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FirstMerit Mortgage Rates and Calculator – Home Loans

FirstMerit Bank offers mortgage calculators and a range of rates for applicants to view in order to see what is the best financial route from them when purchasing a home. The calculators are available to solve the problems online and give the applicant direction to how much they can purchase, calculating the monthly payment, refinancing, and APR.

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Rates

The rates are not listed online but only given to the applicant after they submit an application.

Calculators

This calculator as the name already says is a simple tool that will show you how much you can afford per month for a mortgage loan. All you have to do is to fill in with your total income per month (gross) and your total monthly debt. After this, just click on ‘Calculate’ and see the results. Click on the image to be redirected to the site.

firstmerit-how-much-you-can-afford-month

This is another calculator also really easy to use. Just fill in with the required information:

  • Purchase Price (property that you’re buying)
  • Down Payment
  • Interest Rate
  • Loan Term (years)

After filling in with the information above click on ‘Calculate’ to see the results.

With this calculator you can verify your suggested loan amount based on your monthly budget. Just fill in with:

  • Monthly Payment (what you can afford)
  • Interest Rate
  • Loan Term (years)

This calculator can help you compare two loans, one with points and one without. Fill in with the required information:

  • Purchase Price
  • Down Payment
  • Interest Rate
  • Term (years)
  • Points

Click in ‘Calculate’ two see the comparison.

Are you thinking about refinancing your mortgage? This calculator will help you to see if its the best financial decision for you. Fill in with the required information as:

Original Mortgage                                                                                      

  • Original Loan Amount
  • Appraised Value
  • Original Interest Rate
  • Term (years)
  • Years Remaining
  • Income Tax Rate

New Mortgage

  • Appraised Value
  • Interest Rate
  • Term (years)
  • Loan Origination Rate
  • Points Paid
  • Other Closing Costs

After filling with the information above click in ‘Calculate’. In order to see the graphs press your spacebar, so you can have a detailed information.

 

This calculator will help you to determine the Annual Percentage Rate (APR) for your mortgage, the results can be shown either by year or by month. Fill in with:

Loan Information

  • Mortgage Amount
  • Term in years
  • Interest Rate

Closing Costs

  • Origination Fee Percent
  • Points Paid
  • Other Fees to Include

After filling in click in ‘Calculate’ to see the results.

* FirstMerit APR definition – Annual Percentage Rate (APR)A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.

How to Apply

FirstMerit Bank accepts mortgage applications Online, by Telephone (877-881-7787), and thru E-Mail.

FirstMerit Bank breaks down how they would like their applicants to apply in the following areas;

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