First-Time Homebuyers Rates
No Closing Cost First-Time Homebuyer
Rates as of May 20, 2022
Monthly Fixed Mortgage Interest Rates
| Term | Interest Rate | Points | APR* | Minimum Down |
|---|---|---|---|---|
| 10 | 4.750% | 0 | 4.99% | 3% |
| 10 | 4.625% | 1 | 5.08% | 3% |
| 10 | 4.500% | 2 | 5.18% | 3% |
| 10 | 4.375% | 3 | 5.28% | 3% |
| 15 | 4.750% | 0 | 4.92% | 3% |
| 15 | 4.625% | 1 | 4.94% | 3% |
| 15 | 4.500% | 2 | 4.97% | 3% |
| 15 | 4.375% | 3 | 5.00% | 3% |
| 20 | 5.125% | 0 | 5.26% | 3% |
| 20 | 5.000% | 1 | 5.25% | 3% |
| 20 | 4.875% | 2 | 5.25% | 3% |
| 20 | 4.750% | 3 | 5.25% | 3% |
| 30 | 5.750% | 0 | 5.85% | 3% |
| 30 | 5.625% | 1 | 5.82% | 3% |
| 30 | 5.500% | 2 | 5.79% | 3% |
| 30 | 5.375% | 3 | 5.76% | 3% |
Get a discount of 0.125% off the interest rate when using Auto Pay with a Chemung Canal checking or savings account.
Monthly Fixed Mortgage Loan Payment Examples (assume 0 points)
| Term (Years) | Amount Borrowed | Monthly Payment (not including Escrow or PMI) | Total Loan & Interest |
|---|---|---|---|
| 10 | $50,000 | $524.24 | $62,908.80 |
| 15 | $50,000 | $388.92 | $70,005.60 |
| 20 | $50,000 | $333.44 | $80,025.60 |
| 30 | $50,000 | $291.79 | $105,044.40 |
*APR = Annual Percentage Rate
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $50,000 and an estimated property value of $62,500. Payments reflect the principle and interest only. The property is an existing single family home and will be used as a primary residence. These mortgage rates are based upon a variety of assumptions and conditions. Your loan's interest rate will depend upon the specific characteristics of your loan transaction. Contact the Real Estate Lending Department for details.
A first-time homebuyer is defined as an individual or family who has not owned a home during the three year period prior to purchase. Exceptions to the three-year period exist for any individual who is a displaced homemaker or a single parent or any individual that owns or owned as a principal residence during such three-year period, a dwelling unit whose structure is not permanently affixed to a permanent foundation in accordance with local or applicable regulations. Existing homes only (no construction mortgages).
- Interest rates subject to change without notice
- All loans subject to credit approval
- Private Mortgage Insurance (PMI) is required for loans with less than 20% down
For more information, please contact us at (607) 737-3815 or toll-free at (800) 836-3711 extension 3815.