Want a mortgage that meets your needs? Choose one of Merchants Bank's experienced mortgage lenders . We offer a complete line of mortgage options, at a mortgage rate you’ll like, backed by the service and experience of a local Merchants Bank Mortgage Lender. 

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The differences between the different mortgage or home loan options can sometimes be confusing. Below is a list of the types of mortgages we offer with a brief explanation 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 in determining qualification. If you do qualify, a pre-approval 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 typically 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, much as a personal loan may use the value of a car to secure the loan. 

Mortgage Programs

In addition to a Conventional or Traditional Mortgage, Merchants also offers mortgage loans through the following programs. Your local Merchants Bank Mortgage Lender will be able to help you determine if you qualify or are eligible for any of these programs.

  • The Veteran’s Administration (VA) Mortgage Program provides a government guaranteed mortgage or loan 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 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 additional options if you require a smaller down payment, need 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 or loan to eligible low  or very low income applicants, in eligible rural areas, who meet a number of specific requirements. Read the  United States Agricultural and Rural Development Home Loan Guide.

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

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All mortgage loans are subject to credit approval.