Mortgages

At First Commonwealth, we understand that buying or refinancing a home is a major financial decision. That’s why our  Mortgage options are designed to make the process simple. With our  Mortgages, you can spend less time worrying and more time enjoying your new home.

Mortgage Programs

Mortgages                   Apply Now

  • Maximum loan amount is $424,000
  • Purchases:   Borrow up to 95% of the loan-to-value (pending PMI approval)
  • Higher LTVs available for first-time home buyers.
  • Refinance: Borrow up to 95% (pending PMI) of the loan-to-value 
  • Construction: Borrow up to 80% of the loan-to-value
  • Second home financing available
  • Origination fee as low as $499* (this fee includes: document preparation, overnight delivery and the underwriting fee)

*Our standard origination fee costs are $599, but you'll get an extra $100 off when you get pre-approved and finance your mortgage with us.
*Does not include third-party fees, such as appraisal, title insurance and escrow. Ask for details.


Home Ready Program            Learn More

  • Only 3% down required
  • 97% LTV (Loan to Value)
  • Fixed rate loans with terms up to 30 years

First Front Door Homebuyer Grant Program        Learn More       

The funds for 2017 are now closed. New funds should be available again in early spring of 2018

  • First Commonwealth Federal Credit Union offers a first-time home-buyer grant program funded by FHLBank Pittsburgh. 
  • Get up to $5,000 in cash for down payment and closing costs
  • Through First Front Door (FFD), if you qualify, First Commonwealth Federal Credit Union will match your contribution 3-to-1. For every $1 you contribute, you can receive $3 in grant assistance, up to a maximum of $5,000.
  • Application fee of only $399

Jumbo Mortgages                                    Apply Now   

  • Variable rates with fixed initial rate up to 10 years
  • Terms up to 30 years
  • Maximum loan amount is $750,000
  • Purchases:   Borrow up to 80% of the loan-to-value
  • Refinance: Borrow up to 80% of the loan-to-value 
  • Construction: Borrow up to 70% of the loan-to-value
  • Second home financing available
  • Origination fee as low as $499* (this fee includes: document preparation, overnight delivery and the underwriting fee)

*Our standard origination fee costs are $599, but you'll get an extra $100 off when you get pre-approved and finance your mortgage with us. *Does not include third-party fees, such as appraisal, title insurance and escrow. Ask for details.


FHA Mortgages                    Learn More               Contact our Mortgage Lending Department today

  • Member does not need to be a First Time Homebuyer
  • 3.5% down payment, can be in the form of a gift
  • Mortgage Insurance Protection is required both upfront and monthly
  • 620 or higher credit score is required
  • 2 years of employment or self-employment
  • Interest rates tend to be lower than conventional mortgage rates
  • Fixed rate 30 year term
  • Allows for 6% seller assist

Construction Mortgages                 Apply Now                  

  • Pay interest only during construction
  • Up to 9 months for construction period
  • Minimum 80% down
  • Converts to a conventional mortgage upon completion or when construction period has elapsed (whichever is sooner)
  • No second settlement or fee to convert to a conventional mortgage

VA Loans

  • 100% financing available
  • No monthly PMI
  • Must be a veteran

Contact us at 610.821.2400 ext  6779


Out-of-State Loans and Investment Properties

For more information  contact us at 610.821.2400 ext  6779

Mortgage Center

Rates

Printable Rates

Mortgage - Fixed Rate

  •  08-22-2017
Term Points Rate (as low as) APR1 Alert Me
10 Years 0 3.250% 3.376%
3 2.750% 3.519%
15 Years 0 3.375% 3.462%
3 2.875% 3.403%
20 Years 0 3.750% 3.819%
3 3.250% 3.663%
30 Years 0 4.000% 4.058%
3 3.500% 3.797%
NMLS 595144
  • 1All APR calculations for fixed and adjustable mortgage rates are based on $100,000 loan amount with 20%, 30 days of interest, and applicable repaid charges.

Mortgage - FHA Rate

  •  08-22-2017
Term Points Rate (as low as) APR Alert Me
30 years 0 3.750% 3.859%
APR calculations for FHA rates are based on a $75,000 loan amount, and applicable prepaid charges. Please contact the mortgage department for down payment requirements - 610.997.6390. NMLS 595144

Mortgage - Adjustable Rate

  •  08-22-2017
Term1 Points Rate (as low as) APR Alert Me
1/1 Adjustable 0 1.875% 1.919%
3/1 Adjustable 0 3.125% 3.172%
5/1 Adjustable 0 3.250% 3.298%
7/1 Adjustable 0 3.625% 3.675%
10/1 Adjustable 0 3.750% 3.799%
5/5 Adjustable2 0 3.500% 3.511%
NMLS 59514
  • 1Maximum term is 30 years.
  • 25/5 Rate: Rate can increase or decrease up to 2% after 5 years, and 60 months thereafter. Lifetime Cap is 6%. Rates are based on an evaluation of applicant credit.

Mortgage - JUMBO Adjustable Rate

  •  08-22-2017
Term Points Rate (as low as) APR (as low as)1 Alert Me
1/1 Adjustable 0 2.125% 2.170%
3/1 Adjustable 0 3.375% 3.386%
5/1 Adjustable 0 3.500% 3.548%
7/1 Adjustable 0 3.875% 3.887%
10/1 Adjustable 0 4.000% 4.012%
5/5 Adjustable 0 3.750% 3.762%
Loan Amounts from $417,001 up to $750,000. Margin is based on credit score. Terms up to 360 months. Please contact the Mortgage Department for down payment requirements at 610.997.6390. NMLS 59514
  • 1APR denotes Annual Percentage Rate

Compare Fixed vs. Adjustable Rate

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