BANKING

Home Loan Process

If you're looking to purchase a new home, refinance your current home, or take out a home equity product, there are many details to handle. Let the experts at State Farm Bank® assist you with your mortgage loan and home equity needs. Making sure our customers have an opportunity to purchase a home quickly and easily is the way we do business.

Special Offers

Jumbo Rates*

Effective 12/17/2012, State Farm Bank will be offering lower rates on jumbo mortgage loans for a limited time on the 10 and 15 year fixed rate Jumbo Mortgages and the 5/1 Adjustable Rate Mortgage (ARM) Jumbo Mortgage. Since rates are still historically low, this may be just what you were waiting for to take advantage of these lower rates one more time.

A jumbo mortgage, sometimes called a "non-conforming" mortgage, is larger than the legislated purchase limits determined by FannieMae & FreddieMac. Due to the higher dollar amount and associated risk, a jumbo mortgage, often has different underwriting requirements and generally slightly higher rates. Jumbo loans in the selected areas are loan amounts greater than $417,000.

For specific rates, information or to apply for these and other property types or loan terms, refer to the "How to Apply" Mortgage Loan section below.

How to Apply?

Mortgage Loan

If you're ready to apply for a mortgage or are interested in additional information, contact the nearest participating State Farm® agent. You can also call toll free at 888-556-3498. Refer to our application checklist [PDF-356.7KB] to see items you may need to proceed or submit a mortgage inquiry.

After you apply for your mortgage we'll send you a package of information for your review and signature within three business days. You'll also get the name and phone number of the State Farm Bank mortgage representative who will work with you during the processing of your application.

Check out our mortgage rates to see if we can help you save money or buy a new home.

Home Equity

A home equity loan or home equity line of credit lets you borrow against the available equity in your home. Choose the product to meet your needs.

If you're ready to apply for a home equity product or are interested in additional information, contact the nearest participating State Farm agent. You can also call toll free at 877-685-2147 or submit a mortgage inquiry.

After you apply for your home equity product, we'll send you a package of information for your review and signature within three business days. You'll also get the name and phone number of the State Farm Bank mortgage representative who will work with you during the processing of your application.

Check out our competitive home equity rates.

* IMPORTANT TERMS AND CONDITIONS OF CLOSING COST DISCOUNT

Loans are underwritten and offered through State Farm Bank, F.S.B. (the Bank). This discount is valid upon the Bank receiving a mortgage application that meets the Bank credit standards as well as credit and income verification and collateral review. You will be required to provide the Bank a first priority mortgage on your home and the Bank will need to order a property appraisal, title insurance policy, mortgage insurance (if applicable) and confirm property insurance acceptable to the Bank. Manufactured, condominium, rental, vacation or investment properties and other non-owner occupied properties, and certain non-site built homes, are not eligible for this offer. This offer is also not available on Community Reinvestment Loans in McLean County, IL and Relocation loans for State Farm employees. This offer is valid only for applicants who are 18 years of age (or the age of maturity in your state) or older. Other restrictions may apply. Interest on a home mortgage loan may be tax-deductible, however, any portion of the loan that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax-advisor regarding deductibility of interest.