This "traditional" and most popular type of mortgage maintains its original interest rate and monthly payment throughout the entire life of the loan. Fluctuations in market rates, over the term of your loan, won’t have any impact on the amount of interest you pay. This may be a good choice for Members who plan to stay in their home for an extended period of time.
We offer residential Fixed- Rate Mortgage loans in 10-, 15-, 20- and 30-year terms.

The rate you receive will be based on your credit history and other factors. All loans are subject to credit approval and verification. Applicant must be at least 18 years old. Products and rates are subject to change without notice. Products are not available in all states. PSFCU membership required. Other restrictions may apply.

Interest rate and monthly payments change every 12 months during a 30-year term.
Because ARM's are subject to rate adjustments later on, the initial interest rate is set lower than standard fixed rates. This rate provides you with initial lower payments for increased purchasing power (you can qualify for a higher mortgage amount).

The rate you receive will be based on your credit history and other factors. All loans are subject to credit approval and verification. Applicant must be at least 18 years old. Products and rates are subject to change without notice. Products are not available in all states. PSFCU membership required. Other restrictions may apply.

In addition to the standard ARM program that adjusts annually, our programs provide an initial fixed rate for 3, 5, 7 or 10 years before the rate can be adjusted annually. These options are best for those who want added payment stability and lower monthly expense.

An Adjustable Rate Mortgage may be a good choice if you:

• Want to keep your payments lower during the first few years of your loan.
• Plan to move into a different home within the next 3 to 10 years
• I In the coming years, you expect your income to increase significantly

The rate you receive will be based on your credit history and other factors. All loans are subject to credit approval and verification. Applicant must be at least 18 years old. Products and rates are subject to change without notice. Products are not available in all states. PSFCU membership required. Other restrictions may apply.

• Property owner must be an individual not a business
• Property must be occupied by the owner
• Property can be a 1-4 family residence without any commercial space, condominium, secondary residence or cooperative apartment

Loans up to these limits are offered with the current interest rate:
(According to FNMA limits, as of 1/1/2019):

• for a 1-family house, up to $484,350
• for a 2-family house, up to $620,200
• for a 3-family house, up to $749,650
• for a 4-family house, up to $931,600

Loans for amounts higher that the FNMA limits are called “Jumbo” loans and may be offered with higher interest rates.

Down Payment Requirements Are:

• 3%–19.99%
  • for a person with legal status in the United States, and
  • with mandatory purchase of a Private Mortgage Insurance (PMI)

– minimum 3% for 1 family homes (5% for Fixed Rate Mortgages) - PMI paid monthly or as single premium at closing
– minimum 5% for condominiums and 15% for 2 family homes - PMI premium paid monthly, added to regular monthly mortgage payment.

• 20% and above
  • without mandatory purchase of Private Mortgage Insurance (PMI)

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Examples:

1. With a fixed-interest rate of 4.250% APR* and a loan term of 180 months, you pay $7.52 for every $1,000 borrowed.
2. With a fixed-interest rate of 4.750% APR* and a loan term of 360 months, you pay $5.22 for every $1,000 borrowed.

*APR-Annual Percentage Rate as of September 1, 2018. Rates are subject to change without notice. All loans are subject to credit approval and verification. Applicant must be at least 18 years old. Products and rates are subject to change without notice. Products are not available in all states. PSFCU membership required. Other restrictions may apply.
These calculations are examples and are not representative of actual mortgages. PSFCU is not responsible for errors in calculations.

Rate Lock -In option is available for fixed and adjustable rate residential mortgages. A one time, non-refundable fee is required for the rate-lock in the amount of .25% of mortgage amount (i.e. mortgage amount $100,000 - rate lock fee is $250.00). If this option is selected at application, members can lock the interest rate at any time until 5 days prior to closing.

Benefits of having a residential mortgage with PSFCU:

1. A low interest rate in comparison with similar financial institutions.
2. No “points”. These points can traditionally constitute an additional fee of 1%, 2% or 3% of the amount borrowed.
3. No hidden fees, such as an origination fee
4. Rate Lock-In option – offered only on residential, fixed-rate and adjustable-rate mortgages.
5. Every mortgage can be paid off ahead of schedule without a prepayment penalty. In addition, we don’t limit extra payments to one a month.
6. Our mortgages are serviced from beginning to end at our offices.
7. PSFCU currently offers mortgages (first and second) for properties located in the states of Illinois, New York, New Jersey, Pennsylvania, Florida and Connecticut.

For more information, please contact our branches or call Member Services Center toll-free 1.855.PSFCU.4U.