Important Information About Conventional Mortgage Loans
You may choose the term of your mortgage loan, up to twenty-five years, and The First National Bank of Groton will lock in the interest rate for the term of the loan at the date we receive the completed mortgage application.
|Typical Closing Cost|
|Mortgage Tax||$425 - $450||$575 - $600||$725 - $750||$875 - $900|
|$1,740 - $1,765||$2,090 - $2,115||$2,440 - $2,465||$2,790 - $2,815|
Depending on your credit score, you may have to pay points of up to 1.50% of the mortgage amount.
If your mortgage is to purchase a home you will be required to pay the County $130 for certain documents required by them.
The First National Bank of Groton requires a down payment equivalent to 20% of the purchase price of the home.
You will need to bring to the closing a fire insurance binder or policy with coverage for at least the amount of the mortgage, listing The First National Bank of Groton as mortgagee.
If the property you are purchasing lies within the flood plain as designated by HUD, you will be required to purchase flood insurance (you should ask your realtor if the property you are purchasing lies in the flood plain).
Typically not required
Are available and make budgeting for taxes and fire and flood insurance easier.
For ease and convenience you can have your mortgage payment automatically paid from your Checking or Savings account at The First National Bank of Groton.