Residential Mortgages
Fixed-Rate Mortgages
Features
- Good for purchase or refinance, with terms of 10, 15, 20 and 30 years.
- The interest rate and monthly payment stay the same for the life of the loan.*
- No penalty for prepaying your loan.
- Use your loan to purchase a primary residence, invest in a second home or buy an income property.
Why choose a fixed-rate mortgage
- You want a stable monthly payment.
- You believe interest rates could rise in the next few years.
- You plan to stay in your home for many years.
Adjustable-Rate Mortgages
Features
- Good for purchase or refinance, with terms of 15 and 30 years.
- Initial fixed interest rate for 3 years, 5 years and 7 years.
- Protection against unlimited interest rate increases.
- Many of our ARMs are convertible
- Use your loan to purchase a primary residence, invest in a second home or buy an income property.
- See how adjustments work.
Why choose an ARM
- You want lower initial monthly payments than a fixed-rate mortgage usually offers.
- Lower initial monthly payments means you can buy more home.
- You plan to own your own home for the initial fixed rate period.
- You think interest rates may be headed down in the next few years.
How adjustments work
Enjoy the security of interest rate protection with periodic and lifetime rate adjustment caps. View an adjustment example.
- Rate adjustment caps limit how much your interest rate can go up or down.
- After the initial fixed-rate period, rates can adjust up or down annually based on the movement of a specified index. The rate consists of an index plus a margin. The margin is determined at the time you lock in your interest rate.
- The index used is based on the particular ARM loan and is a standard industry-recognized interest rate "benchmark".
- Each year your loan margin is added to the index value to determine your new interest rate. Your monthly payment changes as the index changes.
- On 3-year ARMs, the rate can go down or up a maximum of 2 percentage points annually at the end of the initial fixed-rate period.
- On 5-and 7-year ARMs, the rate can go down or up a maximum of 5 percentage points at the first adjustment after the initial fixed-rate period, then down or up a maximum of 2 percentage points annually.
- With all ARMs, you get a lifetime interest rate cap, which is determined at the time you lock in your interest rate. You know from the start what the maximum rate you would ever have to pay.
Bi-Weekly Mortgages
Bi-Weekly Mortgage - A mortgage with affordable monthly payments and faster reduction of principal.
Features
- Fixed interest rate and payment for life of loan
- No hassles - automatic payments eliminate writing checks
- Good for purchase or refinance
- Builds equity in your home more quickly
- No prepayment penalty
Why choose a bi-weekly mortgage
- You want to build equity and own your home debt free sooner
- You want stable payments
- You prefer convenient automatic payments
- You want to pay less interest
- You want to time your payment with biweekly paychecks
How bi-weekly payments work
You can apply for a bi-weekly mortgage to purchase or refinance your primary residence.
By making bi-weekly payments you will pay off your mortgage much sooner. For example, with a bi-weekly mortgage, a loan that normally takes 30 years to pay will take 22 years to pay off at current interest rates. You will then own your home debt free and have saved 8 years of interest payments.
Your payment is automatically deducted from your First Federal of Bucks County checking account every 14 days. Many people find this an easier way to manage mortgage payments, especially those who receive bi-weekly paychecks. The bi-weekly mortgage requires no additional fees.
Construction Loans
Construction to Permanent Loans
Features
- One Time Closing
- One Time Application
- Interest only payments during construction period
- Interest and payments based only on disbursed amount
- Finance up to 80% of the future value
- Low fees
Why choose a construction to permanent loan
- One time closing save duplicate costs
- One time qualification and loan documentation
- Lock in permanent rate at closing, up to 9 months to complete construction
- Low payments during construction period
- Experienced construction lenders to guide to process
* If your loan includes an escrow impound account, any changes to the cost of your real estate taxes and insurance could affect your total monthly payment amount.
** Subject to Credit Approval.
NOTE: An example loan of $100,000 at 6.49% for 240 months would have monthly payments of $744.99
