Mortgage Lending

• Our “Finish Line” Bi-Weekly payments can help you pay off your mortgage faster. Instead of making one monthly payment, you make half of your monthly payment every two weeks. By the end of the year, this adds up to 13 monthly payments instead of 12. This strategy can significantly reduce the length of your mortgage and save you a lot in interest. Plus, there are no prepayment penalties, so you can make extra payments anytime without extra costs.

• Use: Purchase (Primary or secondary residence; no investment properties)
• Loan Limits: Up to $832,750 / Jumbo: $832,751 or more.
• Terms Available (Years): 15, 20, 30
• Title Insurance required.
• MCT Bi-Weekly Mortgages are only available with auto payment from a checking or savings account.

• If you’re considering refinancing your home, this loan can help you save on closing costs. For loans under $250,000, title insurance isn’t required. You can also use this loan to purchase a home, though title insurance will be necessary in that case. There are no prepayment penalties, so you can make extra payments anytime without incurring additional costs.
• Use: Purchase or Refinance (Primary or secondary residence; no investment properties)
• Loan Limits: Up to $832,750.
• Title Insurance required.
• Terms Available (Years): 15, 20, 30

• To be considered a first-time homebuyer, you must not have owned any residential property within the past three years. This applies whether you owned the property by yourself or jointly with someone else. Homes, condominiums, and other types of real estate all count. If your name has been listed on a deed or title during that three-year period, you may not qualify.
• Use: Purchase Only
• Loan Limits: Up to $832,750
• Terms Available (Years):
  • Bi-Weekly: 15, 20, 30
  • Monthly: 15, 20, 30
• Title Insurance required.
• Low-to-Moderate Income Option Available: MCT’s Community Advantage Home Mortgage Loan is designed to help low-to-moderate income individuals with flexible financing options to make obtaining a mortgage more accessible. Different from other conventional mortgages, MCT’s Community Advantage program offers more lenient credit and income guidelines. Learn more here.

Bi-weekly payments can help you pay off your mortgage faster. Instead of making one monthly payment, you make half of your monthly payment every two weeks. By the end of the year, this adds up to 13 monthly payments instead of 12. This strategy can significantly reduce the length of your mortgage and save you a lot in interest. Plus, there are no prepayment penalties, so you can make extra payments anytime without extra costs.

Bi-Weekly Finish Line

• Use: Refinance (Primary or secondary residence; no investment properties)
• Loan Limits: $250,001 – $832,750
• Terms Available (Years): 15, 20, 30
• MCT Bi-Weekly Mortgages are only available with auto payment from a checking or savings account.
• Title Insurance only required for loan amounts over $250,000.

Bi-Weekly Money Saver

• Use: Refinance (Primary or secondary residence; no investment properties)
• Loan Limits: up to $250,000 / Title Insurance not required.
• Terms Available (Years): 15, 20, 30
• MCT Bi-Weekly Mortgages are only available with auto payment from a checking or savings account.

• If you’re considering refinancing your home, this loan can help you save on closing costs. For loans under $250,000, title insurance isn’t required. You can also use this loan to purchase a home, though title insurance will be necessary in that case. There are no prepayment penalties, so you can make extra payments anytime without incurring additional costs.
• Use: Purchase or Refinance (Primary or secondary residence; no investment properties)
• Loan Limits: Up to $832,750
• Title Insurance only required for loan amounts over $250,000.
• Terms Available (Years): 15, 20, 30

This innovative financial product combines two traditionally separate loans—a construction loan and a permanent mortgage—into one single loan. This integration simplifies the loan process, reducing closing costs and the complexity typically associated with construction financing. Whether you’re a first-time homebuilder or a seasoned developer whose clients need financing for their new build, MCT’s Single-Close Construction Mortgage offers the flexibility, support, and financial benefits needed to bring your vision to life.

Key Features:

• One-Time Closing: The single closing process means borrowers only go through the loan approval and closing process once, saving time and reducing paperwork.
• Lock-In Interest Rate: Borrowers can lock in their interest rate early in the application process, protecting them from potential rate increases.
• Interest-Only Payments: During the construction phase, borrowers are required to make interest-only payments, which helps manage cash flow more effectively.
• Funding for Land Purchase: Can include funding for the purchase of the land as part of the construction loan, if not already owned by the borrower.

Ideal For:

• Homebuilder looking to build their home from the ground up.
• Builders seeking an efficient and cost-effective way to finance new home construction for their clients.
• Individuals who already own land and are ready to begin construction.

Benefits:

• Simplicity and Convenience: Combines two complex processes into one, making the home construction process less daunting for borrowers.
• Cost Savings: Reduces the total costs associated with closing on two separate loans.
• Flexible and Supportive: Supports a wide range of construction projects, from custom homes to standard models, providing flexibility to meet diverse needs and preferences.

Important Details:

• Site-Built Homes:
  • The maximum Loan-To-Value (LTV) is 90% on a primary residence or 85% on a secondary/vacation residence and does not include an escrow account for taxes and homeowner’s insurance.
  • Excludes investment properties.
  • Maximum loan limit: $832,750
  • Term available: 31 Years (372 months): 12 months interest only, followed by a 30-year term.
  • Principal & interest payments will start after the initial 12 months regardless of whether the house is completed or not.
  • Private Mortgage Insurance (PMI) for any loan to value of greater than 80% will be required and escrowed. Borrowers are required to pay the first 14 months of private mortgage insurance (PMI) premiums at closing.
  • Title Insurance required.
• Manufactured Homes:
  • The maximum Loan-To-Value (LTV) is 80% on both primary and secondary residences and does not include an escrow account.
  • Excludes investment properties.
  • Maximum loan limit: $832,750.
  • Term available: 30 years, 4 months (364 months): 4 months interest only, followed by a 30-year term.
  • Principal & interest payments will start after the initial 4 months regardless of whether the house is completed or not.
  • Only available for manufactured homes on a permanent foundation on land owned or purchased as part of the mortgage transaction (excludes rented land).
  • Title Insurance required.

• On All Applications
  • Photo ID
  • Social Security Card
  • Pay stubs covering last 30 days
  • Two years of W2 forms from all employers
  • Two years of personal tax returns (signed with all pages) – including most current year
  • Last 60 days of all bank statements including savings, checking and investment (All pages required front and back)
• Refinance
  • All Documents Listed Above
  • Last Statement For All Debts Being Paid
  • Front Page of Home Insurance Including Premium Amount
• Purchase
  • All Documents Listed Above
  • Agreement of Sale
• Additional Documents May Be Applicable
  • Evidence of Alimony/Child Support Paid or Received
  • Last 2 Years Business Tax Returns (Self-Employed or Commissioned)
  • Awards Letter for Social Security Recipients
  • HUD 1 Settlement Statement if Selling Home
  • Separation Agreement or Divorce Decree
  • Non-Citizens: Proof of Lawful Residence
• Single-Close Construction Loans
  • Construction Agreement Signed By All Parties
  • Specifications and Plans
  • Building, Zoning, Well and Septic Permits

Getting pre-qualified will help you know approximately how much you can borrow, using financial information that you provide.

• No cost
• No commitment

To submit a pre-qualification application, click the button below to start a new application. In the 4th step “Have you made an offer on a home?” please select the option “No, I am still shopping. – Prequalification Application”, which looks like this:

Yes! MCT offers several convenient mortgage calculators for your use:

• Biweekly Mortgage Payment Calculator: Compare a typical monthly payment schedule to an accelerated biweekly payment. Using biweekly payments can accelerate your mortgage payoff and save you thousands in interest!

• Monthly Mortgage Calculator: Determine your monthly mortgage payment and amortization schedule.

• Biweekly Mortgage Payment for an existing Mortgage Calculator: Show the possible savings by starting to pay your existing mortgage with biweekly payments, instead of monthly payments.
  
• Construction Loan Calculator: Determine how much and what your payment would be for a construction loan.

• Home Rent vs. Buy Calculator: Are you better off buying your home, or should you continue to rent?

• “Should I refinance?” Calculator: See how much interest you can save by refinancing your mortgage!

• Mortgage Payoff Calculator: Save thousands of dollars in interest by increasing your monthly mortgage payment.

• Home Down Payment Savings Calculator: Calculate what it might take to save for your new house.

Calculators are provided as a free service to our users. No guarantee, explicit or implied, is made regarding their accuracy or suitability to a specific purpose. The result of any calculation should not be taken as a statement of one’s credit-worthiness, but rather a general guideline of industry practices. Furthermore, calculation results are not to be construed as an offer to extend credit, under any terms, to any individual. The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.

Take these important steps to stop unwanted phone calls and direct mail because of Credit Bureaus

Deciding to buy a home and get a mortgage with MCT, or a Home Equity Loan/Line of Credit? As a necessary part of the application process, your credit report will be pulled from one or more credit bureaus (Experian^®, TransUnion^®, Equifax^® and Innovis^®). This triggers an “inquiry” and the credit bureaus then turn around and sell your name to other, less-reputable mortgage lenders. Unfortunately, it’s not against the law for credit bureaus to sell your information to third-party vendors. This is called a trigger lead. Due to current market conditions, there appear to more companies purchasing this data from credit bureaus than in the past.

Mauch Chunk Trust Company wants to educate customers about steps they can take to protect against credit bureaus selling their data for use with unsolicited marketing.

How You Can Stop Trigger Leads

You’re about to enter into one of the biggest transactions of your life, and the last thing you need is an unknown loan rep calling or texting you and offering up phony interest rates. Deal with Mauch Chunk Trust Company, not some telemarketer. Don’t ever buy anything through unsolicited phone calls or text messages from anyone else.

MCT recommends these two ways to stop trigger lead harassment, and also potentially reduce the number of unsolicited phone calls you receive every day:

• Put your name and phone number on the National Do Not Call Registry (donotcall.gov). You can register all your phone numbers, landline, mobile phone, etc. Do this at least a month before you apply for a loan because it takes 31 days to become effective. Anyone can do this any time! Once you register your phone number, the registration never expires. The phone number can only be removed from the do not call list if you make a request or the number is disconnected and reassigned. ¹
• Sign up for OptOutPrescreen.com. This will stop the four credit bureaus from selling your name as a trigger lead. They are Equifax, Experian, Innovis, and TransUnion. The Fair Credit Reporting Act allows Credit Bureaus to sell your name, but opting out online puts a stop to trigger leads for five years. If you want to opt-out forever, you have to mail in a form.
  • Under the U.S. Government’s Fair Credit Reporting Act (FCRA) ², consumer credit reporting companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you (“Firm Offers”). The FCRA also provides you the right to “Opt-Out”, which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers. Mauch Chunk Trust Company has no involvement in this process.
• Sources:
  1. Federal Trade Commission. “National Do Not Call Registry FAQs.“
  2. Federal Trade Commission. Fair Credit Reporting Act

MCT has partnered with Banzai to offer an extensive list of financial education topics, with the following focusing on the homebuying journey:

• Owning A Home (Collection of online coaches and articles)
• Article: Mortgage Application Checklist (2-minute read)
• Article: The Cost of a Mortgage (4-minute read)
• Article: Working with a Mortgage Lender (5-minute read)
• Article: Credit Scores (3-minute read)
• Article: A Guide to Selling Your Home (4-miniute read)
• Article: Insuring Your Home (2-minute read)
• Article: Buying a Home: Exploring Your Options (5-minute read)
• Article: To Buy or Not to Buy? (5-minute read)
• Browse our entire library