Here at Orange County Trust Company we have kept closing costs remarkably low.
Of course our interest rates are also low. And we don't sell our mortgages, we keep them
right here at home. Three fine reasons to come to the Trust Company for
your home
mortgage.
We offer fixed rate mortgages to finance one to
four family homes (owner occupied).
Click here
for current mortgage rates
Explore monthly loan payment possibilities with our
Loan
Calculator.
Call our Mortgage Representative, Gina Stellato, at
845-341-5000, or one of our Branches at 845-341-5000,
or 845-457-9020
in Montgomery or 845-568-5501
in Vails Gate, to obtain
latest rate
information.
Come to any Branch of Orange County Trust Company
and talk to one of our Loan
Officers. Check Locations for
our Branch nearest you.
FINANCIAL TIPS FOR GETTING A MORTGAGE
When considering whether to buy a home, the American
Bankers Association recommends that you:
● Do your
homework. With so many options from zero down
to 20 percent
down and adjustable rate, interest only and traditional mortgage
financing packages, no matter what you're looking for it's probably
out there. Work with your lender to find the best fit for your
needs.
● Consider all the
costs. This includes fees, closing costs, points,
homeownership insurance, etc, which your lender will
go over with
you, but keep in mind that you should also consider the cost of
repairs and maintenance. Remember, when you
own a home there
isn't a landlord to come over and fix any problem - you'll have to
bear those additional costs on your own.
● Organize your
finances before you go to the bank. You will need to provide
information to the bank in order to have them consider your request.
At a minimum, you will need:
1. Pay stubs (two recent)
2. Tax returns (last two
with W-2 forms)
3. Financial statements
(one that is less than 60
days old)
4.
Copies of additional
monthly payments such
as
car loans,
credit cards, etc.
5.
Any additional
information that you think will
help your
banker to positively evaluate your
credit
request.
●
Pay off
or pay down other loans. Credit cards, auto loans or other
small loans should be paid off or paid down before you look for a
mortgage. This will help increase your credit score and help
qualify you for a larger mortgage or lower interest rates.
● A
mortgage loan may be used to pay off high interest debt.
Provide the bank with a list of the debt to be satisfied.
Include creditor's name, account numbers and amounts.
● Plan for
the future. A home is a long-term investment, but if you plan
on being in an area only a short time, renting may be a better
option. Typically, if you plan on staying in one area less
than 5 years, buying a home may not be worth the investment.
Instead, focus on paying down debt.
The American Bankers Association brings
together all categories of banking institutions to best represent
the interests of this rapidly changing industry. Its
membership - which includes community, regional and money center
banks and holding companies, as well as savings associations, trust
companies and savings banks - makes the American Bankers Association
the largest banking trade association in the country.
Member FDIC
Equal Housing
Lender
