MoneyGeek’s First Midwest Bank mortgage loan review found that this lender offers multiple product options for mortgage borrowers, including special loan programs for doctors, conventional loans, government loans, jumbo loans and construction and renovation loans. You need a minimum credit score of 620 and a 3% deposit to qualify for a conventional loan with its HomeReady program, but requirements for other mortgage products may vary.
At a Glance: First Midwest Bank Mortgages
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First Midwest Bank Mortgage Loan Types, Details and Requirements
MoneyGeek’s First Midwest Bank mortgage review breaks down everything you need to know about mortgage loans from this lender including rates, product options and eligibility criteria.
Mortgage Types Offered
First Midwest Bank offers the following types of loans:
- Conventional
- Jumbo
- FHA
- VA
- USDA
- Fixed-rate
- Adjustable-rate
- Home equity line of credit (HELOC)
- Home equity loan
- Construction and renovation loans
- Physician loan.
Mortgage Rates
First Midwest Bank does not list rates for its mortgage loans on its website. However, this lender has a variety of mortgage calculators that you can use to estimate mortgage payments, refinancing costs, interest rates and tax rates.
Additional Fees
Apart from the down payment fees, First Midwest Bank does not specify any of the other additional fees you may incur. However, most mortgage loans incur appraisal fees, credit report costs, tax and insurance fees as well as processing fees. You can find out from the First Midwest Bank’s loan officer the particular loans that will apply to your facility.
Minimum Borrowing Requirements
MoneyGeek’s First Midwest Bank mortgage review found that this lender has different credit score requirements depending on the type of loan. However, for most loan products, you will need a credit score of at least 620 to qualify.
For FHA and conventional loans, borrowers are required to have a minimum deposit of 3.5% and 3%, respectively. You also need to have proof of steady income and will need to attach your bank statements, recent tax statements and pay stubs to your application.
First Midwest Bank Mortgage Application Requirements
To apply for a First Midwest Bank mortgage loan, you will need to submit your details online and a loan officer will get back to you. You will need to provide the following details for your application to be reviewed.
Proof of income
The lender will require income details, including pay stubs and bank statements.
Tax information
You will need to provide your tax information, including your most recent W-2s.
Credit details
You will need to provide authorization for the lender to perform a credit check and pull your tax returns.
Debt documentation
Any debts you have will need to be disclosed, including car loans, other mortgages, credit card debts and student loans.
Is First Midwest Bank Right for You?
When choosing a lender, it is important to consider your needs and what product options would be most suitable. Comparing rates and product offerings can help you get the best mortgage loan possible since rates, limits and other features can vary widely depending on the lender.
Who First Midwest Bank Is Perfect For
First Midwest Bank is ideal for doctors who want to get a mortgage loan. First Midwest Bank has a special mortgage program for physicians and first responders that does not require any down payment. This loan product also does not require PMI (Private Mortgage Insurance), which can help save significantly on costs over the life of the loan.
First Midwest Bank mortgages may also be a good option if you are a first-time borrower. Not only will you qualify for a rebate on your first mortgage, but this lender also offers low down payment programs for borrowers who qualify. This can make the mortgage payments more affordable.
Who Should Not Choose First Midwest Bank
First Midwest Bank may not be an option if you are looking for a lender with branches across the country. This bank has 103 branches, but it is only in four states: Illinois, Wisconsin, Indiana and Iowa. This means if you are from a different state, you can only access services online, and you may not be able to access all the product options available. Jumbo loans, for instance, are only available in select states.
How to Apply for a First Midwest Bank Mortgage Loan
Prequalify
First Midwest Bank does not have an online pre-qualification or pre-approval for mortgages. However, you can submit your details online and a loan office or resident lender will get back to you with more information.
Fill Out Application Form
First Midwest Bank has an online application form that you can use to apply for a purchase or refinance loans online. You will be required to provide supporting documentation with your application including identification, income, tax and debt statements.
Wait for Approval
Your loan will be assigned to an underwriter for review. The review process may take 35 days to 45 days or more, depending on the type of loan product you have applied for.
Review Loan Agreement
Once your loan is approved, the loan officer or residential lender will get in touch with you to review and sign all the documentation in person.
Receive or Direct Funds
Once all the documents are duly signed, your loan will be funded as per the agreement and rates indicated.
Make Payments
Mortgage payments can be managed online from the client portal on the First Midwest Bank website. You can also review your payment history online and manage your account through the online portal.
What to Do if You Are Rejected by First Midwest Bank
Not all mortgage loan applications will get approved. First Midwest Bank may decline your loan application for various reasons including failure to meet its minimum eligibility criteria. In case you are declined, it does not mean that you will never qualify for a loan. Factors like credit score and debt-to-income ratio can be improved over time, making you more eligible for a mortgage.
It is important to find out from your loan office the exact reason why your loan is declined. This will help you figure out what your next steps should be based on the reason for the denial. If your credit score was the issue, you can work on improving it over time and then reapply for a mortgage. You may also check and compare eligibility requirements from different lenders to see if you qualify.
Your bank may also give you helpful resources on other financing options available to you based on your borrower profile.
Frequently Asked Questions About Mortgages From First Midwest Bank
If you would like to find out more about mortgage loans from First Midwest Bank, you can refer to the answers to frequently asked questions.
sources
- First Midwest Bank. "Doctor Loan programs." Accessed June 1, 2022.
- First Midwest Bank. "Low Down Payment Mortgage." Accessed June 1, 2022.
- First Midwest Bank. "Mortgage Center." Accessed June 1, 2022.
- First Midwest Bank. "Find the Right Mortgage For You." Accessed June 1, 2022.