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Mortgages
When you're making a decision as important as mortgage financing you should talk with people you know and trust. Our mortgage experts will be happy to assist you with any questions that you have.
Please call Sandy Leavy at 585.454.5900, ext. 105.
Click here for Rates*
*The rates are for loans in the range of $35,000 to $417,000.
Owner-occupied 1-4 family properties within New York State only.
** All Annual Percentage Rates are based on a 20% down payment and amortized over the maximum term. Other options available.
Adjustable Rate Mortgage Facts:
Adjustable Rate Mortgages are for a 30 year term.
Adjustable Rate Mortgages (ARM's) fluctuate with a pre-determined index. When they adjust, the index is added to a margin. The sum is then rounded up to determine the final rate. This is not the manner in which the initial rate is determined. The initial rate is based on many other factors. When the rate adjusts with an Adjustable Rate Mortgage, it will be subject to adjustment caps. There is a maximum that the rate can change per adjustment (called the adjustment cap) and the entire life of the loan (called the life cap). The adjustment caps will vary by program.
Advantage's 1/1 ARM uses the one year Treasury bill as our index. The margin is 2.75% and it will adjust every year.
The 5/1 ARM will have its initial adjustment five years after closing and then have annual adjustments. The index for the 5/1 ARM is the 1 year LIBOR, and the margin is 2.25%.
he 10/1 ARM will adjust ten years after the closing date. Subsequent adjustments will occur annually. The index for the 10/1 ARM is the 1 year LIBOR and the margin is 2.25%.
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