Holiday Reminder

All First Commonwealth offices are closed Monday, May 28, 2018 in observance of Memorial Day. Online, mobile & phone banking are always open. Make deposits at any network ATM & using mobile Remote Deposit Anywhere.

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

  • Maximum loan amount is $453,100
  • Fixed-Rate and Adjustable Rate Options
  • 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

*Get an extra $100 off our standard origination fee when you get pre-approved and finance your mortgage with us. 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       

Funds are now available!

  • 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.


Jumbo Mortgages

  • 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


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 

  • Pay interest only during construction
  • Up to 9 months for construction period
  • Minimum 20% 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

Apply Now

Rates

Printable Rates

Table data for Mortgage - Fixed Rate
 05-28-2018
Term Points Rate (as low as) APR1 Alert Me
10 Years 0 4.125% 4.295% Receive a notification when this rate changes
3 3.625% 4.449% Receive a notification when this rate changes
15 Years 0 4.250% 4.368% Receive a notification when this rate changes
3 3.750% 4.321% Receive a notification when this rate changes
20 Years 0 4.500% 4.593% Receive a notification when this rate changes
3 4.000% 4.448% Receive a notification when this rate changes
30 Years 0 4.875% 4.944% Receive a notification when this rate changes
3 4.375% 4.705% Receive a notification when this rate changes
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.

Table data for Mortgage - FHA Rate
 05-28-2018
Term Points Rate (as low as) APR Alert Me
30 years 0 4.625% 4.693%
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

Table data for Mortgage - Adjustable Rate
 05-28-2018
Term1 Points Rate (as low as) APR Alert Me
1/1 Adjustable 0 3.125% 3.188%
3/1 Adjustable 0 3.875% 3.940%
5/1 Adjustable 0 4.375% 4.442%
7/1 Adjustable 0 4.375% 4.442%
10/1 Adjustable 0 4.750% 4.819%
5/5 Adjustable2 0 4.625% 4.693%
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.

Table data for Mortgage - JUMBO Adjustable Rate
 05-28-2018
Term Points Rate (as low as) APR (as low as)1 Alert Me
1/1 Adjustable 0 3.375% 3.389%
3/1 Adjustable 0 4.125% 4.140%
5/1 Adjustable 0 4.625% 4.640%
7/1 Adjustable 0 4.625% 4.640%
10/1 Adjustable 0 5.000% 5.015%
5/5 Adjustable 0 4.875% 4.890%
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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