"We shopped around for a mortgage and found Irwin Bank's rates to be the most competitive and our loan specialist was very helpful. The loan process was hassle-free with quick approval, too."
At Irwin Bank, we understand home ownership is likely to be near the top of your list of personal, lifestyle goals and the biggest investment decision you may ever make. That's why it's important to find the type of mortgage that will best meet your needs. The choice can make an enormous difference in the cost over time. Let an Irwin Bank loan specialist assist you with your options so you choose the best loan program for you.
Fixed-Rate Mortgages (Conventional) -- Fixed-rate mortgages are our most popular and generally a good choice if you plan to remain in a home for several years. Your interest rate is "locked in" or fixed, so you know what your payments will be and can therefore budget better for other expenses, such as children's education or retirement savings. The payments are predictable and home equity builds up steadily.
Adjustable-Rate Mortgages (ARM) The rate and the payment may move up and down in tandem with an index. An ARM may be for you if you expect your income to grow enough to cover potential increases in monthly payments, or if you do not expect to remain in the same home more than a few years.
Construction Loans -- Our construction mortgage program features a one-time closing that's fast and simple. With most lenders, there are two closings -- one for the construction phase and then another closing after the home is finished for the permanent/long-term financing. As another benefit, if you own the lot on which your home will be built, the equity may be used as a down payment.
Jumbo Mortgages -- This fixed or adjustable-rate mortgage
program is for loan amounts exceeding traditional lending amounts. Currently,
loans more than $417,000† are considered "jumbo."
†Subject to change.
FHA Mortgages -- Also known as the Federal Housing Administration program, a FHA mortgage allows you to buy a home with the government insuring the loan. Our most popular FHA program only requires a minimum of 2.25% of the loan as a down payment and permits 100% of the closing costs to be a gift from a relative, non-profit organization, or government agency.
First-Time Home Buyer Program -- Irwin Bank in conjunction with the Pennsylvania Housing Finance Agency Bond Program offers lower rates to first-time home buyers. This mortgage can be conventional or FHA, with some restrictions applying to income, maximum purchase price, and first-time buyer status.
Multiple-Family Dwellings -- If you are considering purchasing rental property, this loan has an attractive rate. You do not have to occupy the building, and the property can accommodate up to four families. Terms are available up to 20 years.
Non-Conventional Mortgages -- If any of the above programs don't quite fit your needs, Irwin Bank can customize a loan program just for you. For example, we can help you buy a new home before selling your first, or offer other non-conventional loan arrangements.
Irwin Bank offers a special home financing program designed to help low and moderate income households realize the dream of home ownership. The Community Home Owner Program offers unique features for those who meet eligibility requirements. Under this program, special consideration is given to loan-to-value and income/payment ratios. The bank will even pay some of the fees. Restrictions do apply.
If you thought your income placed home ownership out of reach, call Irwin Bank today and see if you could qualify for the Community Home Ownership Program.
Before you start home shopping, it's a good idea to talk with an Irwin Bank loan specialist to get at least a rough idea of what you can afford. It will help determine what kind of home you look for and the communities and neighborhoods in which you concentrate your search.
Typically mortgage payments, property tax, and insurance should not exceed 28% of your pretax income. Non-mortgage debt, such as outstanding student loans, car loans, and credit cards is a factor too. Payments on all your debt, including the mortgage, should generally not total more than 36% of your income. However, individual circumstances can vary enormously. Your Irwin Bank loan specialist will consider all factors and help you determine the most house you can comfortably afford.
Call (724) 978-4500 for current rates. You can also access our online calculator to get payment information. You can also apply for a Online.
Extra Payments -- If you do not qualify for a 15-year loan, or if you don't want to commit to the higher payments every month, you might consider adding something to your payments on a 30-year loan or making one extra payment a year. The equivalent of one extra payment a year could shorten a 30-year mortgage by as much as 7 years or more! TIP: Many of our customers use their tax refund to make this extra payment.
Mortgage Refinancing -- You can take advantage of falling interest rates by refinancing -- that is, taking out a new loan and paying off the old one. The savings can be substantial. If you had a $150,000 30-year loan at 10%, for instance, you would cut monthly payments by more than $200 with an 8% mortgage, for a $75,000-plus savings over the 30 years. If the term were shortened to 15 years at the same 8% rate, monthly payments would increase by about $332, but you would save more than $138,000 in interest by cutting the term of the loan in half.
Refinancing usually involves paying a new set of closing costs. However, Irwin Bank does offer a no-cost refinancing option. Please speak with an Irwin Bank loan specialist to see which mortgage refinancing solution makes sense for you.
Fortunately, buying residential real estate has usually been a winning financial bet over time. Although real estate prices sometimes slump, they have generally risen nicely in the long run. Owning a house also forces you to save money. You build substantial equity over the years as you pay down the mortgage.
For more information or to schedule an appointment with an Irwin Bank loan specialist, call any branch office or our Loan Center at (724) 978-4500. You can also visit any Irwin Bank Extra office, open seven days a week in a Shop 'n Save or participating Giant Eagle location near you.
| Mortgage Programs | Fix-Rate Conventional* | Adjustable Rate | Construction | Jumbo | FHA | First Time Home Buyer |
|---|---|---|---|---|---|---|
| Terms | 15,20,30,40 years | Maximum 30 years | Up to 30 years | Up to 30 years | 15 and 30 years | 30 years |
| Rates | Fixed | Adjustable | Fixed | Fixed | Fixed | Fixed |
| Maximum Loan Amount | $417,000 | $417,000 | $417,000 | N/A | $248,900 | Maximum amount determined by county. |
| Minimum Down Payment* | 5% | 10% | 5% | 10% | 1.25% if $50,000 or under. 2.25% if over $50,000. 3% investment required if seller paying closing costs for buyer. |
Conventional - 5% FHA - 1.25% if $50,000 or under. 2.25% if over $50,000. 3% Investment required if seller paying closing costs for buyer. |
| Pre-payment Penalties | None | None | None | None | None | None |
Payment Protection Plan -- Through Irwin Bank's partnership with Monumental Life Insurance Company, we offer a Payment Protection Plan that would relieve your family of its loan obligation should something happen to you (or your spouse if you choose joint coverage).
Death -- Protection Plan would pay off your loan in full.
Disability -- After a brief initial waiting period, your loan payments would be made for you for a maximum of two years if you are disabled and unable to work.
There are no long applications and no physical exams (just a few simple health questions must be answered). The protection goes into effect as soon as your insurance application is approved. And the cost of the coverage is conveniently included in your monthly payment. Ask your loan specialist to tell you more.
Revision 02-07
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