First Merit was established in 1866 in Columbus, Ohio. The bank operates in eight states and provides mortgage lending to customers. The company offers adjustable rate loans and fixed rate loans at a low rate. This article will provide the latest and most up-to-date information about First Merit Mortgage Rates.
First Merit Current Mortgage Rates
If you are purchasing a new home, you can get a quote on the First Merit website. You just enter your personal information and location of the property, and you can see what rate will be offered.
|Type of Mortgage Rate||Interest Rate||APR (Annual Percentage Rate)||Estimated Monthly Payment|
***Rates can change at any time, so it is best to check the website for the latest information about rates.
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First Merit Mortgage Rates Additional Information
With a fixed rate mortgage from First Merit, you can always know what your monthly payment will be. You can choose a term between 8 and 30 years. The shorter the term, the more money you will save in interest; however, your monthly payment amount will be higher.
For many types of loans, you will need a down payment; however, down payment assistance might be an option. The company offers flexible payment dates, free alerts, and online bill pay. You can also receive a closing cost discount.
With an adjustable rate mortgage, you can start out with an introductory rate, and then your rate will adjust according to the mortgage rate trends. Laws are in place to limit the amount of interest that can be charged.
Sometimes it makes sense to refinance your loan. You can save money on interest, or you can lower your monthly payment. First Merit will help you explore your options to see if refinancing is right for you. You can also apply for a jumbo mortgage if you need a larger loan.
You can find a mortgage rates calculator online. A calculator can help you see how much you can afford for the loan.
Monthly Mortgage Payment Example
|Type of Mortgage Rate||30-year fixed rate||20-year fixed rate||15-year fixed rate|
|APR (Annual Percentage Rate)||4.32%||4.22%||3.62%|
|Number of Payments||360||240||180|
|Average Monthly Payment||$1240.12||$1544.09||$1801.97|
|Total Amount of Interest||$196,441.88||$120,581.27||$74,355.49|
|Total Amount Paid||$446,441.88||$370,581.27||$324,355.49|
***The values in this table are approximate results of our calculations and can vary based on the type
Purchasing a home is a big decision, so you want to be confident with your mortgage lender. First Merit mortgage rates will find a loan to fit your needs. You can then concentrate on enjoying the home of your dreams.