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PSFCU Owner Occupied Mortgages

Home > Loans & VISA Cards > Personal Loans > Residential Mortgages > PSFCU Owner Occupied Mortgages

Owner Occupied

Owner-occupied residential mortgages are offered on 1- to 4-family houses, condominiums and co-operative apartments.

Loan Options:

Fixed-Rate Mortgage (FRM) - Terms of 10, 15, 20 & 30 years

1-4 Family Properties, Fixed Rate
Effective Date: 02/24/2017
TermRate as low as *APR as low as **
30 years 4.000% 4.000%
20 years 3.750% 3.750%
15 years 3.250% 3.250%
10 years 3.000% 3.000%

* The rate you receive will be based upon your credit history, collateral, and loan characteristics.

** APR - Annual Percentage Rate.

Adjustable-Rate Mortgage (ARM) - Term of 30 years

1-4 Family Properties, Adjustable Rate
Effective Date: 02/24/2017
30 year loan term and amortization. Rate cannot change more than 2% per year and 6% during the life of the loan.
Initial Fixed Interest Rate PeriodRate as low as*APR as low as**
10 years 3.500% 3.671%
7 years 3.250% 3.556%
5 years 3.000% 3.521%
3 years 2.750% 3.538%
1 year 2.750% 3.354%

* The rate you receive will be based upon your credit history, collateral, and loan characteristics.

** APR - Annual Percentage Rate.

Examples:

  1. With a fixed-interest rate of 3.25 % APR* and a loan term of 120 months, you pay $9.77 for every $1,000 borrowed.
  2. Monthly payment of 5 year adjustable rate mortgage with initial rate of 2.875% APR (Annual Percentage Rate) taken for a period of 360 months is $4.15 for every $1000 borrowed during first 5 years.
* Annual Percentage Rate as of October 2, 2015. 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.

Additional Information:

Fixed-Rate Mortgage (FRM)

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.

Adjustable-Rate Mortgage (ARM)

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.

Two-Step Adjustable Rate Mortgage

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.

Product Definition
  • 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
Residential Mortgage Loan Limits

Loans up to these limits are offered with the current interest rate:
(According to FNMA limits, as of 1/1/2015):

  • for a 1-family house, up to $417,000
  • for a 2-family house, up to $533,850
  • for a 3-family house, up to $645,300
  • for a 4-family house, up to $801,950

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

Down Payment Requirements

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 houses (5% for Fixed Rate Mortgages) - PMI paid monthly or as single premium at closing
– minimum 15% for condominiums and 2 family houses - 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 3.375% APR* and a loan term of 180 months, you pay $7.09 for every $1,000 borrowed.
  2. With a fixed-interest rate of 4.125 APR* and a loan term of 360 months, you pay $4.85 for every $1000 borrowed.

*APR-Annual Percentage Rate as of June 18, 2015. 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

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

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 and Pennsylvania

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

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Auto Loans
as low as

2.290%

 

PSFCU VISA credit cards as low as

8.490%

Mortgage Loans
as low as

2.750%

Personal Loans
as low as

11.240%

RATES, TERMS & CONDITIONS
Our Institution is Rated 5 Stars by Bauer
Equal Housing Lender   National Credit Union Administration NCUA - Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government agency.

Equal Housing Lender - We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act

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