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 a mortgage rate you’ll like, backed by the service and experience of our mortgage team.
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.
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.
- 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.
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What Can You Afford?
Calculate the potential payment amounts and other mortgage costs using our mortgage calculators. Calculate it