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Products
Merchants Bank offers a variety of loan programs to meet your needs. We offer:
 
Fixed Rate Mortgages
15-Year Fixed Rate Loan
20-Year Fixed Rate Loan
30-Year Fixed Rate Loan
Adjustable Rate Mortgage (ARM) Loans
Federal VA Loans (Veterans Administration)
FHA Loans (Federal Housing Administration)
RD Loans (Rural Development - Guaranteed Rural Housing)

Fixed Rate Mortgages

Fixed rate mortgages are the simplest. Your payment will not change over the life of your loan because your interest rate cannot change. These are among the most popular loans for those reasons.

 

Loan Payment/APR Assumptions:

APR = Annual Percentage Rate. Estimates below are based on a loan amount of $120,000 with 20% down payment and prepaid finance charges of $2,100. Rates are for the financing of a single-family primary residence with a 45-day lock. If the down payment is less than 20%, mortgage insurance may be needed, which could increase the monthly payment and APR. Rates also may be higher for cash-out refinances above 70% Loan-to-Value, non-escrowed loans, loan amounts below $100,000 and/or loan amounts greater than $424,100.   30-Year Fixed = 360 monthly payments. 20-Year Fixed = 240 monthly payments. 15-Year Fixed = 180 monthly payments. Payment does not include taxes and insurance and actual payment obligation may be greater.

Rates updated 10/20/17


15-Year Fixed Rate Loan
Term: 15 years   Maximum Amount: $424,100
RatesAPRPointsPayment
3.025%3.098%0%$1,383.57

20-Year Fixed Rate Loan
Term: 20 years   Maximum Amount: $424,100
RatesAPRPointsPayment
3.525%3.582%0%$1,162.49

30-Year Fixed Rate Loan
Term: 30 years   Maximum Amount: $424,100
RatesAPRPointsPayment
3.775%3.816%0%$557.44

Adjustable Rate Mortgage (ARM) Loans

These loans are fixed for a specific number of years, then adjust annually after that initial rate period. They have interest rate ceilings and floors, which set minimum and maximum amounts the rates can adjust up or down.


Federal VA Loans (Veterans Administration)

Federal VA loans are Veteran loans where rate is fixed for the term of the loan. These loans can be a no down payment loan.


FHA Loans (Federal Housing Administration)

Government backed loans with lower down payment and rate fixed for term of loan.


RD Loans (Rural Development - Guaranteed Rural Housing)

Zero-down payment loan with income and property restrictions. Loans are fixed for life of loan. Call one of our Loan Officers for details.



Products and services are subject to change at any time.

Loan Product APR Calculation Assumptions
The Assumptions for APR Calculation apply to all of the loan products that you offer; however, the information is used for calculation purposes only and will not appear on the website. To fill out your loan products, click Product Details on the navigation menu.
  Loan Amount:  (Conforming)  (Jumbo)