Personal Loans
From time to time, everybody needs additional money. The reason may be for personal needs, consolidating debts, meeting emergencies, paying large bills, vacations, taxes, household needs, appliances, etc.
A Penn Security Personal Loan is the best way to meet these needs. Our experienced, personal loan officers will assist you in selecting the loan best suited for your requirements.
Personal Loans are available in amounts from $1,000.
Credit, Life and Disability Insurance are available on all personal loans.
Personal Loans are usually unsecured but, depending on the circumstances, some security or endorsements might be necessary.
A Personal Loan is frequently a means of protecting family savings. When you withdraw from savings, many times the withdrawn funds never find their way back to the account.
Our Personal Loan service is prompt, and approval is usually given within 24 hours of the time of application.


Home Improvement Loans
Most homeowners take great pride in maintaining their houses in clean, modern, up-to-date condition. For most families, the home in which they live represents the largest single financial investment of their lives - and they are interested in preserving this investment. A home requires expenditures for major repairs in addition to the normal upkeep costs.
A Penn Security Home Improvement Loan is the answer to the question "from where do I get the money?"


Mortgages
Currently, Penn Security Bank offers fixed and adjustable rate mortgages.

1. Fixed Rate Mortgages for either 10, 15, 20 or 30 years. Penn Security also offers the standard fixed rate mortgages. Rates may be affected by the term of the mortgage.
Underwriting Standards: The Bank will finance up to 95% of the value of the house based on satisfactory borrower income and credit.

2. Hybrid and Adjustable Rate Mortgages (ARM's):

A. Hybrid (First Five Fixed) Mortgage - We offer the outstanding value of an adjustable rate mortgage with the benefits of a fixed rate for the first five years. Borrow any amount and use for home purchases, home construction, or first mortgage refinancing.

Features

• Payment Adjustments - payment adjustments are made annually after five years.
• Frequency of Rate Adjustment - the interest rate is adjusted every 12 months after five years.
• Annual Rate Cap - the annual rate cap is 2%.
• Lifetime Interest Rate Cap - the maximum interest rate adjustment for the life of the loan is 6%.
• Late Charges - the late charge is 5% of the overdue payment of principal and interest.
• Underwriting Standards - the Bank will finance up to 95% of the appraised value of the house based on satisfactory borrower income and credit with PMI (Private Mortgage Insurance).
• Maximum Term of Loan - the maximum term of the loan is 30 years.

B. Variable Rate Mortgage - This is a variable rate mortgage with a lifetime adjustment cap of 6%, and an annual adjustment cap of 2%. The interest on the mortgage is based on the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board, + 2.75%.

• Payment Adjustments - payment adjustments are made annually.
• Frequency of Rate Adjustment - the interest rate is adjusted every 12 months.
• Annual Rate Cap - the annual rate cap is 2%.
• Lifetime Interest Rate Cap - the maximum interest rate adjustment for the life of the loan is 6%.
• Payment Cap - there is no payment cap.
• Late Charges - the late charge of 5% of the overdue payment of principal and interest.
• Underwriting Standards - the Bank will finance up to 95% of the appraised value of the house based on satisfactory borrower income and credit.
• Maximum Term of the Loan - the maximum term of the loan is 30 years.

3. "Short Form" Fixed Mortgage - This fixed rate mortgage offers great features such as no points and no application fee. Use for home improvement, or debt consolidation.

• Term - 5 years, 10 years and 15 years.
• Late Charges - the late charge is 5% of the overdue payment of principal and interest.
• Underwriting Standards - the Bank will finance up to 80% of the appraised value of the house based on satisfactory borrower income and credit (less any first mortgage or lien).

Rates change at the Bank's discretion. Rate information is available upon request. Call Penn Security for current rates.

We also offer FHA and VA Mortgages.

Home Equity Term Loan
A Home Equity Loan is secured by the equity of your home and offers a fixed rate. It enables you to borrow up to 90% of the appraised value of your home (less any first mortgages or liens). It can be used for home improvement, education, vacations, consolidation of loans, etc. Interest on this loan may be fully tax deductible.

Call our loan department for more information, at (800) 327-0394, extension 218.


Home Equity Line of Credit
Contact Penn Security for current rates, features and options.

Auto Loans
Generally Penn Security will finance 80 percent of the purchase price of a new automobile. Depending on the circumstance, we may also finance more than 80 percent.
On used cars, the terms and the amount advanced will vary depending on the year, make and model of the car.

Credit, Life and Disability Insurance are available on automobile financing.
The cost of liability, collision, and comprehensive insurance is usually arranged through the borrower's broker although the Bank must have a copy of the policy and be named as a loss payee on the policy.

A lien also must be placed on the car in favor of the Bank

Loans Secured by Readily Marketable Securities

Penn Security will generally finance up to 50% of the purchase of readily marketable securities such as stocks and bonds. These loans are generally at a variable rate indexed to the bank’s base rate (national prime rate). We also will loan up to 70% of the present market value of securities you already own. The easiest way to handle this is to establish a Custodian Account with our Trust Department, which is then assigned to the bank to secure the indebtedness. See information under Trust Department Services in this website under Custodian Accounts.

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