Police
& Fire
|
|
Current Rate 5.86% 30 years, No Points |
1-800-624-0421 #289
Sharon Press
We randomly called North American Mortgage, a New Jersey P & F Mortgage Plan participant, for the current rate. We spoke with Sharon Press. Here's the bottom line on what is often referred to as the "PBA Mortgage."
30 Years 5.59% 0 Points
Now up to $300,700.
Loans are also available for 15, 20, and 25 year terms all at the same 5.86% rate. The numbers above are for both initial mortgages and refinanced mortgages and are not due to change until August of this year.
There is a $30. per month fee which drops to $18. per month at the fourth year and is fixed at $18. for the remainder of the loan.
The one-time rule allowing only one P & F mortgage per lifetime, was abolished. However, you may only take out one of these mortgages at a time, and it must be for your primary residence.
They offer FHA and home equity loans as well.
In our dealings with Sharon Press of North American Mortgage, we have found her to be extremely knowledgeable about the plan and very pleasant to deal with. She can be contacted at 1-800-624-0421, extension #289.
In the interest of full disclosure, a year after we first spoke to them, Sharon's company became a paid sponsor of this website.
Mortgage Rates for the P & F Mortgage change every six months. It is also referred to as the PBA Mortgage, Police Mortgage, P & F Fire Mortgage, PBA Mortgage Plan, FOP mortgage, FOP Mortgage Plan, Police department mortgage, and the New Jersey Police Mortgage. These Mortgage Rates may be used to Refinance.