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Your Bank > Education and Advice > CNB University

No Left Turns! On Your Way to the Right Mortgage

You want to find the perfect house, but first you should look for the right mortgage. If you feel lost before you even begin your search, let us help guide you.

Check Your Credit Report Right Away

Many mortgage lenders require a credit score to determine your creditworthiness. A good credit score - derived from your credit report - may improve approval time and the interest rate you pay. If you get your report before you start looking for a mortgage, you will have a chance to resolve any problems before applying.

Get Preapproved Right Now

Unlike prequalifying, which is only an estimate of how much a bank will lend you based on information you have provided, preapproval is based on a review of your credit, employment history, assets, and liabilities. Once you know how much you can borrow, you can determine the right price range for your future home.

Understand Your Choices Right Here

The two basic types of mortgages are fixed rate and adjustable rate, but many variations of each are available. With a fixed-rate mortgage, the interest rate is the same for the life of the loan. The length of the loan is usually 30 years, 20 years, or 15 years. Adjustable-rate mortgages (ARMs) generally have lower rates at the start of the loan, but their rates may rise after a few years. ARMs may offer a variety of features, such as teaser rates, caps on interest, and conversion options. CNB Mortgage Co. also offers VA, First-time homebuyers and FHA mortgages.

The Right Mortgage Is Right Ahead

If you don’t plan on moving again for several years, you may find that a fixed-rate mortgage is right for you. However, if you plan on relocating or trading up in a few years, you may want to take advantage of the initially low rates of an adjustable-rate mortgage. Once you know what you’re looking for, the right mortgage may be right ahead.

For more information, please call our Mortgage Department at (800)724-2621 or (585)394-4260. For the Canandaigua area call (585)394-9100.