Mercantile Bank
Mercantile Bank
5112 N. Ocean Boulevard
Ocean Ridge FL 33435
561.330.9827
Mortgages
Whether you are purchasing your first home, moving to a new one or refinancing your existing mortgage, we offer mortgage options that can help you reach your goal.
Mortgage Loans
We offer conventional mortgage loans, FHA, VA, State Housing and first time home buyer financing. Mercantile Bank also offers a one-time closing construction to permanent program.
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Fixed Rate Mortgage
A fixed rate mortgage guarantees the interest rate for the life of your loan. This loan offers a predictable monthly payment which provides you with the repayment of the principal and interest. A long term mortgage offers lower monthly payments and greater buying power, but the interest rate will generally be higher than a short term mortgage. A short term mortgage builds the equity in your home faster. However, monthly payments are approximately 15% to 20% higher per month than with a long term loan.
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Adjustable Rate Mortgage
With an adjustable rate mortgage (ARM), the interest rate rises and falls with an index tied to market conditions. The loan has an interest rate cap to protect you from substantial increases in market rates and the terms of the mortgage explain how much the rate can be changed over the life of the loan. An ARM can offer you a lower initial interest rate than other loan options, which may help qualify you for a larger loan. The adjustable rate mortgage is also available through short and long-term financing.
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