Mortgage/Real Estate
Buying or building a home can be challenging enough without having to worry about the financing. That's why at Farmers & Merchants Bank we can take care of you from the beginning of construction to the end and anything in between.
It's never been easier to build, purchase or refinance a home. We have several options to choose from and can easily walk you through the finance process step by step. You may also view "Your Home Loan Toolkit" published by the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf.
FMB Mortgage Loan Advantages:
- New Construction
- Purchase
- Refinances
- Cash-out home improvements
- No Pre-Payment Penalty
- Special Mortgage Programs
We can arrange just about any payment terms to fit your budget. Just Ask!
Applying for a Mortgage loan is as easy as 1-2-3....
1. PREQUALIFY
Schedule a time to meet with one of our mortgage loan experts at a time that is most convenient for you.
Bring in the following items to help get a jump start on pre-qualifying for your loan:
- Most recent pay stubs (within the last 30 days)
- Last 2 years of Tax Returns (W2, etc.)
Our mortgage loan specialist will then walk you through the application process and assist you in obtaining information such as:
- Checking and Savings account information
- Credit Card information
- Loans due to other financial institutions
- Estimating other monthly expenses
2. DETERMINE TOTAL COSTS AND TYPE OF LOAN
Determine all Expenses Associated with Home Ownership
After you apply and are approved, our friendly mortgage specialists will help you determine other expenses associated with owning a home. In some cases insurance and taxes can be added into your payment so that you do not have to worry about paying the bill when it is due. Our loan specialists will also determine if you can qualify for a special type of loan such as VA or Conventional.
3. CLOSE THE LOAN
Set up a time and place to close the loan.
After your payment amount and loan term are satisfactory for your budget the last step is to close the loan. Our mortgage loan expert will set a date that is convenient for you and the seller to meet so that you can take ownership of your new home. Both parties will meet to finalize all paperwork and minor details and then you can take the keys to your new home.
Loan Types We Offer
- Fixed-Rate - Lock in the rate and you're done. We can arrange just about any payment terms to fit your budget. The rate will never change when you select the fixed rate option. If you want to always know your payment amount, this may be the best option for you.
Special Loan Programs we Offer
- Conventional Loans - Fixed rate mortgages on a single family residence up to $417,000.00
Don't Forget we can also help with...
- Construction Loans - We can approve you to begin building your own home easy and fast. We make our decisions locally so you can be in and out in minutes. Bring in the following items to further simplify the process:
- Copy of Deed
- House Plans
- Materials List
- Contract with the home builder
- Refinances - When mortgage rates drop below your current interest rate it may save you money by lowering your payment and/or reducing the term of the loan. If your rate drops close to 2.0 % below your current rate you can save a bundle. Our mortgage loan specialist can determine the amount of money you can save.
- Home Equity Lines - Use the excess value in your home to set up a line of credit so you can make purchases against the equity. Interest paid on home equity loans may be tax deductible. Contact your certified public accountant to determine if it applies for you.
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