Mortgage Loans
Whether you are purchasing your first home, moving to a new one or refinancing your existing mortgage, Mercantile Bank offers a mortgage option that can help you reach your goal. We offer conventional mortgage loans, FHA, VA, State Housing, lot loans and first time home buyer financing.
Mercantile Bank also offers a one-time closing construction to permanent program with a rate float down feature
Visit our Mortgage Web Center where you can apply on-line
Fixed Rate Mortgage
A fixed rate mortgage
guarantees the interest rate for the life of your loan. This loan offers a
predictable monthly payment which provides you with the repayment of the
principal and interest. A long term mortgage offers lower
monthly payments and greater buying power, but the interest rate will
generally be higher than a short term mortgage. A short term mortgage builds the equity in your home faster. However,
monthly payments are approximately 15% to 20% higher per month than with a long term loan.
Apply on-line
Adjustable Rate Mortgage
(ARM) - An
adjustable rate mortgage's interest rate rises and falls with an index
tied to market conditions. The loan has a cap to protect you from
substantial increases in market rates and the terms of the mortgage
explain how much the rate can be changed over the life of the loan. An ARM
can offer you a lower initial interest rate than other loan options, which
may help you qualify for a larger loan. The adjustable rate mortgage is
also available through short- and long-term financing.
Apply on-line
Construction/Permanent Home Loan
If you're
considering building a home, this loan offers you the advantage of having
both your construction loan and permanent financing in one package with
one closing. The rate of the loan is protected while you build your home,
and funds are dispersed based on the construction percentage completed.
There is a variety of financing options from which you can choose.
Apply on-line
For more information on Mortgages through Mercantile Bank, you can submit a contact form, call 800-951-2699 or visit any of our branches.
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