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Mortgage Resources - Loan Programs Guide
No Commitment Fees!
No Title Review Fees!
No Origination Fees!
No Copying Fees!
No Notary Fees!
Lowest Closing Costs Around!
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Select a program below to see more information:
Today's Mortgage Rates
| Program | Rate | APR | Pts. |
| 30-Year Conv. Fixed Rate Purchase | 5.125% | 5.260% | 0.00 |
| 15-Year Conv. Fixed Rate Purchase | 4.500% | 4.720% | 0.00 |
| FHA 30 Year | 5.000% | 5.220% | 0.00 |
| VA | 5.000% | 5.220% | 0.00 |
| Jumbo Fixed Rate 15 Yr | 5.500% | 5.730% | 0.00 |
| SONYMA Low Interest Rate Prog w/ CCAL 30 Yr | 5.250% | 5.350% | 0.00 |
| Jumbo Fixed Rate 30 Yr | 6.125% | 6.270% | 0.00 |
For the most up-to-date information, please call 585-461-4110.
How are interest rates determined?
Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.
Should I pay discount points up front in exchange for a lower interest rate?
Discount points are considered a form of interest. Each discount point is equal to one percent of the loan amount. You pay them, up front, at your loan closing in exchange for a lower interest rate over the life of your loan. This means more money will be required at closing, however, you will have lower monthly payments over the term of your loan. To determine whether it makes sense for you to pay discount points you should compare the cost of the discount points to the monthly payments savings created by the lower interest rate. Divide the total cost of the discount points by the savings in each monthly payment. This calculation provides the number of payments you will make before you actually begin to save money by paying discount points. If the number of months it will take to recoup the discount points is longer than you plan on having this mortgage, you should consider the loan program option that doesn’t require discount points to be paid.
What are closing fees and how are they determined?
A home loan often involves many fees, such as the appraisal fee, title charges, closing fees and state or local taxes.
To assist you in evaluating our fees, we’ve grouped them as follows:
- Third Party Fees
Fees that we consider third party fees include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees.
Third party fees are fees that we’ll collect and pass on to the person who actually performed the service. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee and a title company or an attorney is paid the title insurance fees.
Typically, you will see some minor variances in third party fees from lender to lender since a lender may have negotiated a special charge from a provider they often use. You may also see that some lenders absorb minor third party fees such as the flood certification fee, the tax service fee or courier/mailing fees.
- Taxes and other unavoidables
Fees that we consider to be taxes and other unavoidables include State/Local Taxes and recording fees. These fees will most likely have to be paid regardless of the lender you choose. If some lenders don’t quote you fees that include taxes and other unavoidable fees, don't assume that you will not have to pay them. It probably means that the lender who does not tell you about the fee has not done the research necessary to provide accurate closing costs.
- Lender Fees
Fees such as discount points and loan processing fees are retained by SnapmortgageTM.com and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision.
- Required Advances
You may be asked to prepay some items at closing that will actually be due in the future. These fees are sometimes referred to as prepaid items.
If an escrow account is to established, you will make an initial deposit into the escrow account at closing so that sufficient funds are available to pay the bills when they become due.
If your loan requires mortgage insurance, the first month or so of the mortgage insurance will be collected at closing. Whether or not you must purchase mortgage insurance depends on the size of the down payment you make. If your loan is a purchase, you will also need to pay for your first year’s home owner’s insurance premium prior to closing, We consider this to also be a required advance.
This resource center is designed to provide accurate and authoritative information in regard to the subject matter covered. It is provided with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If legal advice, accounting service, or other expert assistance is required, the services of a competent professional should be sought.
| NOTHNAGLE HOME SECURITIES CORP. 1501 Monroe Avenue - Rochester, NY 14618 Licensed Mortgage Banker - NYS Banking Department |
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