Are you considering Pittsford Federal Credit Union for your next purchase or mortgage refinancing loan? How does PFCU compare to the best mortgage lenders when it comes to interest rates and fees? Remember there’s more to getting a good deal on your home loan than the interest rate; fees actually make or break the deal you’re getting. Here’s my unbiased review of Pittsford Federal Credit Union services, interest rates and fees.
» Mortgage Lender Spotlight «
that can save you thousands of dollars on your next home loan.
PFCU is a community-based, not-for-profit credit union serving the suburbs of Rochester, New York.
Should you trust Pittsford Federal Credit Union with your home loan? How do they stack up when it comes to mortgage rates and fees compared to the best mortgage lenders?
Pittsford Federal Credit Union Profile
Founded by a group of teachers from the Pittsford Central School District in 1968, credit union holdings are no longer kept in a shoebox hidden in a classroom desk. According to the NCUA, Pittsford Federal Credit Union has 20,808 members and $324,927,757 in assets.
PFCU is a member-owned, non-profit financial cooperative. Membership is open to Pittsford school employees and anyone that lives or works in Pittsford, Mendon, Brighton, East Rochester, Perinton, East & West Bloomfield, Victor, Lima, Henrietta, Avon and Rush, New York.
They are a full-service credit union offering checking, savings, credit cards, personal loans, mortgage and home equity loans and lines of credit.
Pittsford FCU Contact Information
20 Tobey Village Road
P.O. Box 346
Pittsford, NY 14534-0346
Pittsford Federal Credit Union Review
PFCU offers an extensive website and online banking. Mortgage loans are available in Serving Monroe, Orleans, Genesee, Wyoming, Livingston, Ontario or Wayne County, New York. There is a $325 appraisal fee and a $300 rate lock fee which the website states will be credit back at closing. I assume if you’re unable to close on the mortgage you’re out three hundred bucks. (Not very member friendly)
Mortgage loans are serviced by the Pittsford Federal Credit Union meaning your home loan will not be sold and you’ll make payments directly to the credit union. The website indicates that jumbo mortgage loans are available on a case-by-case basis with 10 or 15 year term-lengths. Conforming home loans (under the $417,000 limit) are available for purchase or mortgage refinance with term-lengths of 10 to 30 years.
PFCU offers one year, 3/1 and 5/1 Adjustable Rate Mortgages with a two percent margin on the LIBOR index. Caps are disclosed on the website and are capped at 2% per year with a lifetime maximum of 6%.
Purchase and refinance rates are published online and were very competitive with lenders like Amerisave and Navy Federal Credit Union without discount points. Fees are not disclosed on the website. I would recommend shopping around comparing actual closing costs like the origination fee to avoid overpaying. One percent for the loan origination fee is reasonable; however, I’ve reviewed credit unions here that charge as little as .2% for the mortgage origination fee.
Do you have an experience or opinion about Pittsford Federal Credit Union that you’d like to share? Please leave a comment below.
The purchase and mortgage refinancing rates published on the website had an Annual Percentage Rate (APR) that matched the quoted interest rate for fixed-rate mortgages. This is misleading as it’s not factoring in the fees that were published on the side and implies that there are no fees for loan origination. Aside from the lack of fee disclosure and the misleading APR, Pittsford Federal Credit Union is an impressive community-based credit union.
Remember when shopping for your next home loan it’s important to compare purchase and refinance rates along with all fees. Don’t rely on the Annual Percentage Rate when shopping for a home loan as it will not give you an apples-to-apples comparison of home loans from one lender to the next.
You can learn more about getting the best deal for your next home loan without paying unnecessary fees or discount points by checking out my free Underground Mortgage Videos.