Buying a home is the biggest investment that many of us will ever make. At Mercer Savings Bank, we offer a range of home mortgage loan options based on your needs, whether you’re a first-time buyer or looking to upgrade or downsize!
You can also schedule an appointment with a home mortgage loan officer at any one of our locations in Celina, Fort Recovery, and Greenville.
A mortgage home loan is a binding, legal agreement between a lending institution (typically a bank) and a borrower in which money is lent from the lender to the homeowner for the purchase of a property. The loan is secured by the property and the borrower makes payments per agreed-upon terms until the lender is paid in full for the outstanding balance, including interest.
In other words, a mortgage is a loan meant to help people purchase or build a house. There are different types of mortgages, but basically, you receive a lump sum of money to cover the cost of the house (not including the down payment) and are then required to make regular payments until the house is paid off.
There are many different types of mortgage home loans, but fixed-rate and adjustable-rate home loans are the most popular. A fixed-rate mortgage has a set interest rate that doesn’t change. An adjustable-rate mortgage’s interest rate changes at set intervals (such as one year, three years, and so on). This is why understanding these terms and what they mean is so important. What you pay each month may change according to the terms of your contract.
The table below lists Mercer Savings Bank’s current mortgage rates in Mercer and Darke Counties in Ohio. These rates are current as of the date listed below and are subject to change.
| Product | Interest Rates | APR |
|---|---|---|
| 30 Year Fixed Rate | 6.750% | 6.896% |
| 15 Year Fixed Rate | 5.000% | 5.227% |
Tap into the existing equity in your home with a home equity loan or home equity line of credit (HELOC).
Both offer the ability to provide financing by leveraging the equity of your home. A Mercer Savings Bank loan officer can help determine which is best for you.
Home equity loans are a way to borrow money by leveraging the equity of your home. The loans are based on the home equity you’ve built, meaning how much you’ve paid on your existing mortgage versus the value of your home. Rates are fixed at the onset of the loan. To see how much you may be able to borrow, divide your mortgage’s current outstanding balance with the current value of your home.
It’s a line of credit that functions similarly to a credit card. Borrowers have a credit limit and can borrow up to that amount. You can continue to redraw on the balance that you pay down. Rates may fluctuate from month to month.
We make the process easy. Simply make an appointment with a Mercer Savings Bank loan officer, and we’ll work with you to begin the process. Your loan officer will let you know what else you need for your specific loan.
Typically, these loans can be available in as little as 2 weeks.
Funds from a home equity loan or HELOC may be used for a variety of applications:
