First Internet Bank Mortgage Review(s) and Rates

July 21, 2011 1 Comment »

First Internet Bank of Indiana (or simply First Internet Bank) was one of the original pioneers in online banking. They were among the first to form a state chartered, FDIC insured institution which operates solely online. The bank was founded in 1997, incorporated in 1998 and then open to the public in 1999. It’s primarily involved in retail banking (via the internet) and investment in securities.

First Internet Bank came on our radar this week by offering some noteworthy mortgage rates for both fixed and adjustable rate mortgages. Among it’s mortgage product line are 30 year fixed, 15 year fixed, 5 year adjustable, jumbo loans, VA and FHA mortgages along with home equity loans.

Today’s Mortgage Rates – First Internet Bank:

(Rates accurate as of July 2011. Visit their website at firstib.com for updated rates and mortgage information.)

- Conventional 30 year fixed rate mortgage providing an APR of 4.327% with 0.376% points.

- Conventional 30 year fixed rate mortgage providing an APR of 4.421% with 0.00% points.

- Conventional 15 year fixed rate mortgage providing an APR of 3.417% with 0.605% points.

- Conventional 15 year fixed rate mortgage providing an APR of 3.458% with 0.030% points.

- Conventional 5 year adjustable rate mortgage providing an APR of 2.905% with 0.435% points.

- Conventional 5 year adjustable rate mortgage providing an APR of 2.923% with 0.119% points.

To put the APR’s above in perspective, the current national average for 30 year fixed rate mortgages sits at roughly 4.49%. The current national average for 15 year fixed rate mortgages sits at roughly 3.62% and the current national average for 5 year ARM’s sits at roughly 3.01% APR.

If you have experience in obtaining a mortgage or refinancing an existing home loan with First Internet Bank, please share by leaving a comment!

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  • Jeff

    I had a pleasant experience with First Internet Bank and I live in the northwest. I had a credit score of around 700 and took the option to pay a 4.0% interest and saved almost $6000 in closing costs. I could have taken a lower rate, I think around 3.85% but would have had to pay the extra 6 grand in closing. This only changed my monthly payments by around 80 bucks. I also got to lock in my mortgage with 60 days to close which was longer than what my credit union offered.