Important Information About Conventional Mortgage Loans

Mortgage Terms

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.

Down Payment

Typical Closing Cost    
Mortgage Amount$60,000 $80,000 $100,000 $120,000
Application Fee*$250$250$250$250
Appraisal Fee$350$350$350$350
Mortgage Tax$425 - $450$575 - $600$725 - $750$875 - $900
Recording Fees$115$115$115$115
Bank Attorney$600$800$1,000$1,200
$1,740 - $1,765$2,090 - $2,115$2,440 - $2,465$2,790 - $2,815
* These items are required to be paid at the time of the application and are non-refundable.

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.

Fire Insurance
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.

Flood Insurance
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).

PMI Insurance
Not required

Title Insurance
Typically not required

Escrow Accounts
Are available and make budgeting for taxes and fire and flood insurance easier.

Automatic Payments
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.

Contact Us

Stop in at one of our convenient locations or call us directly at our Groton office at 607-898-5871 or Moravia at 315-497-2707 during regular business hours.

You can also use our Secure Contact Form.