Mortgage Products | Real Estate Loans | Mortgages & Loans

Real Estate Loans

Mortgage Products

  • Online closing costs estimate
  • Instant pre-approvals for qualified borrowers
  • Lifetime service guarantee
  • Serving Monroe, Orleans, Genesee, Livingston, Ontario or Wayne County
  • Use our online mortgage application to Apply Now

Mortgage Tips Videos

Please select a product below for more details.

Fixed Rate Mortgages

RatesQuoted daily and posted online

Application Fee

$325 for appraisal (single family home in Monroe County)

$175 application fee

$40 per borrower for the credit report(s)

Servicing

Life of loan by PFCU, guaranteed

Down Payment

Minimum down payment of 5%, PMI is required

No PMI required with a minimum down payment of 20% or more

Purpose

Purchase, Refinance

Term

Minimum 10 years; Maximum 30 years

Maximum Loan Amount

$424,100 - Applications for loans in excess of $424,100 (Jumbo Loans) will be considered on an exception basis (for 10 and 15 year terms only)

Adjustable Rate Mortgages

5/5/5 Adjustable Rate Mortgages

Index

Weekly average yield on United States Treasury securities adjusted to a constant maturity of five years, published in the Wall Street Journal

Margin

2.25% added to the index to establish new rate

Initial Rate

The rate is fixed for the first 5 years

Quoted at the time of application (view rates)

Rate Adjustment

Every 60 months after the initial rate period

Adjustment Cap

2% maximum up or down every 60 months

Lifetime Cap

6.00% above the initial rate

Application Fee

$325 for appraisal (single family home in Monroe County)

$175 application fee

$20 per borrower for the credit report(s)

Servicing

Life of loan by PFCU, guaranteed

Down payment

Minimum down payment of 5%; PMI is required

No PMI required with a minimum down payment of 10% for qualified borrowers

Purpose

Purchase, Refinance

Term

Minimum 10 years; Maximum 30 years

1/1, 3/1 and 5/1 Adjustable Rate Mortgages


Index

Six Month LIBOR published in the Wall Street Journal

Margin

2.00% added to the index to establish new rate

Initial Rate

The rate is fixed for the first 1,3, or 5 years

Quoted at the time of application (view rates)

Rate Adjustment

Every 12 months after the initial rate period

Adjustment Cap

2% annually after first one, three, or five years (rate will not adjust by more than 2%, up or down)

Lifetime Cap

6.00% above the initial rate

Application Fee

$325 for appraisal (single family home in Monroe County)

$175 application fee

$20 per borrower for the credit report(s)

Servicing

Life of loan by PFCU, guaranteed

Down payment

Minimum down payment of 5%; PMI is required

No PMI required with a minimum down payment of 10% for qualified borrowers

Purpose

Purchase, Refinance

Term

Minimum 10 years; Maximum 30 years

First Time Home Buyers

5/1 Adjustable Rate Mortgage for First Time Home Buyers

Eligibility

Available to borrowers who have not owned a home in the past three years

Special Features

$1,500 lender credit toward any closing related costs. (such as closing costs and taxes) Credit will be applied at closing

Entire down payment can be a gift (if applicable)

No PMI required

Index

Six Month LIBOR published in the Wall Street Journal

Margin

2.00% added to the index to establish new rate

Initial Rate

The initial rate is fixed for the first 5 years

Initial rate may vary based on down payment amount; Please call or visit the Mortgage Center for a customized rate quote

Rate Adjustment

Every 12 months after the initial 5 year period

Adjustment Cap

2% annually after first five years (rate will not adjust by more than 2%, up or down)

Lifetime Cap

6.00% above the initial rate

Application Fee

$175 application fee paid at the time of application

Servicing

Life of loan by PFCU, guaranteed

Down payment

0% to 10% down

Purpose

Purchase (Primary residence only)

Term

30 years

5/5/5 Adjustable Rate Mortgage for First Time Home Buyers


Eligibility

Available to borrowers who have not owned a home in the past three years

Special Features

$1,500 lender credit toward any closing related costs. (such as closing costs and taxes) Credit will be applied at closing

Entire down payment can be a gift (if applicable)

No PMI required

Index

Weekly average yield on United States Treasury securities adjusted to a constant maturity of five years, published in the Wall Street Journal

Margin

2.25% added to the index to establish new rate

Initial Rate

The initial rate is fixed for the first 5 years

Initial rate may vary based on down payment amount; Please call or visit the Mortgage Center for a customized rate quote

Rate Adjustment

Every 60 months after the initial 5 year period

Adjustment Cap

2% maximum up or down every 60 months

Lifetime Cap

6.00% above the initial rate

Application Fee

$175 application fee paid at the time of application

Servicing

Life of loan by PFCU, guaranteed

Down payment

0% to 10% down

Purpose

Purchase (Primary residence only)

Term

30 years

Construction Only Loans

Rate

Please call for current rate. Interest only payments are required during construction phase

Down Payment

Minimum down payment is typically 20%

Construction Term

House is to be completed within one year

Draw Schedule

Customized to meet your needs; 3 to 4 draws is typical

Permanent Financing

Refinance to a fixed or adjustable rate mortgage once construction is complete.

Ready to apply?

Use our online mortgage application to Apply Now.

Contact the mortgage department or call us at 585-381-3885 to schedule an appointment.

You may review the checklist of items to bring to your mortgage appointment, or estimate your closing costs using our rate and closing cost calculator.

If you don't see a product that fits your specific situation please let us know. Occasionally, circumstances require unique approaches and we will attempt to meet your needs.

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