Home Purchase & Refinance
Home Purchase & Refinance
Home Purchases & Refinance Overview
Whether you’re looking for the ideal mortgage loan for your first or second home, wanting to save money by refinancing or have an investment property you’d like to purchase, we can give you options that help turn your dreams into reality.
Conventional Fixed-Rate Mortgage Loans
FirstMerit offers traditional fixed-rate loans with flexible terms, from 10 to 30 years. These loans provide a fixed rate on principal and interest payments for the term of the loan.1
Adjustable-Rate Mortgage Loans
Our Adjustable-Rate Mortgages (ARM) have fixed rates for the first 3, 5, 7, or 10 years of the loan repayment period, depending on the type of ARM. This rate then adjusts annually thereafter. Our new 5/5 ARM is fixed for the first five years and adjusts every five years thereafter. These loans can be amortized over a period of up to 30 years.2
BEST Mortgage Loans
Our BEST loan is designed for customers looking to purchase a home in a low- or moderate-income area. This program can benefit borrowers who have unique credit or income circumstances.
To Get Started – Call: 877-881-7787
FHA Mortgage Loans
FHA loans are government-insured loans backed by the Federal Housing Administration (FHA). These loans require a down payment of 3.5%, and provide flexible credit guidelines.
VA Mortgage Loans
VA loans are available to qualifying veterans and active members of the armed services. With a VA loan, you may not have to make a down payment. Plus, VA loan qualification guidelines are more flexible than FHA or conventional mortgage loans.
Start your VA mortgage loan process by obtaining your Certificate of Eligibility at: www.benefits.va.gov/homeloans/
You may be able to lower your monthly payment by refinancing your mortgage. Talk with a FirstMerit Mortgage Loan Officer to see how much money you may be able to save over the course of your loan.
HARP: Home Affordable Refinance Program
This program, is available for homeowners whose loan is owned or guaranteed by Fannie Mae and Freddie Mac and closed before May 1, 2009. HARP was developed to help homeowners who owe more on their homes than the current appraised value.
Other Special Mortgage Programs
We also offer several specialty programs tailored for doctors, higher net worth individuals, and individuals looking to purchase a property for use by a family member. These loans provide additional flexibility on loan requirements and terms.
In addition, we have first-home buyer programs for those just starting out, whose down payment resources and income may be more limited. Programs provide below-market-financing, low down payment options and down payment assistance.
Call: 877-637-4856 l Find a Loan Officer »
- 15-year fixed rate:
For example, a $175,000 15-year fixed rate mortgage, with an interest rate of 3.375% and 20% down payment, principal and interest would be $1,240.33 for 180 months. Payment shown does not include amounts for taxes and insurance. Actual payment obligation may be greater. The annual percentage rate (APR) on the loan would be 3.527%, which is the cost of credit over the term of the loan expressed as an annual rate. Interest rate shown is the rate currently in effect. APR offer does not take into account additional loan-specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to, loan amount, loan type, occupancy type, property type, loan-to-value ratio and your credit score.
- 3/1 ARM:
For example, a $120,000 3/1 ARM home purchase loan with a 30 year amortization would have an interest rate of 3.25% for the first 3 years of the loan. The 4th year interest rate would be 3.375% based on the current 1-year Constant-Maturity Treasury (CMT) Securities index of 0.41% and a margin of 3.00% and would be adjusted annually thereafter. With a 20% down payment, the first 36 monthly payments would be $522.25 and the remaining 324 monthly payments would be $529.83. Payments shown do not include amounts for taxes and insurance. Actual payment obligations may be greater. The annual percentage rate (APR) on the loan would be 3.421% which is the cost of credit over the term of the loan expressed as an annual rate. APR is subject to increase after loan closing. Interest rate, index, and margin are those currently in effect. APR and closing cost offer do not take into account additional loan specific finance charges or discount points you may be required to pay. Your final APR may also be adjusted based on factors including, but not limited to: loan amount, property location, loan type, occupancy type, loan-to-value ratio, and your credit score. APR and payments are calculated with 0.25% reduction in interest rate and margin for payments made with automatic funds transfer (AFT) from a Trustcity account. APR and payments will be higher without AFT.