Buying a new home should be a pleasant experience.
We’d like to help make it that way by taking the worry out of applying for a mortgage. That’s why we would like you to take our Home BuyAbility Test. It will help you find out how much home is right for you, so you can feel more comfortable when you apply for your mortgage loan with us.
Buying or building a home is one of the most important decisions you will ever make. Tioga State Bank is here to help you every step of the way. Whether you are a first time home buyer, upgrading or downsizing your home, or building a new home, Tioga State Bank is ready to help you with a fixed-rate or variable-rate mortgage, first time home buyer mortgage, construction mortgage or mortgage for a manufactured home or investment property. We also offer special interest financing for raw land and excess acreage. We’ll help you find the lending solution that suits your needs. And since Tioga State Bank makes decisions locally, you’ll have answers quickly.
Private Mortgage Insurance (PMI) is required on loans for purchases and refinances when there is a down payment of less than 20% or equity in the existing house to be refinanced of less than 20%.
Select A Mortgage Loan To Fit Your Financial Situation.
Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you:
- Fixed-Rate Mortgages have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same.
- Adjustable-Rate Mortgages usually start with lower interest rates than fixed-rate mortgages. We’ll let you know how much the interest rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years or if you think interest rates will be going down, you’ll want to consider an adjustable rate since payments may be lower.
- First Time Home Buyer Mortgages available for new homeowners.
- Jumbo Mortgages starting at $400,500.
- Special interest financing for raw land, excess acreage, and manufactured housing is available.
Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.
Monthly Mortgage Payment Guide |
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| Mortgage Amount | 4% APR | 5% APR | 6% APR | 7% APR | 8% APR | |
| $ 60,000 | $ 286 | $ 322 | $ 360 | $ 399 | $ 440 | |
| $ 80,000 | $ 382 | $ 429 | $ 480 | $ 532 | $ 587 | |
| $ 100,000 | $ 477 | $ 537 | $ 600 | $ 665 | $ 734 | |
| $ 120,000 | $ 573 | $ 644 | $ 719 | $ 798 | $ 881 | |
| $ 140,000 | $ 668 | $ 751 | $ 839 | $ 931 | $ 1,028 | |
| $ 160,000 | $ 764 | $ 859 | $ 959 | $ 1,064 | $ 1,174 | |
| $ 180,000 | $ 859 | $ 966 | $ 1,079 | $ 1,198 | $ 1,321 | |
| $ 200,000 | $ 955 | $ 1,074 | $ 1,199 | $ 1,331 | $ 1,468 | |
The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years. We offer a variety of mortgage plans.
Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage. And whether you apply with us for a new mortgage to buy the home you want, or to refinance your present mortgage, speak to one of our mortgage loan experts at (888) 303-4TSB (4872).
If you enjoy the internet, have you considered online banking? If not, sign up today and make managing your accounts less time consuming and up to the minute. Any online banking customer can sign up for E-Statements which is also convenient and eliminates paper. Any questions? Call us at 1-888-303-4872.