Mortgage /

Mortgage Resources

You have questions? We have answers.


Mortgage FAQs

Although we encourage you to meet with one of Mortgage Lenders in order to complete a mortgage application, you can also submit an application via phone, our website, fax or mail.

There are several mortgage programs available and selecting the right program is vitally important to your long term financial health. We highly encourage you to consult with one of our Mortgage Lenders who will assist you in reviewing several programs and help you determine which is best for you.

Yes, you may pay off your loan prior to maturity without penalty.

The higher your credit score the better your interest rate will be.

Your interest rate will depend on a number of factors including but not limited to: type of loan, credit score, type of collateral, and down payment. Please ask your mortgage lender for additional information.

No, we do not require you to have a deposit account with Mercantile Bank in order for you to be approved for a loan; however, we would love for you to consider having your deposit account(s) with us.

How long the process takes depends on the type of loan you have applied for and how quickly we can obtain the necessary supporting documentation. On average, most purchase transactions close within 30 to 45 days and refinances between 45 and 60 days. We can be flexible with your processing times to best accommodate you.

Fees will vary depending on the loan type and are a very important aspect to consider when applying for a mortgage. It is best to consult one of our mortgage lenders to review several different loan programs, rate options, and fee structures. There are also ways for your fees to be included in your mortgage on some programs.

In most cases, we will complete a full appraisal of the subject property. This will be the best way for us to determine the loan amount for the transaction. You will receive a copy of the appraisal for your records. In some transactions, we are able to waive the appraisal.

The documentation needed will depend on the type of loan you are applying for. It is best if you consult with one of our Mortgage Lenders for a complete list of documents needed for the items needed will vary depending on the loan you apply for and the terms of your transaction. However, in general, we will need to verify you income through paystubs and tax returns, asset statements (bank statements) as well as proof of Home Owners Insurance. There will be additional items needed as we process your loan request.

Yes, we can set up automatic payments to be pulled directly from your deposit account.

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