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Primary Residences and Second Home Mortgages

Rates are effective 9/13/13 and are subject to change without notice. Call 1-800-322-5222 for more information.

Conventional Mortgages up to $417,000. Unless otherwise indicated, payments and rates are in effect for the loan term. ARM interest rates and payment changes are estimated based upon today’s index value. Payments do not include taxes and insurance. Actual total payments will be greater.

Loan Type Max Loan Term Interest Rate Points1 Annual Percentage Rate2 Payment Per $1000 Borrowed Max. LTV3
Fixed Rate Bi-Weekly with Auto-Pay from Merchants Bank Account 30 Years 4.950
4.825
4.700
0
1
2
4.960
4.934
4.909
$2.67/Bi-Weekly
$2.63/Bi-Weekly
$2.59/Bi-Weekly
80%
Fixed Rate with Auto-Pay from Merchants Bank Account 30 Years 5.600
5.475
5.350
0
1
2
5.621
5.587
5.554
$5.74/Month
$5.66/Month
$5.58/Month
80%
Fixed Rate 30 Years 5.650
5.525
5.400
0
1
2
5.671
5.638
5.604
$5.77/Month
$5.69/Month
$5.62/Month
80%
Fixed Rate Bi-Weekly with Auto-Pay from Merchants Bank Account 20 Years 4.700
4.575
4.450
0
1
2
4.718
4.725
4.733
$3.22/Bi-Weekly
$3.18/Bi-Weekly
$3.15/Bi-Weekly
80%
Fixed Rate with Auto-Pay from Merchants Bank Account 20 Years 4.800
4.675
4.550
0
1
2
4.828
4.822
4.817
$6.49/Month
$6.42/Month
$6.35/Month
80%
Fixed Rate 20 Years 4.850
4.725
4.600
0
1
2
4.878
4.872
4.867
$6.52/Month
$6.45/Month
$6.38/Month
80%
Fixed Rate Bi-Weekly with Auto-Pay from Merchants Bank Account 15 years 3.800
3.675
3.550
0
1
2
3.827
3.866
3.905
$3.65/Bi-Weekly
$3.62/Bi-Weekly
$3.59/Bi-Weekly
80%
Fixed Rate with Auto-Pay from Merchants Bank Account 15 Years 3.850
3.725
3.600
0
1
2
3.884
3.907
3.931
$7.32/Month
$7.26/Month
$7.20/Month
80%
Fixed Rate 15 Years 3.900
3.775
3.650
0
1
2
3.934
3.957
3.982
$7.35/Month
$7.28/Month
$7.22/Month
80%
Fixed Rate with Auto-Pay from Merchants Bank Account 10 Years 3.600 0 3.649 $9.94/Month 80%
Fixed Rate 10 Years 3.700 0 3.749 $9.98/Month 80%
1-Year Adjustable with Auto-Pay from Merchants Bank Account4
1.25% Margin, 1.0% Annual Change Cap, 4.0% Life Change Cap
10 Years 1.375 0 1.422 • 120 payments of $8.92 at 1.375%
80%
1-Year Adjustable with Auto-Pay from Merchants Bank Account5
1.25% Margin, 1.0% Annual Cap, 5.0% Life Change Cap
15 Years 1.375 0 1.407 • 180 payments of $6.15 at 1.375%
80%

1. Each point is equal to one percent of the loan amount. All available point options are shown above. 
2. Annual Percentage Rates for conventional mortgages are based upon a loan amount of $150,000 for the refinance of a primary residence. The APRs shown for all Adjustable Rate Mortgages may be increased or decreased after closing due to changes in the interest rate. All first mortgage APRs are based upon borrower’s election to use VTECS for title work. 
3. Maximum Loan-to-Value ratio, including all loans secured by the property.
4. Rate and payment may increase after the first year. Index is the weekly average yield on US Treasury Securities adjusted to a constant maturity of one year (currently .150%), and payments are estimated using today’s index. 
5. Rate and payment may increase after the first year. Index is the weekly average yield on US Treasury Securities adjusted to a constant maturity of one year (currently .150%), and payments are estimated using today’s index. 

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