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Make your mortgage dreams come true with Merchants Bank.
Start the Process
Whether you're buying a new home, building or refinancing, Merchants Bank offers a variety of mortgage and home loan options that would make sense for you. We pride ourselves on friendly, attentive service that helps the process run smoothly and helps make your dreams a reality.
Steps in the Home Loan Process
Step 1: Mortgage Pre-Approval
Mortgage pre-approval is a simple application process to determine if you qualify for a mortgage. Getting pre-approved has many benefits, including knowing how much house you can afford and showing home sellers you are serious about a home purchase.
- You can apply for pre-approval in person, online by choosing a local Mortgage Lender or over the phone
- We will pull your credit report and review your credit history
- You will be asked to provide the source of your down payment
- We may ask for other documentation as well
- After submitting the application, we'll ask for proof of income (paystubs/W2's)
Construction Loan
If you're planning to build, pre-approval is the first step in the construction loan process before you purchase a lot or start your building project. Your mortgage lender can walk you through all the steps to a construction loan, which are slightly different from a traditional mortgage loan.
Step 2: Find Your Home and Make Your Offer
Upon successful pre-approval, it's time to begin your house hunt. If you're working with a local realtor in Minnesota or Wisconsin, provide them a copy of the pre-approval letter you obtained from your Mortgage Lender.
Step 3: Complete the Loan Process
We'll order the appraisal and update other information you provided on your application, such as income and source of your down payment. There may be other documentation we ask for during the mortgage underwriting process.
Step 4: Closing-transferring Home Ownership to YOU!
Upon loan approval, we will schedule the closing date for your loan. All mortgage documents will be signed and home ownership will transfer to you.
If you have any questions throughout the process, contact your local Merchants Bank Mortgage Lender. We're here to provide answers and walk you through each step.
I sent Jenna the documents she needed from me and my wife. And from there she let us know when we were ready to close. The process was extremely easy...with underwriting and getting you guys the paperwork, it's not been a burden.
I just really appreciated Katie's expertise, responsiveness and friendly nature. Really the entire process was smooth sailing. I would definitely recommend Katie and Merchants Bank.
We really switched all of our accounts to Merchants after working with Dawn Stenberg on the refinance of our house. She was attentive, thorough, and always had our best interests in mind. And saved us a bunch of money on our mortgage. The process couldn't have been any easier.
All mortgage loans are subject to credit approval.