Personalized service with loan options that work for you.
Know Your Options
Discover tailored lending solutions designed to fit your unique needs. Experience the difference with our personalized service that puts you first.
Why partner with us?
- We understand the importance of meeting purchase agreement dates. Our efficient and streamlined processes ensure that we close deals on time.
- We offer an extensive array of programs tailored to meet the diverse needs of our clients. Whether you're looking for traditional financing options, innovative new solutions, or something in between, we have the perfect program to fit your unique requirements.
- Transparency is at the core of our organization. We believe in clear and open communication, ensuring you are fully informed at every step of the process. There are no hidden fees or unexpected surprises; we provide straightforward information and honest advice so you can make well-informed decisions.
- At Mercantile, you are always our top priority. Our dedicated team provides personalized customer service, taking the time to understand your individual needs, goals, and preferences. We focus on building strong relationships with our clients, offering customized solutions and attentive support throughout the entire process. Your satisfaction is our mission!
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Mortgage Programs
There are so many mortgage options - let us help you find a mortgage program best suited for you.
- Low Down Payment: Many programs allow low down payments and can range from 0% of the purchase price to 5% of the purchase price. In some cases, down payment funds may also be gifted to you.
- Down Payment Assistance: Mercantile Bank works with several agencies and offer programs including Home One, Home Possible, and Home Ready that may be able to assist with down payment assistance and reduced Private Mortgage Insurance Rates (qualifications required, see Mortgage Loan Officer for details).
- Extra Credit Program: Mercantile Bank is committed to helping its first-time homebuyers in achieving their goal of homeownership. To show our commitment, we offer up to $2,500 in down payment assistance for our low to moderate-income first-time homebuyers (qualifications required, see Mortgage Loan Officer for details).
- Reduced Closing Fees: As a first-time homebuyer you may qualify for reduced closing fees.
- Reduced or Waived Private Mortgage Insurance: You may qualify for reduced or waived Private Mortgage Insurance, depending on the mortgage program. Talk to a Mortgage Loan Officer today to learn more.
- Homeownership Opportunity Program (HOP): HOP is a down payment assistance program that provides up to $20,00 in grant funding to first-time homebuyers. Households are assisted through a first-come, first-served system until funds are exhausted. Buyers must be first-time homebuyers and have a household income at or below 80% of the area median Income.
- HomeBoost Down Payment Assistance Program: HomeBoost is a minority down payment assistance program that provides up to $15,000 in grant funding to first-time homebuyers purchasing a home in Michigan. First-time homebuyers intending to purchase a primary residence in Michigan who identify as Black or African American, Asian, Hispanic, Indian American or Alaska Native, and/or Native Hawaiian or Other Pacific Islander and have a household income at or below 120% of the local Area Median Income qualify for this program. This is a first-come, first-served system until funds are exhausted. Learn More
- Conventional Mortgage: This is the most commonly used program that follows the requirements set by Freddie Mac and Fannie Mae and may require as little as 3% down. A conventional mortgage offers a fixed rate throughout the life of the loan.
- Federal Housing Administration (FHA) Loans: The Federal Housing Administration offers affordable financing through the FHA Mortgage program and may require as little as 3.5% down (down payment funds can be gifted).
- Rural Development (RD) Loan: If you are purchasing in a rural area, you may want to consider an RD Loan, which is a special mortgage program which requires little to no money down. With a Rural Development Loan, you do not need to be a first-time homebuyer.
- Veteran Affairs (VA) Home Loan: If you are a military veteran, reservist, active-duty personnel, or surviving spouse of a military veteran, you are eligible for a VA Home Loan, which offers low to no down payment, attractive interest rates, and favorable credit terms.
- Portfolio Loans: Portfolio Loans are mortgages designed by Mercantile Bank to help promote homeownership in the markets we serve. These loans encompass Mercantile Bank's specialty programs including Mercantile Bank's construction loan and Community Champion Program.
All loans subject to credit and collateral approval.
Solutions For Refinancing
No matter what your refinancing reason is, we can help you decide which option is best for your situation.
If you are looking to take advantage of a lower interest rate a Rate and Term refinance may be the right choice for you. With this option, you only refinance what you currently owe on your home. You can decide if you want to pay closing fees out of pocket or wrap them into the loan.
If you want to consider paying off debts, need additional cash, or just want to make some home repairs or renovations, then you may want to consider a Cash Out Refinance.
Sometimes, it doesn't make sense to refinance your current loan in order to obtain your long-term goal. Instead, a Home Equity Loan may be the right choice.
- Fixed Rate: A fixed rate home equity loan allows the comfort of knowing what your payment will be each month.
- Line of Credit: A Home Equity Line of Credit will allow you to have access to your home's equity, but only when you need it. Pay only on what you borrow.
If your home needs some updates, you may want to consider a Renovation Loan. Talk with a Mortgage Loan Officer for more details.
All loans subject to credit and collateral approval.
Solutions For Construction
It takes more than wood, nails and a vision - building a home takes a lender that will help you from the ground up. Our Loan Officers will help you find the best construction financing options for your future home.
Typically, when you build a home, your builder will ask you to obtain a Construction Draw Loan, which will allow your builder access to funds as they build your home. Mercantile Bank offers One-Time Close Construction Loans, which means you only have to close one time with us. You pay just one closing fee and have a mortgage program that will convert from a construction loan to a mortgage without any additional fees.
Your builder may provide temporary financing for your new home while they build it, and will ask you to obtain a mortgage when the house is completed. We can help!
Looking to renovate your current home or purchasing a home that may need some tender-loving care? We can assist with a Renovation Loan. We offer both a Rennovation Mortgage and a Renovation Home Equity Second Mortgage.
Not quite ready to build, but you've found the perfect location? We can help you with lot and land financing.
All loans subject to credit and collateral approval.
Solutions For Home Equity
We can show you how you can leverage your home's equity to finance a large purchase.
A fixed rate home equity loan allows the comfort of a consistent payment each month. Your payment on a fixed Home Equity loan will include principal and interest and will have a set payment for the life of the loan.
A Home Equity Line of Credit will allow you to have access to your home's equity, but only when you need it. Pay only on what you borrow.
A Home Equity Renovation Loan allows you to tap into your home's equity to finance home improvements, repairs, or energy efficiency upgrades. Whether you are planning on a small project like a fresh coat of paint or a major renovation like a home addition, a Home Equity Renovation Loan could be the perfect solution for you.
All loans subject to credit and collateral approval.