Do You Qualify for the Welcome Home Program?
Tuesday, 24 January 2023
by Mercer Savings Bank
When it comes to buying a home, many buyers are put off by the idea of having to come up with a 20% down payment. And while 20% may sound like a lot, it’s important to understand that the larger the down payment, the less time it will take to pay off the mortgage. If
- Published in First-Time Homebuyer
No Comments
3 Reasons Why a Mortgage Payment is Better Than Rent
Thursday, 16 June 2022
by Mercer Savings Bank
Which is better: a mortgage payment or a rent payment? Depending on who you ask, some say it’s a waste of money to rent when you could buy. Others insist it’s cheaper to make rent payments than mortgage payments in the long run. While both options have pros and cons, there are three major benefits
- Published in First-Time Homebuyer, Mortgages
How to Know if You Can Afford a Home
Tuesday, 26 April 2022
by Mercer Savings Bank
We’re heading into prime house-buying time. Be sure to keep these additional costs and considerations in mind
- Published in First-Time Homebuyer
Don’t Get Ripped Off When Buying Your First Home
Thursday, 03 February 2022
by Mercer Savings Bank
Buying a home for the first time can be exciting — but it also means doing your homework. Learn about how to prevent ripoffs when you’re buying your first home
- Published in First-Time Homebuyer, Mortgages
Questions Every First-Time Home Buyer Should Ask
Thursday, 06 May 2021
by 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
- Published in First-Time Homebuyer, Mortgages
5 Signs You’re Ready to Buy a Home
Tuesday, 16 April 2019
by Mercer Savings Bank
Taking the plunge into homeownership is equal parts exciting and nerve wracking. But how do you know when you’re truly ready? The answer is different for everyone. To help you decide, though, here are five signs that perhaps the time has come for you to buy your first home. 1. You’re financially prepared to buy
- Published in First-Time Homebuyer
Comparing a 15-Year and 30-Year Mortgage
Monday, 08 April 2019
by Mercer Savings Bank
“Should I take a 30-year or 15-year home mortgage?” This is a question many first-time homebuyers ask. The answer to that question is not a simple one, as it depends on each individual’s needs and situation. We’ll go over these two common mortgage types below to provide some clarity and help you make a decision.
- Published in First-Time Homebuyer, Mortgages
Your Complete Dictionary of Common Mortgage Terminology
Wednesday, 14 November 2018
by Mercer Savings Bank
Here’s a glossary of mortgage terms and related phrases to help you decipher the process. List of Common Mortgage Terms and Definitions Adjustable-Rate An adjustable-rate mortgage is one of the two most common mortgage types. Its interest rate changes after a predetermined fixed period (such as one year, three years and so on). It’s known
- Published in First-Time Homebuyer, Mortgages
How to Build Your Credit Before Applying for a Mortgage
Thursday, 01 November 2018
by Mercer Savings Bank
When you apply for a mortgage, lenders will look at many different factors, including your credit score, debt-to-income ratio, loan-to-value ratio (loan amount versus the value/purchase price of the property), and savings history. If you’re applying for a home loan, it’s a good idea to try to raise your credit score in preparation. Here are
- Published in First-Time Homebuyer, Mortgages
The Best Time to Take Out a Home Equity Loan
Wednesday, 14 March 2018
by Mercer Savings Bank
A home equity loan is a great way to finance big budget items or projects. However, before you make your decision, you’ll want to make sure you have all the information you need to ensure you’re taking a home equity loan out at the right time. How a Home Equity Loan Works You may
- Published in First-Time Homebuyer