FDIC-Insured - Backed by the full faith and credit of the U.S. Government
You can access and submit the following forms through Online Banking for your convenience:
Yes, you can use the Opt-In Business Form available within Online Banking to add Overdraft Protection for your ATM and debit transactions.
Our Switch Kit Form, available within Online Banking, makes it simple. Follow the steps in the form to move your accounts hassle-free.
We prioritize your security and use industry-recognized safeguards to protect your personal information. When notified of potential fraud, we may restrict debit card usage in certain geographic regions to protect your account.
Contact us immediately:
Check your credit report:
File a fraud alert:
Contact law enforcement:
Seek government assistance:
Complete an Identity Theft Report with the Federal Trade Commission at www.identitytheft.gov.
You can manage and monitor your debit card functionality using the Card Control feature within the Washington Financial Bank mobile app.
If you notice any unusual activity while traveling, contact us immediately at 724.206.1170. To prevent issues, notify us before traveling out of Pennsylvania.
In general, you can expect the entire mortgage loan process – from application to closing to take a little more than a month. Because the process is dependent upon a number of outside parties, municipalities, appraisers, inspectors, it may take slightly longer. In any case, we promise to keep you informed throughout the process.
Following is a list of required documents:
If you choose to pay your own taxes, your required down payment will be 30%.
Your interest rate is locked in at the time of application.
For first-time homebuyers the minimum down payment is 3%; for all others the minimum down payment is 5%.
Private Mortgage Insurance (PMI) is generally required when your down payment is less than 20% of your home’s purchase price. PMI is designed to protect a financial institution by paying a portion of the mortgage balance in the event that the borrower doesn’t make the required payment. The cost of PMI is added to your monthly mortgage payment.
The term “points” refers to a fee paid to lower your interest rate.
Closing costs contain the various fees related to completing your mortgage loan. Examples include title insurance, origination fees and prepaid escrow amounts.
Your monthly mortgage payment will include principal (the balance you owe for the home) and interest (the interest payment for the principal balance). It may also include an escrow amount for estimated property taxes and insurance.
If you want to extend the term of your original mortgage or lower the rate or escrow taxes and insurance payments, a re-finance may be the better option. Click here for our Refinance Calculator. If you are happy with your current mortgage rate and term and need extra cash, a Home Equity loan (which typically has lower closing costs) may be the better choice.
To find the state of your application, contact your loan originator.
Our mortgage loan originators are happy to help.
Monica Hamlin
mhamlin@washfin.bank
724.206.1285
NMLS #756097
Susan Graf
sgraf@washfin.bank
724.206.1286
NMLS #756098
Jeremy Vanzin
jvanzin@washfin.bank
724.940.4450
NMLS #988906
A Home Equity installment loan will have a fixed rate of interest for a specific term, giving predictable payments over the life of the loan. You receive the money you are borrowing in one lump sum and then pay it back over a fixed term with fixed payments.
A Home Equity Line of Credit has a variable rate of interest, generally based upon an index that may change periodically with no set loan term. You may make draws on the available funds anytime they are needed.
A fixed rate means that the interest rate is set at application and will not change over the term of the loan.
With a variable rate, the interest rate will fluctuate based upon changes in the rate index. These rate changes will affect your monthly payments due.
Please refer to our document checklist.
The entire process, from application to closing, should take approximately 1 month.
You can apply online or at any Washington Financial Bank branch office.
Determining equity is simple. Take your home’s value (use your best guess or a home value estimator like Zillow) and subtract all amounts you owe on the home. The difference is your equity.
Washington Financial Bank will lend up to a maximum of 89.99% of the value of your home, minus any existing loans secured with your home. For example, if your home is worth $150,000 and the total amount you owe is $50,000.00, the maximum amount you can borrow is $84,985.00.
You will pay a $250.00 origination fee to obtain a home equity term loan. No other fees will apply unless the amount you borrower is greater than $500,000.00.
Once we receive your application we will determine if a new appraisal is required to process your loan request.
Interest you pay on a loan that is secured with your primary residence may be tax deductible. Consult with your tax advisor to determine the deductibility of interest.
Your debt to income ratio DTI, is all of your monthly debt payments divided by your gross monthly income. Debt payments would include mortgage payments, car payments, student loan payments, credit card payments, etc. Your gross monthly income is the amount of money you earn before any taxes or deductions are taken out. For example, if your total monthly debt payments are $1,000.00 and your gross monthly income is $5,000.00, your DTI would be 20%. $1,000.00/$5,000.00 = 20%. The Loan to Value ratio (LTV) is the amount you on a home loan divided into the homes worth. For example, if you owe $75,000.00 on your mortgage and your home is valued at $150,000.00 the LTV would be 50%. $75,000.00/$150,000.00 = 50%
In general, you can expect the entire process to take about 3 – 4 weeks.
Please refer to the HELOC Checklist
You can apply at any branch or use our online application center.
The minimum amount for a Home Equity Line of Credit is $10,000. There is no maximum.
Changing interest rates will affect the amount of interest you pay each month and the total interest paid.
You may draw available funds on your Home Equity Line of Credit for a 10-year period. After this period, you need to re-apply.
Your Home Equity Line of Credit has a variable rate which means that the rate may vary and any rate change will affect the full balance owed.
The minimum amount of a Home Equity Line of Credit draw is $100.
You may obtain a counter check at your local branch or you may write a check directly from the Home Equity Line of Credit account checks supplied after account opening. You may also establish an on-line banking relationship through Washington Financial and complete a transfer setup form, which will give you the capability to transfer funds to your Washington Financial Bank checking/savings account directly through on-line banking.
You cannot overdraw your Home Equity Line of Credit.
To increase the amount of your Home Equity Line of Credit, you need to re-apply.
