Mortgage Products

Fixed rate mortgages

With a fixed rate mortgage you have the comfort of knowing that the monthly principal and interest payment (P&I)* 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 (up to 30 years)
or increase the equity in your home faster by paying a higher payment with our shorter-term loan (15 year term) so that your loan is paid off faster
or increase your monthly payment when you want. With no prepayment penalties, you can build the equity in your home faster while still having the benefit of a lower required monthly payment that comes with a longer-term loan

State Farm Bank® offers a variety of fixed rate mortgages with affordable down payments to fit every budget. View our fixed rate mortgage product details.

To find out more about our selection of fixed rate mortgages or to apply for a mortgage loan contact your local participating bank agent or in other areas call our mortgage specialist toll-free at 1-877-SF4-BANK / 1-877-734-2265.

*Your total monthly payment amount may be affected by the amount collected for taxes and insurance if an escrow account is established.

Adjustable rate mortgages

State Farm Bank's adjustable rate mortgages (ARM) offer you the benefit of lower rates and monthly payments. The rates are fixed for an initial period of time (depending on the adjustment period of the loan), then the rate and payment can adjust 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 ARM may be your best option; this would allow you to have a lower initial monthly payment
if you are planning on staying in your home longer, look to our longer term ARMs that offer you the stability of a fixed rate and payment for a set time, yet at a rate and payment that is lower than the fixed rate mortgage options
or increase your monthly payment when you want. With no prepayment penalties, you can pay an additional amount to your loan and see the effect in the lowering of your monthly payments after the next adjustment period

State Farm Bank offers a variety of adjustable rate mortgages. View our adjustable rate mortgages product details.

To find out more about our selection of adjustable rate mortgages or to apply for a mortgage loan contact your local participating bank agent or in other areas call our mortgage specialist toll-free at
1-877-SF4-BANK / 1-877-734-2265.