First Merit Bank has a Conventional Fixed-Rate Mortgage, an Adjustable Rate Mortgage (ARM), or Interest Only Option. For Conventional Fixed Rate Mortgage interest rates are set daily, available with 10, 15, 20, 30, and 40 year terms, private Mortgage Insurance (PMI) required if down payment is less than 20%, no down payment loans. Flex 100 and LTV vary on investment properties. The Adjustable Rate Mortgage (ARM) rates are set daily, available with 10, 15, 20 and 30 year amortization schedules, interest rate adjustment periods of 1, 3, 5 or 7 years from anniversary of loan, private Mortgage Insurance (PMI) required if down payment is less than 20%, no down payment loans. The Interest Only loan allows buyers to make interest-only payments for first 10 or 15 years of a 30 year loan, has lower monthly payments, no pre-payment penalties, ARMs or fixed rates.