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Real Estate Tips & Resources

Mortgage Terms

Does it sound like people are talking in a strange language when they talk about a mortgage? There are certainly terms you don’t hear every day, but this valuable sheet will help make sure you are on the same page with everyone else and understand the conversation, so you can make the best choice possible. Your Merchants Bank mortgage lender will answer any of your other questions.

Real estate professionals: Please feel free to share with your clients/prospects.

 

Home Financing Checklists

The first question many people buying a home ask is: “What do I do?” These home financing checklists provide a step-by-step roadmap that can be followed for success. Not only do they provide the steps to be followed to successfully closing a mortgage or refinance, they also provides the details behind those steps. If you have further questions, your Merchants Bank mortgage lender will have the answers. Take the first step with these checklists:


Real estate professionals: Please feel free to share with your clients/prospects.

 

Address Look-Up

Did you know a loan can be delayed simply because an incorrect address is used in a loan file? Use the United States Postal Service website to look up a property address and avoid delays related to incorrect addresses.

 

Understanding Your Credit Score

Credit scores don’t need to be a mystery. They can be understood, and, more importantly, information provided in this document can help individuals improve their credit scores. Learn what’s in the “secret recipe” and what can be done to optimize your credit score. Our mortgage lenders understand the influence of a credit score on a mortgage loan and can provide valuable advice. Click here to learn more about credit scores. Real estate professionals: Please feel free to share with your clients/prospects.

 

Conventional Mortgage Loan

A Conventional Mortgage is the most widely used mortgage offered. Qualified borrowers will find that they can purchase a home with as little as 3% down, and there are many other advantages a Merchants Bank mortgage lender can explain. Read all about our Conventional Loan product here. Real estate professionals: Please feel free to share with your clients/prospects.

 

Construction and Renovation Mortgage Loans

For those people who want to build a home the way they want it, or renovate an existing structure into something they have envisioned, a construction or renovation mortgage loan is the perfect choice. This document details the customer-friendly process at Merchants Bank, and a mortgage lender at Merchants Bank can provide more information on why these construction or renovation mortgage loans are unique. Once approved for a construction loan, please keep these Construction Loan Reminders in mind during the construction phase of a your project. See how the construction budget is managed with this sample Sworn Construction Statement. Real estate professionals: Please feel free to share with your clients/prospects.

 

FHA Mortgage Loan

A FHA Mortgage Loan can be a good answer for a borrower with a smaller down payment or a down payment from other sources (such as a gift), first-time homebuyers and those who may have had credit issues in the past. There are certain requirements that need to be met and eligibility issues that need to be considered. This sheet helps to provide important details to those considering an FHA Mortgage Loan. Your Merchants Bank mortgage lender is also a tremendous resource. More on an FHA Mortgage Loan from Merchants Bank can be found here. Real estate professionals: Please feel free to share with your clients/prospects.

 

VA Mortgage Loan

Eligible Veterans and their spouses have a great opportunity with a VA Mortgage Loan. Many qualify for this government guaranteed mortgage loan, but there are a number of requirements that need to be followed and eligibility standards that need to be met. Our VA sheet details the requirements and standards, and your experienced Merchants Bank mortgage lender will help you navigate the process. Read about our VA Mortgage Loan program here. Real estate professionals: Please feel free to share with your clients/prospects.

 

Understanding An Appraisal

You may have recently entered into an agreement to purchase a residential property or you may have completed a loan application to refinance your home. Get a better understanding of a residential appraisal by reading this brochure, prepared by The Appraisal Foundation. If you have other questions, please ask your mortgage lender. Real estate professionals: Please feel free to share with your clients/prospects.