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Your Mortgage Loan: What to Know

Buying a home is exciting. Your mortgage application is a vital part of the journey. Our goal is to make your home loan process as smooth as possible.

With PSECU, you can complete your application in about half an hour, from the comfort of your home or office. We’ll let you know if you’re preapproved by the following business day.

Once you have your preapproval letter in hand, you’ll have 60 days to shop for the right home.

Preparing to Apply for Your Home Loan 

Before you start your mortgage application, you’ll need to reference the following information about yourself and your joint applicant, if applicable:

Proof of income, such as last year’s W-2 form, tax return, or your most recent pay stub

A list of all your debts, including credit cards, car loans, student loans, and child support. You’ll need the total amount and your monthly payment on each.

Information about your assets, including checking and savings accounts, retirement savings, and real estate

Down payment amount and documentation of any gifts, if someone is helping you fund the home

Amount you wish to borrow 

How the Home Loan Process Works

Mortgages can be complicated, but we’re here for you. Our mortgage consultants can guide you each step of the way, so you can focus on financing the home you want.

Preapproval

When we’ve reviewed your application, we’ll provide a preapproval letter, if you’re purchasing a home. You can use this letter to find a home and make an offer. You can lock in your rate once you’ve signed a sales agreement, or wait until later. You do not need a preapproval to refinance existing mortgage loans.

Underwriting

When you have a contract on a specific home, we’ll finalize your loan and gather any additional documentation. We’ll keep in touch with you along the way so you know your status. During this step, you’ll lock in your interest rate if you haven’t yet. You’ll also decide whether to pay closing costs or roll them into the loan.

Closing

The big day is here! You’ll meet with the real estate agents, the seller, and the title company to sign the final loan documents. After closing, the property will be yours.

Payments

After closing, we’ll help you set up automatic monthly payments from a PSECU checking or share account.

Preapproval strengthens your negotiating position. It means a lender has estimated your borrowing ability. A preapproval letter tells sellers that you have a mortgage available. You’ll finalize the numbers once you select a property. 
Your preapproval will be valid for 60 days. If you haven’t found the right home within 60 days after your preapproval, you’ll need to reapply.
Every loan has a unique rate. We determine the rate for your loan based on today’s rates.
Get to know our options for mortgages, and check out our home equity loan options, too. Need some help? Our trained mortgage consultants can talk through your needs and help you choose the right mortgage option. Contact us.
Yes. We offer mortgage refinancing. The process is similar to purchasing, except no preapproval is necessary.
Yes, we only lend to properties that are located in the state of Pennsylvania. 

When referencing rates: *APR denotes Annual Percentage Rate. View all rates.

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.

When referencing ARM: *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.