Want a mortgage that meets your needs? Choose one of Merchants Bank's mortgage lending experts . We offer a complete line of mortgage options, at mortgage rates you’ll like, backed by the service and experience of our mortgage teams in Minnesota and Wisconsin.

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The differences between mortgage or home loan options can sometimes be confusing. Below is a list of the types of mortgages we offer with a brief review of each.


Mortgage Basics

  • Mortgage Pre-Approval is a simple application process to determine if you qualify for a mortgage. Your credit and income information are the main factors taken into account. If you do qualify, a pre-approval has many benefits. It will let you know how much house you can afford and show home sellers you are serious about a home purchase.
    Apply for Mortgage Pre-Approval

  • A Mortgage is a loan to purchase real estate. Typically a mortgage has a set rate and must be paid off in a specific amount of time. 

  • Mortgage Refinance is the ability to pay off your first mortgage and apply for a new mortgage for the same property. You typically refinance your mortgage in an effort to obtain a better rate or term. 

  • Second Mortgage is borrowing money, using the equity in your home to secure the loan. This type of home loan works much as a personal loan may use the value of a car to secure the loan. 

Mortgage Programs

Your local Merchants Bank Mortgage Lender will be help you determine if you qualify or are eligible for these programs.
  • Conventional or Traditional Mortgage, in addition to mortgage loans through the programs listed below. 

  • Construction Loan provides financing for the construction of a new home. The loan is short-term and is often converted to permanent financing at the end of construction. Read more about our construction loan options.

  • The Veteran’s Administration (VA) Mortgage Program provides a government guaranteed mortgage to eligible Veterans and their spouses who meet a number of specific requirements. Contact us for details.

  • The Federal Housing Administration (FHA) Mortgage Program provides more flexible mortgage loan options. Specifically, if you require a smaller down payment or a down payment from other sources, such as a gift; are a first-time homebuyer or have had credit issues in the past. Contact a lender for details.

  • Fannie Mae and Freddie Mac Mortgage Programs provide options if you require a smaller down payment, more flexible income requirements or live in a low income, underserved or high-cost community. Learn more about each program directly from Fannie Mae and Freddie Mac.

  • The Rural Development Mortgage Program provides a government guaranteed mortgage to low or very low income applicants, in eligible rural areas, who meet specific requirements. Read the United States Agricultural and Rural Development Home Loan Guide.

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All mortgage loans are subject to credit approval.