home loans

Since 1871, Wayne Bank has been committed to Helping The Community Grow by financing the homes of our customers.

apply for a home loan

Whether you’re a first time home buyer, looking to build, or in need of refinancing, our bankers will work one-on-one with you to answer your questions, simplify the process, and guide you through every step of this rewarding experience.

Find a mortgage lender in your area:

Mortgage Lenders

MORTGAGE LOANS

For a diverse range of property loans including:

Wayne Bank offers conventional mortgage financing with both fixed and adjustable rates available. We have options that provide financing with as little as 5% down.

Our exceptional construction loan program offers down payments as low as 10%, with no PMI [Private Mortgage Insurance] required, and one closing. We offer construction periods of up to one year and an interest rate lock* at the time of your application. During the construction phase, you’ll make interest-only payments. After the construction period, the loan will automatically convert into repayment and you’ll make payments as you would with a conventional mortgage loan.

*An additional fee will apply.

Ask for details on our jumbo mortgage program with fixed and adjustable rates.

Through our partnership with the Federal Home Loan Bank, Wayne Bank is able to offer a First Time Home Buyer program that provides grant funding.  Eligible applicants may receive $3 for every $1 contributed, up to $5,000.  See https://www.firstfrontdoor.com/ for more information. Contact us for availability and additional details.

FHA [Federal Housing Administration] loans are government-backed mortgages with minimal down payments, which can provide lending solutions for borrowers with lower credit scores and limited savings.
VA [Department of Veterans Affairs] loans provide financing of up to 100% for qualified veterans, members of the armed services, and eligible family members.

Visit our Mortgage Center for more information including rates and to get prequalified:

Mortgage Center

HOME EQUITY LOAN AND LINE OF CREDIT

A Home Equity Loan provides the opportunity to borrow against the equity in your home. The advantage of a home equity loan is that by using your home as collateral, you often are able to borrow money at a lower interest rate, saving you money.

A home equity line of credit, or HELOC, works more like a credit card in that it makes a certain amount of credit available to you as you need it, for a limited term. This allows you to borrow as much or as little as you need, within your credit limit. A HELOC also has an adjustable rate that changes with the market, which means that your payments will fluctuate with changes in interest rates and will vary as your balance changes.

Home Equity Loans and Lines of Credit are very often used to finance home remodeling and repairs, but they are not limited to property improvements.

Common applications for Home Equity loans include:

  • Education, College Tuition

  • Medical Bills

  • Debt Consolidation

  • Weddings

  • Travel

  • Major Purchases (car, boat, appliances)

  • Home Repairs and Improvements

  • Emergency Savings

A HELOC makes sense if you need to borrow smaller amounts over a longer period of time, whereas a home equity loan is better if you need a large amount of money all at once.

Mortgage Center

Request Information

home equity loans
home improvement rates

*Based on a credit score of 720 and above and subject to Wayne Bank’s credit policy. Annual Percentage Rates (APR) shown are accurate as of 4/4/2022 and are subject to change. A 3.50% APR, 60 month home equity loan costs $18.19 per month per $1,000 borrowed. A 3.75% APR, 120 month home equity loan costs $10.01 per month per $1,000 borrowed. A 3.99% APR, 180 month home equity loan costs $7.39 per month per $1,000 borrowed. Minimum loan amount is $10,000. Advertised rates assume loan to value is no higher than 80% and payment is by auto draft from a Wayne Bank checking account. Title insurance may be required. Limited to PA and NY properties only. Other restrictions may apply. Ask for details. NMLS # 462082. **Borrower will reimburse lender for waived bank fees and lender paid 3rd party charges if loan is paid off within 36 months of origination. NY properties are subject to NY state mortgage tax for advertised rates. NY property borrowers have option to waive NY state mortgage tax with an increase of .25% to any advertised APR, ask for details.

HELOC Now banner

*Based on a credit score of 720 and above and subject to Wayne Bank’s credit policy. Annual Percentage Rate (APR) shown is accurate as of 4/4/2022 and is subject to change. Minimum loan amount is $10,000. Advertised rate assumes loan to value is no higher than 80% and is by auto draft from a Wayne Bank checking account. Title insurance may be required. Limited to PA and NY properties only. Other fees and restrictions may apply. **Monthly payment for 5-year (60 month) draw period is based on principal balance, after which it will convert to fixed for 10-year (120 month) repayment period. A 4.25%, 120 month home equity line of credit costs $10.24 per month, per $1,000 borrowed during the repayment period. Ask for details. NMLS #462082.

construction loans special
construction flags with rates

*Based on a credit score of 720 and above and subject to Wayne Bank’s credit policy. Advertised APR (Annual Percentage Rate) is a limited time offer for a 9-12 month construction draw period only and will convert to a conventional APR to construct a 1-4 family owner occupied property with a 20% down payment by a qualified borrower and payment is by auto draft from a Wayne Bank checking account. The APR following the construction period will be based on the then current rates in effect for a conventional mortgage. To illustrate, a loan amount of $100,000 with a 9 month construction phase and a 30 year term would have an APR as of 1/31/2022 of 3.48% in Pennsylvania and an APR of 3.52% in New York for the amortization period and are subject to change. Actual rates in effect following the 9-12 month construction period may be lower, or higher, than illustrated. Conventional mortgage APR may be locked at the start of the construction draw period, for a fee. For PA & NY properties only. Other rates and terms available. NMLS 462082.