Home Mortgage Loans

• Competitive fixed rates for home purchase or refinance
• Available for primary residence, second homes, vacation homes, or investment properties
• A wide range of terms customized to your unique situation
• Helpful loan advisors with working knowledge of the local real estate market
• Refinance your current home to potentially lower your rate
• Quick, local decision-making and processing
• Attentive, friendly service from start to finish

Mortgage Terms

You may choose the term of your mortgage loan (call us for available terms) 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

The First National Bank of Groton requires a down payment equivalent to 15% of the purchase price of the home.

Hazard 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.