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Mortgage Closing Cost Rebate, click for details >

 

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Visit our Mortgage Resource Center >
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Vermont Matters.®

For the past decade Merchants Bank has been maintaining and servicing its residential mortgages in-house. This keeps Merchants strong as it provides a solid base from which to lend and it keeps mortgages in local hands which is healthier for Vermont’s economy.

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Mortgages

Fixed-rate Mortgages

  • Low fixed rates Purchase or refinance of primary residence or second home suitable for year-round occupancy
  • Cash-out refinance option available
  • Maximum loan-to-value ratio is 80%
  • Maximum loan amount is $417,000

Adjustable-rate Mortgages (ARM)

  • Adjustable-rate mortgages may increase your buying power if initial rate is lower than fixed rates
  • Finance primary residences and second homes suitable for year-round occupancy
  • The maximum loan-to-value ratio is 80%

7-1 Year ARM

  • Fixed rate for the first seven years
  • After seven years, the rate and payment are adjusted annually and may increase or decrease according to changes in the index
  • Maximum annual interest rate adjustment of 2%

5-1 Year ARM

  • Fixed rate for the first five years
  • After five years, the rate and payment are adjusted annually and may increase or decrease according to changes in the index
  • Maximum annual interest rate adjustment of 1%

1-Year ARM

  • Rate and payment are adjusted annually and may increase or decrease according to changes in the index
  • Maximum annual interest rate adjustment of 1%

Free You-win Rate Protection ProgramFREE You-win Rate Protection Program

Lock-in the current interest rate for 30 days, free of charge, at any one time from the date you submit a completed mortgage application up to the date your closing interest rate is set.

Whether or not you have locked-in your rate, your closing interest rate will be set ten days prior to the scheduled loan closing date. If your rate is locked, and rates are higher on the date your closing interest rate is set, we will honor your lower locked-in rate. If rates are lower when your closing interest rate is set, you will receive the benefit of the lower rate. If you do not lock-in your rate, you will receive the rate in effect ten days prior to the scheduled loan closing date.

Your loan closing date may be scheduled after your loan has been approved and any pre-scheduling closing conditions have been satisfied. After the loan closing date is scheduled and your closing interest rate is set, you will be charged a $250.00 re-documentation fee, plus any additional fees incurred for updating title work, for any subsequent changes you make which affect your loan closing date and/or documentation.

Options for locking-in your rate:

  • Applicants who complete and submit a mortgage application online may choose to lock during the online application process.
  • Applicants who complete and submit a mortgage application offline may lock by contacting their loan officer.

Today's Rates

 

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