mortgage. If your home equity loan is approved, you will receive the entire loan amount upfront and then make equal monthly payments of principal and interest for the life of the loan, similar to a mortgage loan. A home equity loan isn't usually the answer if you only need a small infusion of cash. Learn More. 


Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) is a type of second mortgage that allows homeowners to borrow money against the equity they have in their home and receive that money as a line of credit. Borrowers can use HELOC funds for a variety of purposes, including home improvements, education, and the consolidation of high-interest credit card debt. There are a number of ways you can access your funds, including online transfer, writing a check, or using a card connected to your account. You can borrow against your credit line at any time, but untapped funds do no charge interest. In that way, it's a nice emergency source of funds. Learn More.


Auto Loans

With few exceptions, buying a vehicle consists two main activities: (1) finding the vehicle, and (2) paying cash for it or taking out a auto loan to pay for it. Auto Loans are secured loans where the vehicle itself is used for collateral. A car loan is paid back to the bank in monthly installments over a set period of time, plus any interest and fees you accrue. Learn More. 


Personal Loans

A Personal Loan is money borrowed from the bank that you pay back in fixed monthly payments, or installments, over a shorter term. Although it is best to dip into your savings or emergency fund first, a personal loan can be used for any legitimate financial need. Commonly, these types of loans are used for funeral costs, medical bills, weddings, or an unexpected major home repair. A personal loan does not require collateral or security. Learn More.


Student Loan Debt Refinancing

A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books, supplies, and living expenses. First National Bank does not offer traditional student loans to new or current students, which are commonly available to federal student loan programs. However, if you are a physician, attorney, or other advanced degree holder practicing in Central Iowa, First National Bank offers a program for refinancing your federal or private education loans. Please contact Senior Vice President Tim Fitzgibbon for further information about these loans. 


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