Due to strong demand for mortgages, our application processing time may take longer than usual. We appreciate your patience and understanding that rush requests may not be possible.
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
out of
5 by
29.
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.
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.
Fixed mortgage rates
| 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% |
*APR denotes Annual Percentage Rate
adjustable mortgage rates
| 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% | 2.614% |
| 30-year 5/1 Variable | 3.500% | 2.872% |
| 30-year 7/1 Variable | 3.625% | 2.947% |
*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.
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:
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:
We do not 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
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
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.
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.
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.
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.
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.
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.
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.
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
Daaz89 from
Refinance Loan
I sat on hold for more than 35 minutes. Both Jennifer and Frank answered the phone but could not help me since they did not work in the loan department. Even though I called 800.562.6555 which I thought was the loan department. I tried to use online banking to apply for a loan but the system was not working and waiting on hold for almost an hour didn't work either.
Date published: 2020-05-05
Rated 1 out of
5
by
Almost_a_Customer from
Bad Customer Service and Unnecessary Terms
If you're not already a member of PSECU, you'll have hard time calling in for support. They're automated system repeatedly asks for a member number so if you haven't become a member yet it takes a lot of effort to get through to someone. If you call during non-business hours you can't leave a voicemail for someone to call you back. They must be short on support representatives as well because I sat on hold for 35 minutes waiting to talk to someone.
Be aware, PSECU is not a risk-based institution so you get the same interest rate regardless of your credit score, it's a system that punishes those with good credit and rewards those with bad. Before you can become a member, the bank will do a credit report (for some reason) and the new member approval process takes way too long. In 2020 it should be an instantaneous, automated process.
Overall, I had a bad experience get trying to get pre-approved. I disliked their support so much that I withdrew my application and will be taking my business to another financial institution that provides better support and modern services.
Date published: 2020-05-05
Rated 2 out of
5
by
kmiller316 from
Can't find an appraiser
My typical experience with PSECU has been terrific in the past. However, I applied for a home re-finance on 3/6 and was just told yesterday 3/30 that they can not get an appraiser to our property. I understand during COVID-19 these are issues we have never had to face before but, there should be a contingency in place. I asked about sending pictures, face timing an appraiser, etc and was told those weren't really options and that we can try applying again when things return to "normal". That is unacceptable and will most likely mean losing out on the interest rate we are locked in at. How can a bank that offers mortgages not have a plan in place for obtaining appraisals under non-conventional methods?
Date published: 2020-03-31
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