Home Mortgage Loans

State Farm Bank® delivers competitive interest rates on a host of checking and savings accounts, low APRs on credit cards, and affordable rates on home and vehicle loans. Enter your ZIP Code below to see the current rates for your area.

Need help planning? Visit our financial calculators.

¹ As an ARM loan begins to adjust, the rate and corresponding payment may increase above those for prevailing fixed-rate loans of a similar term.

Fixed-Rate Mortgages

With a fixed-rate mortgage you have the comfort of knowing that the monthly principal and interest (P&I) payment for your home will be the same for the life of your loan. With the benefit of different terms you can:

• Make the choice to have a lower, more affordable monthly payment with a longer-term loan.
• Increase the equity in your home faster by making a higher payment with a shorter-term loan so that your loan is paid off faster.
• Pay additional amounts to be applied to your principal balance with your monthly payment, with no prepayment penalties. This allows you to build the equity in your home faster, while still having the benefit of the lower required monthly payment that comes with a longer-term loan (as compared to a shorter-term loan for the same amount initially financed).

State Farm offers a variety of fixed-rate products:

• 30 Year Fixed-Rate Conforming*

  Loan Term	30 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units
  Purchase	75%–95%
  Limited or no cash-out refinance	75%–95%
  Cash-out refinance	65%–80%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• 30 Year Fixed-Rate JUMBO*

  Loan Term	30 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units and loan amount.
  Purchase	60%–70%
  Limited or no cash-out refinance	60%–70%
  Cash-out refinance	60%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• 25 Year Fixed-Rate Conforming*

  Loan Term	25 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units.
  Purchase	75%–95%
  Limited or no cash-out refinance	75%–95%
  Cash-out refinance	65%–80%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• 25 Year Fixed-Rate JUMBO*

  Loan Term	25 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units.
  Purchase	60%–70%
  Limited or no cash-out refinance	60%–70%
  Cash-out refinance	60%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• 20 Year Fixed-Rate Conforming*

  Loan Term	20 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units.
  Purchase	75%–95%
  Limited or no cash-out refinance	75%–95%
  Cash-out refinance	65%–80%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• 20 Year Fixed-Rate JUMBO*

  Loan Term	20 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units.
  Purchase	60%–70%
  Limited or no cash-out refinance	60%–70%
  Cash-out refinance	60%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• 15 Year Fixed-Rate Conforming*

  Loan Term	15 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units.
  Purchase	75%–95%
  Limited or no cash-out refinance	75%–95%
  Cash-out refinance	65%–80%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• 15 Year Fixed-Rate JUMBO*

  Loan Term	15 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units and loan amount.
  Purchase	60%–70%
  Limited or no cash-out refinance	60%–70%
  Cash-out refinance	60%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• 10 Year Fixed-Rate Conforming*

  Loan Term	10 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units.
  Purchase	75%–95%
  Limited or no cash-out refinance	75%–95%
  Cash-out refinance	65%–80%
  Eligible Properties	1 unit primary residence. Planned unit developments.

• 10 Year Fixed-Rate JUMBO*

  Loan Term	10 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits
  Maximum Loan to Value (LTV)	Depends on the number of units and loan amount.
  Purchase	60%–70%
  Limited or no cash-out refinance	60%–70%
  Cash-out refinance	60%
  Eligible Properties	1–4 unit primary residence. Planned unit developments.

• *Loan assumptions and monthly payment estimates

  Loan Assumptions

  Effective as of 05/23/2013

  Interest rates and Annual Percentage Rates (APR) are for informational purposes only and are based on current market rates. These rates are subject to change without notice and may vary based on property type, loan amount, loan-to-value ratio, credit score and other variables. Ineligible property types are condominiums, town homes, rental, vacation or investment properties and other non-owner occupied properties and certain non-site built homes. The amount of your loan will be established after your application is submitted to State Farm Bank directly or through a mortgage licensed State Farm agent.

  APR is the effective cost of your loan on a yearly basis. Items such as interest, most closing costs, loan origination fees and discount points. Your monthly payment is based on the interest rate on your promissory note, not on APR. Call for information to obtain a rate quote and rate lock specific to your situation.

  Below Annual Percentage Rates (APR) are effective as of 05/23/2013 and based on the following assumptions, APRs are subject to change without notice.

  • Loan Assumptions

    Loan-to-value (LTV)	80%
    Down payment	20%
    Loan Amount	$150,000 (conforming) $417,500 (jumbo)
    Loan Purpose	Purchase
    Property use	Owner-occupied
    Lien Position	First
    Property type	Single family residence
    Property state Credit Score	IL FICO of 720
    Prepayment penalty	None
    Rate lock period	60 days Call for information to obtain a rate quote and rate lock specific to your situation. (This is not an offer of a rate lock.)

  • Fixed Rate

    Fixed Rates	Annual Percentage Rate	Monthly Principal and Interest Payment**
    30 Year Conforming	3.938%	$705.37
    30 Year Jumbo	3.647%	$1,904.22
    25 Year Conforming	3.948%	$781.45
    25 Year Jumbo	3.651%	$2,118.21
    20 Year Conforming	3.838%	$889.34
    20 Year Jumbo	3.531%	$2,421.34
    15 Year Conforming	3.236%	$1,042.92
    15 Year Jumbo	3.165%	$2,908.35
    10 Year Conforming	3.286%	$1,457.09
    10 Year Jumbo	3.183%	$4,055.56

  
  
  

  *Annual Percentage Rates and principal and interest payment can increase after consummation for any adjustable loans.

  **Payments do not include amounts for taxes and insurance premiums which when added will make the actual payment obligation greater.

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Adjustable Rate Mortgages

State Farm Bank® adjustable rate mortgages (ARMs) may offer you the benefit of lower interest rates and monthly payments. The rates are fixed for an initial period of time (depending on the adjustment period of the loan), after which they are adjusted annually. The best loan for you may be determined by how long you plan to stay in your home.

• If you stay in your home for less than five years, a shorter-term adjustable rate mortgage may be your best option; this would allow you to have a lower initial monthly payment.
• If you’re planning on staying in your home longer, look to our longer-term adjustable rate mortgages that offer you the initial stability of a fixed rate and payment for a set time, yet a payment that may be lower than the fixed-rate mortgage options.
• You can pay additional amounts to be applied to your principal balance with your monthly payment, with no prepayment penalties.
• State Farm Bank ARM rates are based off of the LIBOR Index.²

¹ It is important to note that future adjustment periods may eventually raise the interest rate above prevailing fixed-rate loans of a similar term.

² LIBOR is an abbreviation for the “London Interbank Offered Rate.” LIBOR is used as a base index for setting rates of some adjustable rate financial instruments, including interest-only loans and other adjustable rate mortgage programs.

State Farm® offers a variety of adjustable-rate mortgage products:

• 3/1 LIBOR ARM Conforming*

  Loan Term	30 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits.
  Maximum Loan to Value (LTV)	Depends on the number of units.
  Purchase	75%–95%
  Limited or no cash-out refinance	75%–95%
  Cash-out refinance	65%–80%
  Margin	2.50%
  Index	1 year LIBOR
  Eligible Properties	1–4 unit primary residence. Planned unit developments.
  Periodic Adjustment Cap	2.00%
  Lifetime Adjustment Cap	6.00%
  Adjustment Details	A fixed interest rate for the first 3 years, which then may adjust annually. Annual rate adjustments cannot exceed 2% per year with a lifetime cap of 6% above the initial interest rate.

• 3/1 LIBOR ARM JUMBO*

  Loan Term	30 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits.
  Maximum Loan to Value (LTV)	Depends on the number of units and loan amount.
  Purchase	60%–70%
  Limited or no cash-out refinance	60%–70%
  Cash-out refinance	60%
  Margin	2.50%
  Index	1 year LIBOR
  Eligible Properties	1–4 unit primary residence. Planned unit developments.
  Periodic Adjustment Cap	2.00%
  Lifetime Adjustment Cap	6.00%
  Adjustment Details	A fixed interest rate for the first 3 years, which then may adjust annually. Annual rate adjustments cannot exceed 2% per year with a lifetime cap of 6% above the initial interest rate.

• 5/1 LIBOR ARM Conforming*

  Loan Term	30 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits.
  Maximum Loan to Value (LTV)	Depends on the number of units.
  Purchase	75%–95%
  Limited or no cash-out refinance	75%–95%
  Cash-out refinance	65% –80%
  Margin	2.50%
  Index	1 year LIBOR
  Eligible Properties	1–4 unit primary residence. Planned unit developments.
  Periodic Adjustment Cap	2.00%
  Lifetime Adjustment Cap	5.00%
  Adjustment Details	A fixed interest rate for the first 5 years, which then may adjust annually. The first adjustment cannot exceed 5%. Annual rate adjustments thereafter cannot exceed 2% with a lifetime cap of 5% above the initial interest rate.

• 5/1 LIBOR ARM JUMBO*

  Loan Term	30 years
  Prepayment Penalty	None
  Occupancy Requirement	Owner occupied
  Number of Units	1–4 unit primary residence
  Maximum Loan Amount	View our current loan limits.
  Maximum Loan to Value (LTV)	Depends on the number of units and loan amount.
  Purchase	60%–70%
  Limited or no cash-out refinance	60%–70%
  Cash-out refinance	60%
  Margin	2.50%
  Index	1 year LIBOR
  Eligible Properties	1–4 unit primary residence. Planned unit developments.
  Periodic Adjustment Cap	2.00%
  Lifetime Adjustment Cap	5.00%
  Adjustment Details	A fixed interest rate for the first 5 years, which then may adjust annually. The first adjustment cannot exceed 5%. Annual rate adjustments thereafter cannot exceed 2% per year with a lifetime cap of 5% above the initial interest rate.

• *Loan assumptions and monthly payment estimates

  Loan Assumptions

  Effective as of 05/23/2013

  Interest rates and Annual Percentage Rates (APR) are for informational purposes only and are based on current market rates. These rates are subject to change without notice and may vary based on property type, loan amount, loan-to-value ratio, credit score and other variables. Ineligible property types are condominiums, town homes, rental, vacation or investment properties and other non-owner occupied properties and certain non-site built homes. The amount of your loan will be established after your application is submitted to State Farm Bank directly or through a mortgage licensed State Farm agent.

  APR is the effective cost of your loan on a yearly basis. Items such as interest, most closing costs, loan origination fees and discount points. Your monthly payment is based on the interest rate on your promissory note, not on APR. Call for information to obtain a rate quote and rate lock specific to your situation.

  Below Annual Percentage Rates (APR) are effective as of 05/23/2013 and based on the following assumptions, APRs are subject to change without notice.

  • Loan Assumptions

    Loan-to-value (LTV)	80%
    Down payment	20%
    Loan Amount	$150,000 (conforming) $417,500 (jumbo)
    Loan Purpose	Purchase
    Property use	Owner-occupied
    Lien Position	First
    Property type	Single family residence
    Property state Credit Score	IL FICO of 720
    Prepayment penalty	None
    Rate lock period	60 days Call for information to obtain a rate quote and rate lock specific to your situation. (This is not an offer of a rate lock.)

  • LIBOR Adjustable Rate

    LIBOR Adjustable Rate	Annual Percentage Rate*	Monthly Initial Principal and Interest Payment**	After Initial Principal and Interest Payment**
    3/1 Conforming	3.283%	$642.57 for 36 months	$651.96 after 36 months
    3/1 Jumbo	3.162%	$1,704.42 for 36 months	$1,807.20 after 36 months
    5/1 Conforming	3.224%	$632.42 for 60 months	$649.89 after 60 months
    5/1 Jumbo	3.014%	$1,649.64 for 60 months	$1,791.94 after 60 months

  
  
  

  *Annual Percentage Rates and principal and interest payment can increase after consummation for any adjustable loans.

  **Payments do not include amounts for taxes and insurance premiums which when added will make the actual payment obligation greater.

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Home Affordable Refinance Program

Let your good neighbor help you refinance your home, even if you owe more than you can sell it for in today’s market. State Farm Bank® is participating in the Home Affordable Refinance Program (HARP), created by the federal government and offered on loans owned/guaranteed by Fannie Mae. This program currently assists customers who do not have enough equity to qualify for the standard refinance options.

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. This program may be available to assist you if your home’s value has significantly decreased resulting in you owing more on your loan than your house is currently valued. You must be current on your mortgage payments and want to:

• lower your payment,
• obtain a more stable product (fixed vs. adjustable), or
• pay off your home quicker by refinancing into a shorter-term loan.

If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

• Fannie Mae Loan Lookup.
• Freddie Mac – How to Get Help with Your Mortgage.

State Farm Bank is currently offering the enhanced program for loans owned or guaranteed by Fannie Mae only.

For more information, contact the nearest participating State Farm agent, or learn How to Apply.