Mortgages

Buying a new home can feel overwhelming, but it doesn’t have to! Let us help you take the stress out of financing with our new Mortgage Pre-Approval program. When you’re pre-approved, you have more flexibility and buying power, and you can also close on your mortgage faster and with less hassle. Whether you’re in the market for a second home, or you’re a first-time home buyer, we have the tools to help you get the home you deserve.

For more information, call us at (607) 737-3815, or toll-free at (800) 836-3711, extension 3815, and ask to speak to a Mortgage Specialist. Or email our Mortgage Department by clicking here.

We understand that buying your first home can be both exciting and overwhelming — especially when it comes to financing it. How much can I afford? What will my monthly mortgage payment be? What kind of rate can I get? Let us take the stress out of the homebuying process so that you can focus on finding the perfect house. We offer a wide range of services, tools, and online resources to help you throughout the mortgage process. Let us help you get the house that you want with the personalized attention you deserve.

For more information, please call us at (607) 737-3815 or toll-free at (800) 836-3711 extension 3815 and ask to speak to a Mortgage Specialist.

No closing costs means no: origination fees/points, application fees, flood-check fees, credit-report fees, appraisal fees, mortgage-recording fees, title search fees, lender title insurance fees, bank-attorney fees and mortgage-recording tax. Valid on primary residence, 1-4 family residential properties only. Private Mortgage Insurance (PMI) is required on loans with less than 20% down payment. You will be required to reimburse the Bank fees paid to third parties that were waived as part of the no-closing cost mortgage if it is closed or discharged within the first three (3) years after the opening date. The Bank will not pay for a survey, nor any other item that is ordinarily paid for by the seller.

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).

Looking to save money on your mortgage payment? A bi-weekly fixed-rate mortgage might be the answer for you. As the first bank in the area to offer bi-weekly mortgages, we understand the benefit of frequent payments over conventional monthly mortgage payments, and our Mortgage Specialists will help you determine if the option is right for you.

How it works:

• Pay one-half of your mortgage payment every two weeks, instead of making a full payment each month. This means that you make 26 bi-weekly payments each year rather than 12 monthly payments
• You pay less interest over the life of the loan because the loan is paid off several years sooner, compared to a monthly mortgage
• Payments are automatically deducted from a Canal Bank checking or savings account
• You benefit by knowing your loan is always being paid on time
• With a variety of terms, low down payments, and competitive closing cost rates, we will work with you to find the perfect mortgage solution to fit your needs

For more information, please call us at (607) 737-3815 or toll-free at (800) 836-3711 extension 3815 and ask to speak to a Mortgage Specialist.

A fixed-rate mortgage offers you the security of knowing that your principal and interest payments will remain constant over the life of the loan. With a variety of terms, low down payments, and competitive rates, we will help you secure the mortgage that works best for you.

For more information, please call us at (607) 737-3815 or toll-free at (800) 836-3711 extension 3815 and ask to speak to a Mortgage Specialist.

When you need lower monthly payments, consider an Adjustable-Rate Mortgage program. We offer a variety of terms, a low minimum down payment, and competitive rates. Our dedicated staff will work with you to help you determine which mortgage option is best for you and close in the shortest possible time.

Download the Consumer Handbook on Adjustable Rate Mortgages (PDF)

For more information, please call us at (607) 737-3815 or toll-free at (800) 836-3711 extension 3815 and ask to speak to a Mortgage Specialist.

There are a lot of reasons to refinance. Perhaps you need a lower interest rate on your current mortgage, to consolidate debt, or make home improvements — you can use the equity that you have in your home to do it. At Canal Bank, we offer several fixed and adjustable-rate programs, low closing costs and competitive rates to help you get the most out for your home. When you work with our Mortgage Specialists, you’ll receive the expertise you deserve and the most competitive rates in the area. Let us help you secure the refinancing plan for your individual needs.

For more information, please call us at (607) 737-3815 or toll-free at (800) 836-3711 extension 3815 and ask to speak to a Mortgage Specialist.

If you’re planning to build a single-family, owner-occupied residence, our construction loan program might be right for you! Choose a monthly fixed-rate or adjustable-rate mortgage with the term that best fits your needs. Take advantage of our low-down payment offer or use existing equity you’ve already built from a project, such as land or site improvements already made. And our experienced Mortgage Specialists can also assist you with non-owner occupied and/or multi-units builds, if needed.

Benefits and Features

• Choose from a fixed-rate or adjustable-rate mortgage
• Select from a variety of terms to fit your needs
• Enjoy a low-down payment
• Close before the start of construction and pay monthly for interest on funds we’ve advanced to you
• Once your project is complete, begin regular mortgage payments
• With only one closing, you save the cost of a second closing

For more information, please call us at (607) 737-3815 or toll-free at (800) 836-3711 extension 3815 and ask to speak to a Mortgage Specialist.