Phoenixville Federal borrowers can take advantage of lower interest rates in the future without the hassle of going through the entire refinancing process.

Current residential mortgage customers can take advantage of lower loan rates, subject to the below criteria:

• Available for existing PFB&T residential fixed rate mortgages only (not for fixed-rate home equity loans)
• No cash out
• Must stay within the same term program as the existing residential mortgage
• It’s simple, below is a short list of requirements:
  • Existing residential mortgage must be current with no delinquencies within the past twelve months.
  • Payment and deposit (if applicable) history will be reviewed.
  • Property search will be completed.
  • A soft credit inquiry from the credit bureaus will be pulled to verify satisfactory credit scores.
• Principal and Interest (P&I) payment is adjusted based on the remaining balance and term of the existing residential mortgage loan.
• Current market rates for current term are available at phoenixfed.com.
• Fee of 0.50% of balance with a minimum fee of $2,000.00
• No appraisal requirement
• If property is located in a Special Flood Hazard Area (SFHA), the bank will provide a written notice to the borrower.
• 40% Debt-to-Income (DTI) Ratio
• 700 Minimum Credit Score

Borrower(s) must request the program, in writing, acknowledging in the request that a Fee of 0.50% of balance with a minimum fee of $2,000.00 is applicable for this program.