Residential Mortgages

Fixed-Rate Mortgages

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Features

  • Refinance your home in 10-, 15-, 20- or 30-year terms
  • Interest rates and monthly payments stay the same for the life of the loan*
  • No penalty for prepaying your loan
  • Use your loan to purchase a primary residence or invest in a second home

Adjustable-Rate Mortgages

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Features

  • Can be used to purchase or refinance your home, 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 or invest in a second home
  • See how adjustments work

How adjustments work

Enjoy the security of interest rate protection with periodic and lifetime rate adjustment caps. View adjustable rate program disclosure.

  • 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-, 5- and 7-year ARMs, the rate can go up a maximum of 2 percentage points annually at the end of 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 the maximum rate you would ever have to pay

Bi-Weekly Mortgages

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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.

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 can pay off your mortgage much sooner.

  • Your payment is automatically deducted from your Penn Community Bank 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.