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| Important Information Regarding Conventional Mortgage Loans |
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| Mortgage Terms |
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| 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. |
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| Down Payment |
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| The First National Bank of Groton requires a down payment equivalent to 20% of the purchase price of the home. |
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| Typical Closing Costs |
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| 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 |
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| 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. |
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| Tax Adjustments |
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| 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). |
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| Fire Insurance |
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| 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. |
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| Flood Insurance |
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| 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). |
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| PMI Insurance |
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| Not required |
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| Title Insurance |
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| Typically not required |
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| Escrow Accounts |
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| 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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The First National Bank of Groton
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 |
