Mortgages
Helping you get into your dream home is one of the ways we’re here to be your trusted financial partner. Welcome to competitive rates, personal service, and peace of mind.
Ready to Buy a Home?
Options for first-time homebuyers to existing owners:
- First-Time Homebuyer Program1
- Fixed- and Adjustable-Rate Mortgages
- Jumbo Fixed- and Adjustable-Rate Mortgages
Looking to Refinance?
Refinancing your home can help you:
- Lower your monthly payment
- Shorten your loan term
- Access your equity and cash out
Build with a Construction Loan
Our construction loans have great features:
- Down payment as low as 10%
- Low origination fee
- No cost for appraisal, processing and underwriting, build draw inspections, credit report, or flood certification
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Ready to Buy a Home?
Options for first-time homebuyers to existing owners:
- First-Time Homebuyer Program1
- Fixed- and Adjustable-Rate Mortgages
- Jumbo Fixed- and Adjustable-Rate Mortgages
-
Looking to Refinance?
Refinancing your home can help you:
- Lower your monthly payment
- Shorten your loan term
- Access your equity and cash out
-
Build with a Construction Loan
Our construction loans have great features:
- Down payment as low as 10%
- Low origination fee
- No cost for appraisal, processing and underwriting, build draw inspections, credit report, or flood certification
How to Get a Mortgage with PSECU
Have questions before you begin? Contact one of our mortgage consultants today at 800.237.7328, extension 3878. Our mortgage consultants are here to help you every step of the way.
Make a Plan with Our Mortgage Calculators
Choosing a home loan is an important decision. With our calculators, you can crunch the numbers - and get that much closer to the right home.
Calculate Your Mortgage Payment
Calculate How Long You'll Need to Save for a Down Payment
Home ownership is a reality with PSECU’s First-Time Homebuyer mortgage1. Up to 100% financing and no PMI required.
Browse Common Questions
Our Mortgage Process
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After you submit your mortgage application, a PSECU mortgage consultant will review your application. We’ll answer any questions you may have and, if you're qualified, provide you with a prequalification letter if you’re purchasing a home. The prequalification letter lets you know exactly how much house you can afford and helps you make a strong bid to the seller.
Once you find the right house and go under contract, we can move forward in the loan process. At this time, you provide more detailed financial information. Throughout the process, our mortgage consultants will keep you up to date regarding the status of your loan to make sure everything is on track. After closing, we’ll service your loan through the life of your mortgage. -
We will finance properties that are:
- Located in the state of Pennsylvania
- Recorded with PSECU listed as first lien holder. The property secures your mortgage loan.
- Titled after purchase in the name(s) of individual(s), not a trust
- Owner-occupied homes, vacation homes, or residential non-owner occupied properties with one, two, three, or four units. Some exceptions apply.
- Condominiums or residences within a Planned Unit Development (PUD) that meet certain criteria. Please contact our mortgage consultants for more information.
- Single-wide manufactured homes
- Timeshares
- Not in acceptable marketable condition
- Non-owner-occupied condo or manufactured homes
- Located outside Pennsylvania
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You may request to waive an escrow account if the loan-to-value (LTV) is 80% or lower, taxes and insurance have been paid timely in the past, and you have the ability to pay them on your own.
Mortgage Definitions
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Fixed-rate mortgages have a fixed interest rate for the life of the loan. The monthly payment for principal and interest on a fixed-rate loan stays the same every month for the term of the loan.
You have the option to buy down the interest rate by paying discount points upfront. You can choose to lock in your interest rate once you’ve signed a sales agreement, or wait until closer to closing. -
Our adjustable-rate mortgages (ARMs) offer a competitive starting rate that is fixed for either 1, 3, 5, or 7 years, depending on the terms of the loan. After the initial fixed period, and each year thereafter, the interest rate will either remain the same, increase, or decrease based on the current rate environment at that time. Caps for the adjustable-rate mortgages are 1/5, which means your interest rate will not adjust more than 1% up or down per year after the initial fixed-rate period. The rate will increase no more than 5% from the initial rate over the life of the loan. Contact us to discuss your specific situation.
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Each point is equal to one percent of the loan amount. The cost of points is added onto closing costs and may buy down to a lower interest rate than what is posted. Please contact a mortgage consultant for more information.
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Private Mortgage Insurance (PMI) is generally required for loans with a loan-to-value (LTV) ratio greater than 80%. This coverage helps protect the lender in case you can't make your payments and default on the loan. PMI makes it possible for borrowers with small down payments to buy a home.
Achieve More with PSECU
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1Additional options for first-time homebuyer products/terms available. PMI may be required. Contact one of our mortgage consultants to find out which one is right for you.