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First Time Homebuyer

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Farmers and Merchants offers a wide variety of programs to meet your needs.  If you are interested in rates on other programs, please give us a call at 410-239-9650 or email us at mdadmin@fmb1919.com.

 
30 Year Fixed (360 Monthly Payments)
15 Year Fixed (180 Monthly Payments)
30 Year FHA (360 Monthly Payments)
30 Year USDA (360 Monthly Payments)

Rates last updated on Tuesday, December 11, 2018

30 Year Fixed (360 Monthly Payments)

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and three hundred and sixty (360) monthly payments that never change in the amount due or from the established due date each month. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate mortgage loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Term: 30 years   Maximum Amount: $417,000
RatesAPRPoints
4.375%4.543%1%
4.625%4.708%0%
 
4.625% 360 monthly payments - $514.14 4.375% 360 monthly payments - $499.29 Payments based on $100,000 Loan Amount Payment does not include taxes and property insurance Subject to Credit Approval

15 Year Fixed (180 Monthly Payments)

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features a constant interest rate and one hundred and eighty (180) monthly payments that never change in the amount due or from the established due date each month. It offers all the advantages of the 30-year mortgage loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year mortgage loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate mortgage loan and voluntarily make larger payments that will pay off their mortgage loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that measurable.

Term: 15 years   Maximum Amount: $417,000
RatesAPRPoints
3.875%4.167%1%
4.125%4.268%0%
 
4.125% 180 monthly payments - $745.97 3.875% 180 monthly payments - $733.44 Payments based on $100,000 Loan Amount Payment does not include taxes and property insurance Subject to Credit Approval

30 Year FHA (360 Monthly Payments)

Same as a 30 Year Fixed Mortgage but has a higher loan to value ratio and is guaranteed by the Federal Housing Administration.  This loan is fully amortized over a 30-year term and features a constant interest rate and three hundred and sixty (360) monthly payments that never change in the amount due or from the established due date each month. Includes Upfront and monthly mortgage insurance in each monthly payment. 

Term: 30 years   Maximum Amount: $517,500
RatesAPRPoints
4.125%5.201%0%
 
4.125 360 monthly payments - $555.48 Payments Based on $100,000 Loan Amount. Payments include FHA Monthly Mortgage Insurance. payment does not include taxes and property insurance. Subject to Credit Approval

30 Year USDA (360 Monthly Payments)

30 Year Fixed Rate Mortgage, allows up to 100% of the Appraisal Value and is a US Department of Agriculture - Rural Housing Guaranteed Loan.  This loan is fully amortized over a 30-year term and features a constant interest rate and three hundred and sixty (360) monthly payments that never change in the amount due or from the established due date each month.  Includes USDA Guarantee Fee and a monthly Annual Fee in each monthly payment.  

Term: 30 years   Maximum Amount: $999,999
RatesAPRPoints
4.125%4.64%0%
 
4.125% 360 monthly payments - $518.55 Payments Based on $101,010.00 Loan Amount (Purchase Price of $100,000.00) Loan amount includes USDA Guarantee Fee Payments Include USDA Monthly Annual Fee Monthly payment does not include taxes and property insurance. Subject to credit approval


Rates are subject to change without notice.

**APR's provided are based on $100,000. Loan Amount **

Farmers and Merchants Bank is not responsible for any rates that may change prior to lock confirmation.  Your rate is not guaranteed until written confirmation is received from your lender.


Mortgage Officer and Operations located in our Hampstead Branch.

Mortgage Specialists located in the following branches:

N/A at this time