BLOGS

Buying a home is the largest purchase most people ever make. Since the typical homebuyer doesn’t have the savings required to purchase a house with cash, they borrow the funding from a bank or lending agency, usually in the form of a mortgage.

While shopping around for the right home mortgage, you may come across an unfamiliar term: mortgage points. What exactly are they — and are they worth the added initial cost for the long-term savings?

Whether buying your first house, retirement residence or vacation property, your home mortgage loan terms significantly impact your monthly payments and financial outlook. Fortunately, financial institutions like First Merchants Bank offer several mortgage solutions to support every lifestyle and budget.

If you’re a new homebuyer and don’t know the first thing about securing a house mortgage, you likely have a long list of questions.

Is a mortgage right for you as a first-time homebuyer?