Mortgages

Fixed Rate Mortgages

A Fixed Rate Mortgage allows you to lock in a rate and term that meets your needs. This provides the security of knowing that the monthly principal and interest payment will not change. There are no pre-payment penalties if you wish to pay the loan off early or voluntarily increase the monthly payment.

Adjustable Rate Mortgage (ARM)

Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is often lower than that of a fixed rate mortgage, and consequently, an ARM may be a good option to consider if you plan to own your home for only a few years, you expect an increase in future earnings, or the prevailing rate for a fixed rate mortgage is high compared to historical averages.

Close Once on a New Construction Loan

With one application and one loan closing, you can establish a construction loan that easily converts to permanent home financing. An interest rate can be guaranteed at the time of the application, and both fixed rate and adjustable rate options are available. Borrowers may also use this loan to purchase land and finance the cost of construction, all in one loan. If the land is already owned, the land’s equity can be used to finance construction and closing costs.

PHFA/Rural Housing

Kish Bank is a qualified participating lender with the Pennsylvania Housing Finance Agency (PHFA), which offers below-market interest rates for home purchase loans to qualified homebuyers. Qualified buyers may also use the Keystone Home Loan Program to purchase and repair a home, receive closing cost assistance, and various other programs. For Rural Housing Service loans, no down payment is required and the buyer may be able to finance closing costs, if supported by the appraisal. Other first-time home buying programs may be available depending on location.

In-House Mortgage Programs

With our expertise and financial resources, we are able to offer programs for qualified borrowers who would like to purchase a property that requires individually-tailored mortgage financing.

Process:

Free Pre-Approvals

Kish Bank offers a free pre-approval program to pre-qualify borrowers for a mortgage loan. After we review your financial condition, we issue a Pre-Approval Letter that states the borrowing capacity of the applicant. This letter helps the homebuyer determine how much they can afford to borrow from the start, speeding up the process once a property is selected and the offer is accepted.

Pre-Approval Process

1. Complete a simple pre-approval application.
2. Meet with a Kish Bank Lender who will assess your credit history and discuss your current financial condition. The Lender can determine the mortgage amount the applicant will qualify for based on the information provided.
3. Kish Bank will issue a pre-approval letter within two business days of submitting the application.