Loans

Mortgages

LOOKING FOR A NEW HOME? NEED TO REFINANCE YOUR ADJUSTABLE RATE MORTGAGE?

Penn State Federal has always used sound financial management and underwriting to help you purchase a home you can afford. (We and our secondary market partner don't do sub-prime or "exotic" mortgage lending! We have plenty of liquidity to make new loans!) Penn State Federal has been serving the Penn State Community since 1959.

Penn State Federal's knowledgeable staff makes applying for your mortgage as easy as possible. Our mortgage experts work with the appraiser, settlement agent, real estate agent and anyone who needs more information to complete the loan process. Financing provided for Penn State Federal Mortgages powered by PHH Mortgage Services Corporation.

Available Mortgage Products :

Primary residence, Second homes and Investment Properties

Conventional Fixed, Adjustable and Balloon mortgage products

Government loans: VA and FHA products

Fixed Rate terms: 10, 15, 20, 30, and 40 year mortgages

Interest Only, Stated Income, Foreign Nationals programs

What to Expect: The Mortgage Process

Buying a new home is undoubtedly one of the biggest decisions you'll ever make. Finding a home that you love and you can afford is only one-step in the mortgage process. With all the paperwork to complete and records to submit, it can be overwhelming to apply for a mortgage - but Penn State Federal Credit Union can help. Penn State Federal Members who will purchase or refinance property outside Pennsylvania can call 1-877-894-4493.

Step one

NO FEE PRE-APPROVALS

Make an appointment with one of Penn State Federals mortgage specialists. Make sure to bring:

Most recent pay stubs
If you are self-employed or work on commission, bring two years of tax returns
Account statements from all your financial institutions for the past two months
Retirement account statement
Payment address, account numbers and balances of all debts
At this meeting, you'll complete a mortgage application and discuss the types of mortgages that may be right for you.

Step two

Penn State Federals mortgage department will verify your employment and assets and review your credit history.

Step three

An appraiser will assess the home you want to buy.

Step four

All your information is sent to an underwriter for final approval.

Step five

Upon approval, your Penn State Federal mortgage specialist will schedule the closing with you and your settlement agent. At this time you will need to provide a paid receipt for one year's homeowner's insurance and the declaration page.