For a Standard Mortgage, the interest rate is typically 1 1/2% below the prevailing local commercial interest rate for residential mortgage loans. The current rate is published at (http://web.princeton.edu/sites/TreasurersOffice/RealEstateFinance/). The interest rate for the mortgage program is set on the first business day of each month and is applicable for the entire month.

There are restrictions and these can be found at (http://web.princeton.edu/sites/TreasurersOffice/RealEstateFinance/mortgageloanprogram.html)

The first step in obtaining a mortgage loan under the Program is to contact the University Real Estate Finance Department to complete and file an application.

On the day of closing, the mortgage funds are electronically deposited (by ACH transfer) into your attorney's trust account. Your attorney may fax the necessary account information directly to us at 609-258-6357 or exchange the information with the University's Office of General Council during the document review period. Therefore, there is no need for you to visit the Treasurer's Office on the day of closing.

The preferred method for obtaining credit about your mortgage account is to arrange for the requesting bank to fax a VERIFICATION OF MORTGAGE ACCOUNT FORM to us for processing. This is a standard form used in the banking industry to provide credit information. The Form should be faxed to (609)-258-2873 along with a copy of your signed Disclosure Form permitting the University to release the information being requested.

Mortgage payments are always due on the last day of each month (except July and August if your mortgage calls for payments over 10 months of the year). Once you have retired, the mortgage department will arrange to send coupons to you that will facilitate the process of mailing payments directly to our bank in Philadelphia. If , however, coupons have not arrived in the mail by the time the first payment is due (last day of month in which your retirement took effect), you should send a check directly to the Princeton University Mortgage Department, P. O. Box 35, Princeton, NJ 08543. The check should be made payable to PRINCETON UNIVERSITY in either case. A review of your last monthly payroll stub will show the payment amount due as an “MR” deduction.

You are always free to accelerate repayment of your loan. This will shorten the term. You may either authorize us (by e-mail or letter) to increase the amount deducted from your salary each month and/or submit payment(s) by check directly to the mortgage department. It is that easy. Please note that we do not automatically send an acknowledgment or report the new balance in the case of accelerated payments received by check. Such information has to be specifically requested, although we encourage you to anticipate receiving updated mortgage information by way of the year-end mortgage account letter.