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Welcome to the GRBblog! Get to know GRB, Rochester's only locally owned and managed commercial bank. A commercial bank, but also a community bank, with an entrepreneurial spirit about everything we do. We're committed to Growing Rochester Business and making our community a better place to live and work.

The GRBblog is where we post bank news and information, stories about the great organizations we support, and share relevant local and national business news.

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Posted by on in GRB Mortgage

In a recent article in the Democrat & Chronicle, GRB Mortgage Originator and Assistant Vice President Mike Davis talked about the bank's Conventional Plus mortgage product. 

 

"Realizing that lack of cash and tight budgets may be deterring some buyers, Genesee Regional Bank launched a Conventional Plus Mortgage, Davis says. One of the biggest obstacles when it comes to buying a home is the amount it requires for closing and the monthly payment, Davis says.

 

The Conventional Plus loan at GRB requires the same 3 percent down that a FHA loan does, but the amount for Private Mortgage Insurance is significantly less, with a buyer being able to save up to 40 percent based on his or her credit score. But the interest rate will be slightly higher, Davis explains.

 

On a 30-year loan of $125,000, which is the median existing home price in the 11-county Rochester region, a conventional loan may charge interest rates of 3.875 percent, while FHA at 3.75 percent and GRB's Conventional Plus is at 4.125 percent. The PMI payments will be around $135 a month for FHA, $88 for conventional and $79 for Conventional Plus, Davis explains.

 

There are caveats to qualify for GRB's Conventional Plus loan such as having to meet income requirements and credit score minimums. The credit score should be above 620 and the income for an individual cannot exceed $69,500, Davis says. You do not need to be a first-time home buyer to qualify, Davis says."

 

Click here for more information about GRB's Conventional Plus or other mortgage products. 

 

 

Mike Davis at desk

Mike Davis discusses loan options with first-time home buyer Marcy Pontius, 27, of Rochester.

Democrat & Chronicle photo by Kate Melton. 

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Posted by on in GRB News

Genesee Regional Bank is pleased to announce the addition of 40 new employees to our Residential Mortgage team. These industry veterans are former employees of First Rochester Mortgage and divisions, Eastcap Mortgage and CenterPointe Mortgage.  The company’s founder, Armando Capuano, will become Vice President and Manager of Residential Mortgage Lending at GRB.

 

“Adding such depth to our team is testament to GRB’s continued growth and the strong opportunity in the local residential marketplace,” says Phil Pecora, GRB President & CEO.  “We have served hundreds of clients since we started our residential mortgage department six years ago, and look forward to our substantially increased capacity.”  In 2012, First Rochester and its divisions originated $200 million in local mortgage volume.

 

GRB’s mortgage team offers a high level of personal service, with quick lending decisions made locally. 

 

“My team and I are excited about joining another growing organization focused on serving the local community, says Capuano. “Both First Rochester Mortgage and GRB have been Rochester Top 100 companies, and we anticipate continued growth now that our employees are working together.”

 

The new GRB MortgageTM offices are located at 919 Winton Rd. S. and 2024 W. Henrietta Rd., Suite 2A.  More information here.  and read the RBJ article here

 

 

Tagged in: mortgage
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