Rookie Mistakes: Learn From First-Time Home Buyers’ Biggest Regrets

Wednesday, 03 July 2024 by Mercer Savings Bank
Homeownership comes with many benefits - and also many regrets. 81% of young homeowners between 18 and 34 had at least one regret about their home purchase. What were their biggest regrets? Let’s break it down.
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Get up to $10,000 with the Welcome Home Program

Monday, 16 January 2023 by Mercer Savings Bank
The American dream is becoming more affordable thanks to this year’s Welcome Home Program. The program offers low to moderate-income homebuyers up to $10,000 for closing costs and down payment assistance. Honorably discharged veterans are eligible for up to $15,000. Keep reading for details. Homebuyer Requirements for the Welcome Home Program “We’re pleased to be
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Your Guide to Home Equity Loans

Thursday, 16 June 2022 by Mercer Savings Bank
What is a home equity line of credit, and when is the best time to take one?
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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
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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
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Questions Every First-Time Home Buyer Should Ask

Thursday, 06 May 2021 by Mercer Savings Bank
Approved mortgage application with new house keys.
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
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Can You Really Afford Your Dream Home?

Monday, 22 March 2021 by Mercer Savings Bank
Whether you are applying for your first home mortgage or your third, the process is always one filled with anticipation, excitement – and a bit of nervousness, too. For most Americans, a home will be the largest purchase they ever make. According to the National Association of Home Builders, the average first-time homebuyer stays in their
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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.
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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
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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
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