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Important Information Regarding Home Equity Loans  
Fixed Rate  
You can have the peace of mind knowing that your interest rate will be fixed at closing, and your monthly payment will be the same throughout the term of your loan. We offer a variety of terms on these types of loans. Call or stop in for information on closing costs.  
Variable Rate  
Home Equity Lines of Credit are also available and are very popular. This product allows you to establish a loan line of credit up to 80% of the appraised value of your home minus any outstanding mortgages. You will be provided with checks and may make advances of $300 or more at any time you like. This product allows you to borrow and pay back as often as you like.  
Program Details: Home Equity Line of Credit  
Interest Rate Variable
Index NY Prime lending rate
Adjustment Period Quarterly
Draw Period 10 Years
Payments Monthly, consisting of interest on the principal balance of the loan outstanding during the month plus 1/180 of the principal balance owed at the end of the billing cycle.
Closing Costs  
Minimal. You will be required to pay the mortgage tax and recording fees. The Bank will pay for updating the abstract and for the appraisal.  
The loan specialists at The First National Bank of Groton are well trained and ready to answer your questions about this popular loan program. Call or stop in for more information.  
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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