May 2021 - Mercer Savings Bank

So you’ve found the perfect first home. Congratulations! But before you start dreaming about where you’ll put the grill and plant the daffodils, it’s important to ensure that you have your finances in order to make such a large purchase.If you’re a first-time homebuyer, you probably have a lot of questions about the mortgage process. It’s important to understand how this process works, what your options are, and what your obligations will be as a mortgage holder. Luckily, our experts here at Mercer Savings Bank are here to help! In discussions with first-time homebuyers who received their mortgages through us here at Mercer Savings Bank, we hear many of the same questions. They often have many of the same questions you probably do, but we helped them through the process. Have a peek at some of the topics we discussed with some of our mortgage clients: Mercer Savings Bank: How did you begin your search for a mortgage provider?Homeowner: I began with local banks that have a good reputation and I felt I could trust. I searched their websites to see what information they had readily available online. I asked friends and family who they worked with for their loans. I took my time because we weren’t in too much of a hurry. I wanted a bank we could trust. As a first-time homebuyer, what questions were you asking?Homeowner: I was looking at a few different things, like: Are they local and easy to work with? Do they offer good interest rates? What would my monthly payment be?Do they offer an escrow account? (This allows you to pay a monthly fee for property tax and home insurance, instead of paying a large lump sum once a year)What down payment options do they offer?Is there a penalty for early loan payoff?Do they offer a first-time homebuyer assistance program? I also wanted a bank that was easy to contact and would get back to me right away. How did you narrow down your options?Homeowner: I met with a loan officer to review the loan application and get my questions answered. I also wanted to get a feel for the culture of the bank and to see if this is a bank I want to work with. And, again, I talked with a family who had good things to say about Mercer Savings. What questions did you ask the loan officer? Homeowner: I asked about rates, penalties, escrow – the same things I had been evaluating before. But the officer was able to give me more detailed answers specific to my situation, which was nice. And it was in simple language. Easy to understand. I didn’t feel like I was being talked down to or that there was a lot of jargon used. He explained everything to me step by step about what the process would be like and what I would be responsible for. Why did you choose Mercer Savings Bank?Homeowner: My wife and I ultimately chose Mercer Savings because they offered a good first-time homebuyer program with competitive rates. They were also very responsive, and we immediately began building a relationship with them. We made a personal connection, which made us feel even more comfortable in our decision. We love working with Mercer Savings. They understand the local community and local concerns better than anyone else. Hassle-Free Home Buying Ready to fund your dream home? Contact one of our local mortgage loan specialists today online, or visit a Mercer Savings Bank location near you.To discover more about the ins and outs of buying a home in our Mortgage 101: Beginner’s Guide.

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Questions Every First-Time Home Buyer Should Ask

Celina (Market Street)

Celina (Irmscher Boulevard)

Fort Recovery

Greenville

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Questions Every First-Time Home Buyer Should Ask

Celina (Market Street)

Celina (Irmscher Boulevard)

Fort Recovery

Greenville