Refinance YOUR Mortgage

Reduce your payment or shorten your loan term with flexible home refinance options.

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Refinancing Benefits

Lifetime Lender

Loan servicing stays with PSECU for its
duration

Competitive Rates & Terms

Flexible loan terms and rates to find the right home loan product for you. 

Low Closing Costs

Keep more money in your pocket with low, straightforward closing costs.

No Upfront Fees

Fees are only charged when the loan closes.

SHOULD I REFINANCE MY MORTGAGE?

If your property is located in Pennsylvania, you might be a good candidate for a mortgage loan refinance. Consider these factors to help you decide if refinancing is right for you:

  • Current mortgage rate – Lowering your rate can have a significant impact on your monthly payment.
  • Mortgage term – Depending on how many years you have left on your current mortgage, refinancing can enable you to shorten the term to 20, 15 or even 10 years, saving you in interest paid.
  • Cash out – You may be able to tap into your home’s equity when you refinance. You could make home improvements or pay down debt with the equity from a cash out refinance.
  • Current loan – Do you have an Adjustable Rate Mortgage (ARM)? Refinancing to a fixed-rate loan at a low rate would offer the security of knowing your exact payment amount every month.
  • Eliminate Private Mortgage Insurance (PMI) – You may be able to eliminate PMI depending on the equity in your home at the time of refinance.
man on computer

READY TO REFINANCE?

When it comes to refinancing your home, the right rate makes a difference. We offer competitive mortgage rates to help you reach your home goals faster. Reduce your mortgage payment, shorten your term, or tap into your home’s equity.

PSECU Home Refinance Term Options:
  • 10-year mortgage
  • 15-year mortgage
  • 20-year mortgage
  • 30-year mortgage

Fixed Mortgage Rates

Valid as of 07/4/2020 5:33 AM EDT
Description Rate as low as APR*
10-year Fixed 0 points 2.750% 3.055%
10-year Fixed 1 points 2.625% 3.141%
10-year Fixed 2 points 2.500% 3.228%
10-year Fixed 3 points 2.375% 3.318%
15-year Fixed 0 points 2.875% 2.893%
15-year Fixed 1 points 2.750% 2.912%
15-year Fixed 2 points 2.625% 2.931%
15-year Fixed 3 points 2.500% 2.952%
20-year Fixed 0 points 3.250% 3.428%
20-year Fixed 1 points 3.125% 3.416%
20-year Fixed 2 points 3.000% 3.404%
20-year Fixed 3 points 2.875% 3.393%
30-year Fixed 0 points 3.375% 3.492%
30-year Fixed 1 points 3.250% 3.365%
30-year Fixed 2 points 3.125% 3.239%
30-year Fixed 3 points 3.000% 3.113%
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 07/4/2020 5:33 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 3.000% 2.515%
30-year 5/1 Variable 3.500% 2.788%
30-year 7/1 Variable 3.625% 2.878%
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

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.

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Our mortgage Process


After you submit your application, a PSECU mortgage specialist will review it and answer any questions you may have. During the process, our underwriters will request more detailed financial information from you. After closing, we’ll service your loan through the life of the mortgage. On average, it takes 45 – 60 days from application date to closing date.

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 criteria. Please contact our Mortgage Consultants for more information.

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

Fixed Rate:
When applying online, you will have an opportunity to lock your interest rate. If you choose to let the rate float, the interest rate 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.


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.

Is there a maximum Loan-to-Value ratio?1
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
1Maximum 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.

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