Lending with Phoenixville Federal Bank & Trust
We have the funds to help you accomplish your dreams, aspirations, and life goals – just tell us what you need.
As your community bank, we’re not just here to provide financial services. We’re here to build a stronger future for you and your community. With our rich history of exceptional service and competitive rates, Phoenixville Federal is a trusted partner when it comes to personal lending. We offer an array of financial solutions tailored to meet your personal financial goals.
Lending Solutions: Your Path to Financial Freedom
Life is full of opportunities and challenges. Whether you’re buying your first home, renovating your current one, consolidating debt, or you are in need of funds for personal projects, Phoenixville Federal is here to make it happen.
Mortgages
As the cornerstone of homeownership, we offer competitive rates and personalized service. Our hometown mortgage experts walk you through the process, from prequalification to settlement.
With Phoenixville Federal Bank & Trust, you will:
- Know Your Affordability: Get a clear understanding of how much house you can afford upfront.
- Confidently Search for Your Home: With prequalification and a professional mortgage expert in your corner, you can confidently start your search.
- Acquire Negotiating Power: Develop the negotiating power to secure the best deal for your new home.
- Get a Seamless Transition: Easily transition from prequalification to settlement, reducing stress throughout the home-buying process.
Our community bank offers fixed interest rates with terms up to 30 years and financing up to 95% of home purchases.
For more information please contact:
Allen R. Kramer
Executive Vice President /
Chief Lending Officer / Retail Lending
NMLS ID#493972
Residential Mortgage Rate Drop Advantage Program
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.
- All requests must satisfy the Bank’s prevailing underwriting guidelines, specifically regarding:
- Debt-to-Income
- Debt Service Coverage Ratio
- Minimum Credit Score
- Risk-Based Pricing
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.
Mortgage Recast Program
Lower Your Monthly Payment – Without Refinancing
At Phoenixville Federal Bank & Trust, we’re committed to helping you make the most of your mortgage. Our Mortgage Recast Program gives you a simple way to reduce your monthly payment – without the time, cost, or paperwork of refinancing.
What Is a Mortgage Recast?
A mortgage recast allows you to make a large payment toward your loan principal, after which your monthly payment is recalculated based on your new, lower balance.
- No new loan
- No credit check
- No change to your interest rate or term
It’s a smart way to improve your monthly cash flow while keeping the mortgage you already have.
How It Works
- Make a Lump-Sum Payment
- Apply a significant payment directly to your principal (minimum requirements apply).
- We Recalculate Your Payment
- We re-amortize your remaining balance based on your existing rate and term.
- Enjoy a Lower Monthly Payment
- Your payment is reduced moving forward – giving you more flexibility in your monthly budget.
Why Consider a Recast?
- Lower Monthly Payments
- Reduce your financial burden without extending your loan term.
- Save on Closing Costs
- Avoid the expenses typically associated with refinancing.
- Keep Your Current Rate
- Especially beneficial if you already have a competitive interest rate.
- Build Equity Faster
- Your lump-sum payment immediately reduces your loan balance.
Program Guidelines
- Eligibility: Available for current, performing conventional mortgage loans
- Minimum Principal Payment: $5,000 or 10% of your outstanding balance (whichever is greater)
- Processing Fee: $500 per recast request
Is a Mortgage Recast Right for You?
A recast may be a great option if you’ve recently received a bonus, inheritance, or proceeds from the sale of a home and want to reduce your monthly expenses—without refinancing.
Contact info can be off to the side like it is for the Rate Drop Program.
For more information please contact:
Allen R. Kramer
Executive Vice President /
Chief Lending Officer / Retail Lending
NMLS ID#493972
New Construction Loans
Building your home instead of buying it? Our single-settlement construction to permanent loan saves you the settlement costs of two closings.
Please call or email Retail Lending for more information at 610-933-1000 or loans@phoenixfed.com
Home Equity Loans
Your home holds untapped potential, and Phoenixville Federal helps you unlock it. Whether you’re considering college tuition, a vacation home, overdraft protection, debt consolidation, or a home renovation, our Home Equity Loan (Heloan) can help make your dreams become a reality. Choose from flexible terms ranging from 12 to 240 months, featuring a fixed interest rate and principal & interest payment for the life of the loan.
Home Equity Line of Credit
Your home holds untapped potential, and Phoenixville Federal helps you unlock it. Whether you’re considering college tuition, a vacation home, overdraft protection, debt consolidation, or a home renovation, our line of credit (HELOC) can help make your dreams become a reality. Draw period of 15 years, with an interest-only payment, and thereafter a principal + interest repayment period of 15 years. Interest rate is variable for the life of the loan.
More Than Banking: Your Community Partner
At Phoenixville Federal Bank & Trust, we continually give back to local organizations that make Chester County and Montgomery County a better place to live.
Let's Begin Your Financial Journey
Ready to explore your loan options? Contact us today to schedule an appointment with Allen R. Kramer, Senior Vice President, Chief Lending Officer, and Retail Lending Expert, who is ready to help you on your path to financial freedom.
Allen R. Kramer
Executive Vice President /
Chief Lending Officer / Retail Lending
NMLS ID#493972
Frequently Asked Questions
What personal lending options does Phoenixville Federal offer?
We offer residential mortgages, a Welcome Home First-Time Homebuyer program, construction loans, homeequity
loans, and home-equity lines of credit. Eligible existing mortgage customers may also be able to
request a Rate Drop or loan recast.
What mortgage terms are available?
Our residential mortgage options include fixed rates for terms up to 30 years, financing up to 95 percent, and support from prequalification through settlement. Approval and final terms are subject to current
underwriting.
Who may qualify for the Mortgage Rate Drop program?
The program is available to eligible Phoenixville Federal customers with a fixed-rate residential mortgage. The new loan keeps the same remaining term, does not provide cash out, and is subject to current underwriting. The loan must also be current, with no delinquency during the previous 12 months.
What does the Mortgage Rate Drop cost?
The program fee is 0.50 percent of the current loan balance, with a minimum fee of $2,000. A written request and current underwriting approval are required.
What is a mortgage recast?
A recast applies a qualifying principal payment to your existing mortgage and recalculates the monthly principal and interest payment using the existing rate and remaining term. It does not create a new loan and does not require a new credit check.
What are the basic mortgage recast requirements?
The mortgage must be a current, performing conventional loan. The qualifying principal payment must be at least $5,000 or 10 percent of the outstanding balance, whichever is greater. The recast fee is $500.
How does a construction loan work?
Our construction loan uses a single settlement, which can help avoid the settlement costs associated with closing a construction loan and a permanent mortgage separately.
What is the difference between a home-equity loan and a HELOC?
A home-equity loan provides fixed principal and interest payments with terms from 12 to 240 months. A HELOC has a variable rate, a 15-year draw period with interest-only payments, and a 15-year repayment period with principal and interest payments.
How can I speak with the lending team?
Call us at 610-933-1000, email loans@phoenixfed.com, or use the Apply Now option on this page.