Mortgage Loans (Owner Occupied Properties)
For well over a century families and individuals have given us the opportunity to provide financing secured by their homes. Generations have returned to us for this purpose. We are proud of the reputation we have as an honest, fair, and caring lender and loan servicer. We make good loans based on evaluation of the applicants’ ability to repay and credit history. We keep the majority of the loans we originate in our own portfolio so that we maintain our personal relationships with our borrowers. We treat people with dignity and respect even if they fall on hard times.
Here are some examples of the reasons people come to us for home mortgage loans:
- To purchase a home, condo, PUD, or multiunit dwelling.
- To refinance their home loan to lower their rate, change their term, or as a way to get cash out based on their equity. They can use that cash to improve or repair their home; to purchase a car or other assets; for educational, recreational or medical purposes; to rid themselves of other debt; or for any purpose of their choosing.
- To use the equity in their home to help finance the purchase of other property. These loans can be temporary or permanent in nature. They sometimes involve securing one loan with several properties. They often bridge the gap when there are timing problems in a situation where a borrower is buying a new home before the existing residence is sold.
- To finance the construction of a brand new home. Most often these are done as Construction\Permanent loans. They eliminate the considerable expense of an extra loan settlement and provide a way for the borrower to pay interest only on the funds that have been drawn during the construction phase. When the home is complete the loan automatically converts to its permanent phase and the borrower begins payment of principal and interest to amortize the loan during the chosen term. A loan for the purchase and substantial rehabilitation of an existing home can be structured similarly to a construction loan.
It is very difficult for the typical borrower to sort through the many different types of loans that are offered by today’s lenders. Our loan officers will be glad to make an appointment with you to discuss your options. We will be happy to help regardless of whether you wind up getting your loan from us. Our loans fall into two principle categories, fixed rate loans and adjustable rate loans. Either might be the right choice for a particular borrower based on his or her specific circumstances.
Fixed Rate Loans
Secondary Market Fixed Rate Mortgage Loans up to $417,000. Lowest available rates based on secondary market qualifications. Loan terms up to 30 years. These loans are sold to an investor with servicing retained by William Penn Bank. The rate you receive may be higher, based on credit score, mortgage loan-to-value and other loan factors. These rates are available for loan amounts up to $417,000 and secured by owner-occupied dwellings with a loan-to-value (LTV) of 80% or less. LTVs greater than 80% require Private Mortgage Insurance (PMI).
Portfolio Fixed Rate Mortgage Loans up to $750,000. We also offer our own competitive rates on loans of 20 years and less. We keep these loans in our portfolio and can fix a rate for an extended commitment period if necessary. Rates are available for loans up to $750,000 and secured by owner-occupied dwellings with a loan-to-value (LTV) of 80% or less. LTVs greater than 80% require Private Mortgage Insurance (PMI).
Adjustable Rate Loans
Sometimes a better choice especially for those who do not intend to keep their loan for a long time or are convinced that rates will not rise. The borrower can choose to have us structure the loans so that the rate stays fixed for the first 1, 3, 5 or 7 years and then adjust annually. This is a variable rate loan. The interest rate and payment may increase after consummation.
Adjustable rate loans are available for loan amounts to $750,000 and secured by owner-occupied dwellings with a loan-to-value (LTV) of 80% or less. LTVs greater than 80% require Private Mortgage Insurance (PMI).
Other Loan Programs
We have special programs for borrowers with low to moderate income and for first time homebuyers. Call us at 215-396-8585 for further information.
We are an equal housing lender.