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Important Information Regarding Conventional Mortgage Loans  
Mortgage Terms  
You may choose the term of your mortgage loan up to twenty 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. Let one of our financial consultants show you how many thousands of dollars you will save with a 15- or 20-year mortgage versus a 25- or 30-year mortgage.  
Down Payment  
The First National Bank of Groton requires a down payment equivalent to 20% of the purchase price of the home.  
Typical Closing Costs  
Mortgage Amount $60,000 $80,000 $100,000 $120,000
Mortgage Points (1.5%) 900 1200 1500 1800
Application Fee* 250 250 250 250
Appraisal Fee 295 295 295 295
Mortgage Tax 300 400 500 600
Recording Fees 76 76 76 76
Bank Attorney 600 800 1,000 1,200
Total $2,421 $3,021 $3,621 $4,221
* These items are required to be paid at the time of the application and are non-refundable.
If your mortgage is a refinance situation, you will also be required to pay for the updating of the abstract, which will cost about $175.
Tax Adjustments  
Because real estate property taxes are paid in advance, at closing you will have to pay to the seller a tax adjustment based on the unused portion of the taxes (your attorney will calculate this for you).  
Fire Insurance  
You will need to bring to 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  
Not required. You may choose to open a First National Savings Account to deposit money for taxes and fire insurance which will earn a passbook rate of interest instead of the low rates normally paid on escrow accounts.  
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    Each depositor insured to at least $100,000
    The First National Bank of Groton
P.O. Box 38, 161 Main Street, Groton, NY 13073 • 41 S. Main Street, Moravia, NY 13118
(607) 898-5871 • (315) 497-2707
Buzz: (607) 898-9700 • (315) 497-2200