Mortgage Loans

First & Second Mortgage Loans

Owning a home is the American dream, but it's also a huge financial responsibility. Most home buyers tend to feel a little intimidated and overwhelmed by the whole process.

That's why we're here to help.

For the first-time home buyer, we'll take the fear and confusion out of buying a home and make it a happy and comfortable event. We want to ensure that your first home buying experience is a pleasurable one. Prequalification is the most practical first step. Our no-cost, no-obligation prequalification process helps you find out ahead of time if you will qualify for a home loan, the amount you qualify for and the monthly mortgage payment you can afford. Being prequalified will also save you money. Since you incur certain costs during the mortgage application process, whether or not you qualify for the loan, prequalification eliminates much of the guesswork.

We'll take time to explain the whole mortgage process to you and then match you with the right loan, the right term and most importantly the right price. We offer an array of mortgage loan terms, and a monthly payment that fits your budget.

Refinancing

If you have a mortgage with a rate higher than the current rate, refinancing is an option that can save you money. We'll show you how much money you can save by refinancing and help you make a sound and affordable decision.

Your Credit Union will lend up to 80% of the appraised market value, minus what you owe on your First Mortgage Loan, with a minimum amount of $10,000 and a maximum amount of $250,000. Mortgages are available on single family, owner-occupied properties in the following Pennsylvania counties; Washington, Allegheny, Greene, Westmoreland, Beaver, Butler and Fayette.

After we receive your application, an application fee of $250.00 is all that is required which covers the expense of a credit report and appraisal. Any unused portion of this fee is refunded at settlement. Additional closing costs due at settlement vary based on the loan type and purpose.

Generally, lenders (including Jessop CFCU) like to keep your home loan payment (including principal and interest on the loan, property taxes and home owners insurance) at a maximum of 28% of your gross monthly income. And generally, total debts (house payment, plus other debts such as auto loans, credit card payments) shouldn't exceed 36% of your income. There may be exceptions, but these are the guidelines most lenders like to use. For more information, contact our Loan Department. You find the home, and we'll supply the loan!

Second Mortgages

Borrowing for education expenses, bill consolidation, home improvements or other large expenditures by way of a Second Mortgage is an increasingly popular option for homeowners. You may be able to deduct the interest paid on your Second Mortgage Loan, making it a viable way of putting your biggest investment- your home - to work for you. Contact a tax advisor for additional information.

Jessop CFCU is here to help you save money on your mortgage loan!