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.
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
- Not in acceptable marketable condition
- Residential investment condo or manufactured homes
- Located outside Pennsylvania
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.
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.
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.
Each point is equal to one percent of the loan amount. Please check out our rates page for interest rates and points available for our mortgage products. Select the appropriate product from the list on the left side of the screen.
A Real Estate Equity is a fixed rate, closed-end loan with a term of 5 or 10 years. All funds are disbursed when the loan is issued. In addition to primary residences and vacation homes, it can be used for one rental property and land. Some restrictions apply. Payments may be made using monthly coupons or automatic transfer.
A Home Equity Line of Credit has an adjustable rate based on Prime plus a margin. The 5 year open-end draw period is followed by a 20-year repayment period. The loan payment is always based on a 20-year repayment period and is made through automatic transfer on the 16th of each month.
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.
You will receive the lowest rate in effect from the time of application up to the time of approval.
There are three ways that you can advance your Home Equity Line of Credit:
1. Log into your account. Click on "Move Money," and transfer funds from your line of credit to your desired share.
2. Call the Self-Service Telephone at 800.435.6500.
3. Speak to a Member Service Representative at 800.237.7328.
No. Currently PSECU is accepting only owner-occupied residential 1 - 4 unit properties as collateral for this loan type.