05/10/2022
Mortgages are not only an essential product to our institutions business line, but to our clients. We strive on building relationships and trust while keeping one goal in mind, to assist clients on becoming home owners or to effectively use their equity they worked hard to build.
At Tompkins, we offer the best service and are very competitive with our rates. We currently do not sell our mortgages and if we do, its servicing is retained within.
Mortgage Market Update:
1) As rates continue to climb, points are becoming a popular option for borrowers. Points were typically not a popular option in the past, but with our current market points are becoming an attractive option.
2) Purchase applications are still on the rise even with increasing rates.
3) Residential spending has picked up the pace coming from construction of new single-family homes and renovations, up 1.3% from previous months.