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 located in Minnesota and Wisconsin.
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 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.
- Conventional or Traditional Mortgage, in addition to mortgage loans through the programs listed below.
- A 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.
- Calculate the potential payment amounts and other costs associated with your mortgage using our mortgage calculators.
- Get an overview to help you understand the home loan process.
- Read our detailed, step-by-step home loan guide for what to expect from start to finish.
- Learn about the mortgage underwriting process.
- Find a local lender, from Northfield to Apple Valley and all the other communities we serve.