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.
Benefits of a Home Loan With Us
At PSECU, you’ll find a wide variety of mortgage loan products, customized service, and expert advice. You can complete your application online, at your convenience – and if you have questions, our trained mortgage consultants are here to help.
Fixed mortgage rates
| Description | Rate as low as | APR* |
|---|---|---|
| 10-year Fixed 0 points | 3.000% | 3.311% |
| 10-year Fixed 1 points | 2.875% | 3.397% |
| 10-year Fixed 2 points | 2.750% | 3.486% |
| 10-year Fixed 3 points | 2.625% | 3.577% |
| 15-year Fixed 0 points | 3.125% | 3.344% |
| 15-year Fixed 1 points | 3.000% | 3.365% |
| 15-year Fixed 2 points | 2.875% | 3.386% |
| 15-year Fixed 3 points | 2.750% | 3.409% |
| 20-year Fixed 0 points | 3.500% | 3.682% |
| 20-year Fixed 1 points | 3.375% | 3.671% |
| 20-year Fixed 2 points | 3.250% | 3.660% |
| 20-year Fixed 3 points | 3.125% | 3.650% |
| 30-year Fixed 0 points | 3.625% | 3.744% |
| 30-year Fixed 1 points | 3.500% | 3.618% |
| 30-year Fixed 2 points | 3.375% | 3.492% |
| 30-year Fixed 3 points | 3.250% | 3.365% |
*APR denotes Annual Percentage Rate
adjustable mortgage rates
| Description | Rate as low as | APR* |
|---|---|---|
| 15-year 1/1 Variable | 2.750% | 4.083% |
| 30-year 1/1 Variable | 3.250% | 4.171% |
| 30-year 3/1 Variable | 3.250% | 3.751% |
| 30-year 5/1 Variable | 3.750% | 3.868% |
| 30-year 7/1 Variable | 3.875% | 3.809% |
*APR denotes Annual Percentage Rate
| 1/1-Year2 Adjustable Rate Mortgage – offered with either 15- or 30-year terms | |
|---|---|
| Fixed Term | 12 months |
| Periodic Rate Change | +/- 1% |
| Lifetime Rate Cap | + 5% |
| Margin | 2.5 |
| 1-year CMT Index | fluctuates weekly |
| 3/1-Year Adjustable Rate Mortgage – offered with a 30-year term | |
|---|---|
| Fixed Term | 36 months |
| Periodic Rate Change | +/- 2% |
| Lifetime Rate Cap | + 6% |
| Margin | 1.75 |
| 1-year LIBOR Index | fluctuates daily |
| 5/1-Year Adjustable Rate Mortgage – offered with a 30-year term | |
|---|---|
| Fixed Term | 60 months |
| Periodic Rate Change | +/- 2% |
| Lifetime Rate Cap | + 5% |
| Margin | 1.75 |
| 1-year LIBOR Index | fluctuates daily |
| 7/1-Year Adjustable Rate Mortgage – offered with a 30-year term | |
|---|---|
| Fixed Term | 84 months |
| 1st Periodic Rate Change | +/- 5% |
| 2nd Periodic Rate Change | +/- 2% |
| Lifetime Rate Cap | + 5% |
| Margin | 1.75 |
| 1-year LIBOR Index | fluctuates daily |
When referencing the rate table: *APR denotes Annual Percentage Rate. View all rates.
1 Please contact our Mortgage Consultants for more information.
2 We also offer financing for Construction Draw mortgages under the 1/1 ARM program only.
Rates and information are subject to change at any time. Rates and/or points are based on several factors including but not limited to: property type, loan to value, loan purpose, credit score and subordinate financing. Rates apply to loans up to Fannie Mae's conventional mortgage loan limits. Please contact us for specific rate information, mortgage loan limits or down payment requirements at 800.237.7328, extension 3864.
Please Note: Certain loans may be subject to additional pricing and other restrictions.
*Maximum LTV requirements are subject to change at any time. Some products may require minimum credit scores to qualify for maximum LTV loans. All loan amounts greater than 80% are subject to meeting private mortgage insurance requirements.
Condominiums and manufactured homes may have further restrictions. Some property locations may have additional restrictions. Please call our Mortgage Consultants for specific information.
FAQs
How does PSECU’s mortgage process work?
After you submit your mortgage application, a PSECU mortgage specialist will review your application. We’ll answer any questions you may have and, if qualified, provide you with a preapproval letter if you’re purchasing a home. The preapproval 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. Through the process, our underwriters will carefully review your loan. After closing, we’ll service your loan through the life of your mortgage.
If you are choosing to refinance your mortgage with PSECU, the process is very similar, except you won’t receive a preapproval letter.
On average, it takes 45 - 60 days from application date to closing date.
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. Through the process, our underwriters will carefully review your loan. After closing, we’ll service your loan through the life of your mortgage.
If you are choosing to refinance your mortgage with PSECU, the process is very similar, except you won’t receive a preapproval letter.
On average, it takes 45 - 60 days from application date to closing date.
Can I refinance my mortgage?
Mortgage refinancing allows you to pay off your existing mortgage(s) to get a different rate, loan term, or payment. You can also opt to refinance your existing loan and get cash back for another purpose. Please contact us to discuss your options in detail.
What properties are eligible for a PSECU mortgage?
We lend to properties that are:
We lend to 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 investment properties with one, two, three, or four units
- Condominiums or residences within a Planned Unit Development (PUD) that meet certain criteria1
What properties are not eligible for a PSECU mortgage?
We do not lend to properties that are:
We do not lend to properties that are:
- Single-wide manufactured homes
- Timeshares
- Not in acceptable marketable condition
- Residential investment condo or manufactured homes
- Located outside Pennsylvania
What is a fixed-rate mortgage?
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 current rates are listed below.
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 current rates are listed below.
What is an Adjustable Rate Mortgage (ARM)?
Our Adjustable Rate Mortgage (ARM) products offer a competitive starting rate that’s guaranteed for the first fixed rate period of the loan. This initial rate stays the same for one to seven years, based on the ARM product you select.
After the fixed rate period has expired on an ARM, the interest rate can change every year for the life of the loan. Annual rate adjustments raise or lower the rate within the periodic rate cap limits. ARMs have a lifetime cap, a rate ceiling that the interest rate can never exceed for the life of the loan.
After the fixed rate period has expired on an ARM, the interest rate can change every year for the life of the loan. Annual rate adjustments raise or lower the rate within the periodic rate cap limits. ARMs have a lifetime cap, a rate ceiling that the interest rate can never exceed for the life of the loan.
How do I lock in the interest rate on a mortgage?
Fixed Rate and Balloons:
When applying online, you will have an opportunity to lock your interest rate. If you choose to let the rate float, the interest will not be locked until you notify us that you want to lock it. Some mortgage products require the assistance of PSECU staff. If that's the case with your mortgage application, you'll have the opportunity to lock your rate when you speak with us. We do not offer rate locks on Pre-Approval applications.
Adjustable Rate:
You will receive the lowest rate in effect from the time of application up to the time of approval.
When applying online, you will have an opportunity to lock your interest rate. If you choose to let the rate float, the interest will not be locked until you notify us that you want to lock it. Some mortgage products require the assistance of PSECU staff. If that's the case with your mortgage application, you'll have the opportunity to lock your rate when you speak with us. We do not offer rate locks on Pre-Approval applications.
Adjustable Rate:
You will receive the lowest rate in effect from the time of application up to the time of approval.
Does PSECU offer jumbo mortgages?
Yes! We offer jumbo 1-year Adjustable Rate Mortgages (ARMs) of $484,351 to $1 million at a low start rate.
Caps are 1/5, which means your interest rate will not adjust more than 1% up or down per year. The rate will adjust no more than 5% up or down over the life of the loan. Contact us to discuss your specific situation.
Our jumbo loans have a few qualifications. The property must be:
Caps are 1/5, which means your interest rate will not adjust more than 1% up or down per year. The rate will adjust no more than 5% up or down over the life of the loan. Contact us to discuss your specific situation.
Our jumbo loans have a few qualifications. The property must be:
- Located in Pennsylvania
- 1- to 4-unit dwelling
- Primarily used by the borrower (not an investment property)
- Titled in the name(s) of individual(s). Living trusts are not acceptable.
What is the Loan-to-Value ratio?
The loan-to-value (LTV) ratio is the loan amount displayed as a percentage of a property’s market value. Maximums vary by property type. You don’t have to borrow the maximum LTV, but the guidelines tell you your borrowing limit. Please contact us to discuss your options in detail.
Is there a maximum Loan-to-Value ratio?*
Fixed Rate Mortgages
Purchases - Purchase a primary or vacation home. You may borrow up to the following limits based on the appraised value or sales price, whichever is less:
- 95% on a 1 unit owner-occupied primary residence
- 90% on a 1 unit owner-occupied second / vacation home
- 80% on a 2 unit owner-occupied / 1 unit investment property
- 75% on a 3 to 4 unit owner-occupied / 2 to 4 unit investment property
Refinance - Payoff your existing mortgage(s) or get cash back for another purpose. You may borrow up to the following limits based on the appraised value:
Paying off existing 1st mortgage only with option to roll in the closing costs:
- 95% on a 1 unit owner-occupied primary residence
- 90% on a 1 unit owner-occupied second / vacation home
- 80% on a 2 unit owner-occupied property
- 75% on a 3 to 4 unit owner-occupied / 1 to 4 unit investment property
Paying off a 1st and/or 2nd mortgage, closing costs and/or getting cash back for another purpose:
- 80% on a 1 unit owner-occupied primary residence
- 75% on a 1 unit owner-occupied second / vacation home / investment property and a 2 to 4 unit owner-occupied property
- 70% on a 2 to 4 unit investment property
Adjustable Rate Mortgages
Purchases - Purchase a primary or vacation home. You may borrow up to the following limits based on the appraised value or sales price, whichever is less:
- 90% on a 1 unit owner-occupied primary residence
- 80% on a 1 unit second/vacation home
- 75% on a 2 unit owner-occupied primary residence or 1 unit investment property
- 65% on a 3 to 4 unit owner occupied / 2 to 4 unit investment property
Refinance - Payoff your existing mortgage(s) or get cash back for another purpose. You may borrow up to the following limits based on the appraised value:
Paying off existing 1st mortgage only with option to roll in the closing costs:
- 90% on a 1 unit owner-occupied primary residence
- 80% on a 1 unit second/vacation home
- 75% on a 2 unit owner-occupied primary residence
- 65% on a 3 to 4 unit primary residence or 1 to 4 unit investment property
Paying off a 1st and/or 2nd mortgage, closing costs and/or getting cash back for another purpose:
- 75% on a 1 unit owner-occupied primary residence
- 65% on a 2 to 4 unit owner-occupied property; 1 unit owner-occupied second/vacation home/investment property
- 60% on a 2 to 4 unit investment property
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.
Rated 5 out of
5
by
PN97599 from
PSECU - My one and only bank
At 39 years old, I am proud to say that PSECU has been my one and only bank. I've been with PSECU for the long-term and have only had positive interactions. They are proactive, professional, kind, and competitive. I highly recommend this credit union to anyone looking for a trusted long-term financial partner. Great job, PSECU!
Date published: 2019-08-05
Rated 5 out of
5
by
Andi from
banking, vehicle and mortgage and equity loans
Love PSECU, we have had many loans through them over the years, and it has always gone well. They are very helpful and accommodating.
Date published: 2019-05-10
Rated 1 out of
5
by
Rick134 from
Terrible Customer Service
We have a mortgage with PSECU and are in the process of selling the property. Buyer needs a certified payoff amount for settlement. PSECU needs our authorization to release. Real Estate division is on Elmerton Avenue, but we were told no visitors are allowed on premise, so we could not deliver the authorizing document directly. Delivered document to Cameron Street office and requested it be forwarded. Never happened! Emailed document to the Real Estate division and our Settlement office. Settlement office receive, but for some reason PSECU did not. Settlement office sent a copy to PSECU, who would not accept saying it was illegible. So, today is settlement, we told have a certified payoff amount and will have to delay 3 weeks until all parties can again convene.
Date published: 2018-08-02
Rated 5 out of
5
by
Brenda2190 from
Smooth process!!
We loved getting our mortgage through PSECU!! Everything was simple and fast. It was easy to contact my loan officer with the extension number. We got our commitment letter super fast as well. Also not to forget the low interest rates we were able to get. The one thing I don't like is that I can't make payments online for my mortgage. I have to call in every month. Other than that everything else is great!!
Date published: 2018-06-30
Rated 4 out of
5
by
JohnL from
Great rate, wonderful staff
Best rate I could find and they were very responsive to any questions. The only complaint I have is the significant lack of e-signing and document upload. It would make the process so much better.
Date published: 2018-06-27
Rated 2 out of
5
by
Klyn from
Disappointing service
We have been with PSECU for years and always have the best things to say about the people who work there and the service they provide. We just did an arduous mortgage application and the loan officer we were assigned was impossible to get a hold of - even when we called at the stroke of 8 am when the office opened- we always got her voicemail and she repeatedly did not call us back. When we did get to talk to her, she talked down to us like we were of sub-level intelligence and I often felt like I was bothering her. I was not happy with this experience and we asked for a different loan officer, which they would not grant us. I have also found the new phone system to be cumbersome to navigate. It takes so long to get thru to someone now, it never did before. This experience was out of the ordinary for PSECU, but it has shaken my confidence in using them for all of our needs.
Date published: 2018-06-21
Rated 3 out of
5
by
tnk2018 from
Need Better Communication
The overall process was very quick and smooth. However, I was the one who had to initiate all contact even after the loan officer promised to be in touch with me but never followed through. I felt like I was calling in there everyday to check and see if they had all they needed to ensure the process was still moving forward. There were a couple times I called and was told that they were waiting on me to provide a document but no one ever reached out to let me know. I was glad it was all over within a month because I was starting to lose my patience and contemplating going elsewhere.
Date published: 2018-06-11
Rated 5 out of
5
by
Doko from
Great service
The ease of applying, being able to speak to someone anytime i called and had a question and that question was answered immediately. Didn't have to leave my home for any of the process including closing. It was a very cut and dry process that was handled very quickly. Wished I would have used Psecu the first time.
Date published: 2018-03-27