As a first-time home buyer, educate yourself on how the process works and what information you should be gathering. Check out these questions answered by a recent first-time home buyer – who is now comfortably watching TV in his new home.
Q: How did you begin your search for a mortgage provider?
I began with local banks that have a good reputation and I felt I could trust. I searched their websites to see what valuable information they had readily available online. I also filled out an online loan application.
Q: What specifics were you comparing in your mortgage options?
- Interest rate and monthly payment
- 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?
Q: How did you narrow down your options?
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.
Q: Why did you choose Mercer Savings Bank?
My wife and I ultimately chose Mercer Savings because they offered a fantastic 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. Mercer Savings has become our local, trusted bank.