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Mortgage Services

At Farmers & Merchants Bank, our job is to find the right loan to meet your needs. We offer Conventional, FHA, USDA, and VA fixed-rate mortgage loans as well as Adjustable Rate loans. Whether your goal is to buy a home, refinance your home, or improve your home, we offer a product to facilitate your goal.  Our Mortgage Specialist Maryann Gendron, NMLS #1067951, will help you decide which loan is best for you.  Call her at 256.447.3656 or e-mail her at mgendron@f-mbank.com for more information.

Buy a Home

Whether you are purchasing your first home or a subsequent home, we offer a variety of loan types to help you.  We proudly offer competitive fixed-rates on various term Conventional, FHA, USDA, and VA loans as well as Adjustable Rate loans.  To get started, collect the documents on the Documentation Checklist.  The more information you are able turn in upon your initial consultation with our Mortgage Specialist, Maryann Gendron, the faster you will be able to get started.  Once you have the documents ready, call Maryann at 256.447.3656 or e-mail her at mgendron@f-mbank.com to schedule a meeting. She will assist you throughout the process of purchasing your home.

Refinance Your Home

When you refinance your home, you replace your current home mortgage with a new one.  There are several benefits of refinancing.  You may be able to:

  • Lower your monthly payment.
  • Reduce your current interest rate.
  • Pay off your mortgage sooner.
  • Convert your mortgage to a fixed rate.

Call our Mortgage Specialist Maryann Gendron at 256.447.3656 or e-mail her at mgendron@f-mbank.com to see if refinancing is right for you.

Be sure to check out the Enhanced Loan Calculator or other Mortgage Calculators on our Financial Calculators page to see how much refinancing could save you.

Improve Your Home

The most frequently asked question when looking to improve a home is “How much can I borrow?”  It is easy to calculate an estimate of the equity in your home that may be available for financing.  First take the market value of your property and subtract what you owe on your mortgage and any other debts secured by the property.  Second, multiply that number by .80.  That total is the amount of equity that may be available for financing.

Example:  If your home is valued at $155,000, and you owe $100,000 on it, see below.

            $155,000 - $100,000 = $55,000

            $55,000 x .80 = $44,000

            $44,000 is the amount of equity that may be available for financing.

Call our Mortgage Specialist Maryann Gendron at 256.447.3656 or e-mail her at mgendron@f-mbank.com to get started.

 

How is my application evaluated?

Mortgage loan applications are evaluated on four main criteria: income, assets, credit, and the appraisal.  Each of these criteria must be documented thoroughly when applying for a mortgage loan.

Income

  • Is there enough income from your job and other sources (alimony, child support, rental property, commission, etc.) to make the monthly payments?
  • Is that income from a reliable source and likely to continue?

Assets

  • How much money is in bank accounts and other investments?
  • Is there enough money to cover potential closing costs?
  • Additional funds may be needed to cover several months of mortgage, tax, and insurance payments.

Credit

  • What are your current debts?
  • Are those debts paid on time and at least the required amount?
  • Is there a history of tax liens, bankruptcies, collections, or other public records?

Appraisal

  • What is the current market value of the property?
  • Does the appraised value meet our underwriting requirements?