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Types of Mortgages

Serving our communities since 1946, First Bankers Trust Company has lived by the motto that customers are always FIRST. We strive to be the best mortgage lenders in Quincy, IL by meeting and exceeding our customers' needs. Compare our mortgage loan options in Quincy, IL, and fill out the form to your right to connect with one of our friendly and knowledgeable mortgage lenders!

Conventional Mortgages

Conventional home loans are a type of mortgage offered by private mortgage lenders like First Bankers Trust Company, N.A. They are not insured by federal home loan programs.

Are you looking for a mortgage in Quincy, IL? Conventional loans are the most common type of home financing. They also allow you to choose between a fixed or adjustable-rate mortgage (ARM loan).

Learn more about the mortgage application process with Mortgage Lending 101 or Apply for a home loan in as little as 20 minutes.

USDA Rural Development Loans

Looking for an affordable mortgage option in Quincy, IL?

First Bankers Trust Company, N.A. is one of the select lenders able to offer the USDA Rural Development Loan. These mortgages are designed to help low to moderate-income families in eligible rural areas buy, build, or improve a home.

Applicants must meet a set of requirements ranging from household income eligibility to the location of the home. If you and the home qualify for the Rural Development Loan, you'll be looking at a great opportunity to get a fixed-rate mortgage.

Our lenders are here to help answer any questions and guide you through the process. Contact a lender today!

Home Equity Loans and Lines of Credit

Looking for an affordable way to borrow money for a large expense, home renovation project, or to pay off higher-interest debt?  A home equity loan is a great option if you already know how much you need to borrow, while a home equity line of credit HELOC) offers more flexibility to borrow what you need, when you need it, pay back your balance, and use the credit line again. Learn more about Home Equity Lines of Credit (HELOC) with First Bankers Trust Company, N.A.

Apply for a home loan in Quincy, IL!

Are you ready to apply for a mortgage or have questions about comparing mortgage loans? Visit one of our West Central Illinois locations to learn more or apply online today. Our experienced and locally-based mortgage lenders can help you find the right home loan to meet your needs. Contact a lender today!

Fill out this form and we can help you decide what mortgage option is best for you!

Please do not provide confidential information.

Insights from Brenda Seals:

If I have bad credit, can I still get a mortgage?

It can be difficult to get a home loan if your credit is not above the product requirements. However, I do discuss what can be done to improve the scores by reviewing their credit report with them. Sometimes they may not be aware of a derogatory trade line and such. I do tell them that they can get there and one day purchase that home.


What other expenses should I consider when looking to buy a home?

Expenses to consider are the normal closing costs associated with the transaction along with the first year’s homeowners insurance premium and any inspections they may want such as a home inspection, radon, termite, etc. 


What documents are required to get a mortgage?

Documents needed would first be a completed home loan application along with their last few paystubs, bank statements, retirement accountants and tax returns.  

Insights from Leslie Westen:

How can I find out how much I can afford for a home?

It’s best to get pre-qualified for a mortgage before starting a search, that way an applicant will know how much they can afford.  We don’t want total monthly debts, including a new payment with taxes & insurance, to exceed 41% of an applicant’s gross monthly income. 

How much money do I need to buy a home?

With a Rural Development loan, one can borrow 101% of the appraised value, so it’s possible to not have to have a down payment.

A conventional mortgage will require 3-5% down payment, or 20% down without having to pay PMI (Private Mortgage Insurance.) Plus, you want to have money to cover the costs associated with closing.   

What would my first step be when beginning to consider buying a home?

Getting pre-qualified is the first real step to getting a loan/buying a home, but making sure some stuff is together behind the scenes is a good idea, too.  Make sure payments are being made in a timely manner (we’ll pull all 3 credit bureaus.) Make sure you have steady monthly income.  And paperwork can be gathered (2 years of Federal tax returns, most recent pay statement, 2 months of bank statements, photo ID.) 

Insights from Tony Gross:

What type of mortgage should I get?

We offer two different types of fixed-rate mortgages:  Conventional and Rural Development.  Conventional fixed-rate mortgages that we offer can be done with as little as three to five percent down payment, but depends on the borrower’s credit history and assets.  We offer this type of loan in 10, 15, 20, or 30 years terms.  The Rural Development loan product is the only true 100.00% loan-to-value product.  The rate on this loan is also a fixed rate, but there are income and property qualifications that must be met.

Are there programs that assist a first-time homebuyer?

The only true first-time homebuyer program that is currently available is called the Down Payment Plus Grant.  It is a $6,000.00 grant that is forgiven after the homeowner has been in the property for five years.  This program is income based and the borrower is also required to complete a Homebuyer education course.

How long does the home buying process take?

From the time the Homebuyer has signed a purchase contract to closing is usually about 30-45 days.  

How long does it take to get a mortgage?

Getting pre-approved for a mortgage loan usually takes about an hour if the customer brings in their financial documents to the pre-approval appointment.  We, the lender, will take the application information from the customer, pull their credit history, and discuss options with them.  I always tell customers that all the information that we take through the application process must be backed up by documentation.  For example, pay stubs and tax returns to prove income, and bank statements to show where the down payment funds are coming from. 

Will my mortgage interest rate change? Or stay the same?

With a fixed-rate mortgage, the interest rate will stay the same for the duration of the term of the loan.

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