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.

Mortgage is rated 3.7 out of 5 by 26.

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We have resumed accepting new mortgage loan applications, but processing times may be slower than usual. We appreciate your patience.

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.

Competitive mortgage rates

With flexible loan terms and rates, you’re sure to find a home loan product that works for your situation.

Quick preapproval

You’ll get answers by the next business day, so you know what you can afford. Preapproval is valid for 60 days, so you have time to find the right home.

Choices you need

We offer mortgage options for owner-occupied, vacation, and rental properties, and jumbo loans for high-value properties.

Familiar Lender

Your loan servicing stays with PSECU.

Refinance

The right financing means affordable payments, a great interest rate, and peace of mind.

Real people to answer questions

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.

Find your home-buying budget

To find out how much home you can buy, we’ll look at your income, debts, other expenses, and savings. Get an estimate from our calculator.

How much house can I afford?

Calculate your mortgage payment

Wondering how much you’ll pay each month and which options to choose? Compare loan terms, interest rates, and costs to get a solid estimate.

Mortgage calculator

Fixed vs. adjustable-rate loans

It can be tough to decide if a fixed-rate or adjustable-rate mortgage is a better value. Our calculator enables you to compare each option.

Fixed or adjustable-rate mortgage?

Fixed mortgage rates

Valid as of 04/1/2020 9:20 AM EDT
Description	Rate as low as	APR*
10-year Fixed 0 points	3.375%	3.695%
10-year Fixed 1 points	3.250%	3.783%
10-year Fixed 2 points	3.125%	3.873%
10-year Fixed 3 points	3.000%	3.965%
15-year Fixed 0 points	3.500%	3.518%
15-year Fixed 1 points	3.375%	3.539%
15-year Fixed 2 points	3.250%	3.562%
15-year Fixed 3 points	3.125%	3.585%
20-year Fixed 0 points	3.875%	4.064%
20-year Fixed 1 points	3.750%	4.054%
20-year Fixed 2 points	3.625%	4.045%
20-year Fixed 3 points	3.500%	4.037%
30-year Fixed 0 points	4.000%	4.123%
30-year Fixed 1 points	3.875%	3.997%
30-year Fixed 2 points	3.750%	4.162%
30-year Fixed 3 points	3.625%	3.744%

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.

*APR denotes Annual Percentage Rate

adjustable mortgage rates

Valid as of 04/1/2020 9:20 AM EDT
Description	Rate as low as	APR*
15-year 1/1 Variable	2.750%	2.836%
30-year 1/1 Variable	3.250%	2.780%
30-year 3/1 Variable	3.625%	3.053%
30-year 5/1 Variable	4.125%	3.350%
30-year 7/1 Variable	4.250%	3.450%

Rates may change daily, are subject to change without prior notice, and 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. The interest rate may increase after closing, affecting payment.

*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

Our mortgage Process

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.

Does PSECU offer jumbo mortgages?

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:

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.

Property eligibility requirements

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

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

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

*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.

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.

Do I have to escrow my taxes and insurance?

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.

Where do I send my real estate tax bill?

Real estate property tax bills may be sent to: PSECU, P.O. Box 67013 , Harrisburg, PA 17106, ATTN: Escrow Dept. Please forward the original document only and create a copy to retain for your records.

Mortgage Definitions

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.

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.

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.

What is a Point?

Each point is equal to one percent of the loan amount. Please check out the rate tables for interest rates and points available for our mortgage products.

What is PMI and do I need it?

Private Mortgage Insurance (PMI) is generally required for loans with a loan to value (LTV) 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.

Rated 1 out of 5 by EMB Computing from Small Business Owner I am a small business owner and I called to request a delay of payments until Gov. Wolf will allow businesses to open again. The customer service representative informed me that it would be $25.00 per account per month and I would have to produce pay stubs and tax returns to prove my income. All of the other major banks like Chase, Barclays and local banks easily made the 30 day payment delay without any questions asked and said if I call back in 30 days and my businesses are still not open, then they would delay another 30 days without interest or penalty. My customer service agent said I would have to call back on Monday because she would not be able to help by situation until she talks to her manager. I have been a PSECU customer for over 30 years without a single late payment and this is how they treat customers in a time on need!!! I will be paying off my accounts as soon as possible and move all of my accounts to a local bank that was more than willing to help without any delay or fees.

Date published: 2020-03-21

Rated 2 out of 5 by Bode60 from Great rates, great people, no hidden fees but.. Went through the whole on-line application process which was lengthy but normal time amount considering all the required information needed, only to get to the VERY END of the application, to learn 'PSECU does not lend mortgages to persons/homes with gas wells on the property'. Was very surprised to read this given the gas industry in PA. and all the homes missing out on the great rates and the money the credit union is missing out on. Seriously home owners is required and covers the home. Was extremely disappointed that this type of limitation was not included in the mortgage info along with the rates or even a front page prior to application process, listing property requirements. What a waste of precious time. So heads up, call them before completing application to see what other limitations that have before wasting your time.

Date published: 2020-02-16

Rated 2 out of 5 by JS19 from Great Rate, ends there The rate offered was great. I am assuming the quantity of loan applications has much to do with the issues I had. The process was very unprofessional and unorganized. The process in place to ensure the customer is receiving accurate and current information across the board is non existent thru the loan process. Closing was done in my home which was very convienent however the lack of representation from PSECU or the Title Company made for a painful experience and many phone calls just to get the INACCURATE closing documents signed. I paid the same fees as the person before and after me so I am not sure why I should accept a sub par product and experience.

Date published: 2019-12-04

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

Mortgage Reviews - page 2