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Guide to Pennsylvania Mortgages
Maybe you are buying your first home in Pennsylvania, or perhaps you're relocating to Pennsylvania from another state. Then again, you may be a long-time Pennsylvania resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Pennsylvania home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Pennsylvania:
The median price of a home in Pennsylvania is $211,500. Recently, homes in Pennsylvania have been appreciating at rates well above the national average. As a result, income levels in many parts of Pennsylvania are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Pennsylvania are below the national average, Pennsylvania has one of the lowest levels of home affordability in the nation.
In Pennsylvania, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Pennsylvania's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Pennsylvania law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Pennsylvania law enacted a set of anti-predatory lending laws in order to help protect Pennsylvania homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Pennsylvania, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Pennsylvania FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Pennsylvania's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Pennsylvania also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Pennsylvania's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Pennsylvania Housing Finance Agency.
Last Updated: Monday, September 08, 2008
Pennsylvania Real Estate Market View
updated Monday, September 08, 2008
| Housing & Social Facts |
Pennsylvania |
United States |
| Total housing units |
5,422,362 |
n/a |
| Owner-occupied housing units |
71.5% |
66.9% |
| Renter-occupied housing units |
28.5% |
33.1% |
| Vacant housing units |
10.4% |
10.8% |
| Average Home Value |
$131,900 |
$167,500 |
| Average Mortgage Payment |
$1,196.00 |
$1,295.00 |
| Average Rental Payment |
$399 .00 |
$388.00 |
| Total Population |
11,979,147 |
n/a |
| Percentage Male |
48.4% |
49.0% |
| Percentage Female |
51.6% |
51.0% |
| Median Age |
39.7 |
36.4 |
| Under 5 years |
6.1% |
7.0% |
| 18 years and over |
76.6% |
74.6% |
| 65 years and over |
14.6% |
12.1% |
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1 Year Market Value Change for Pennsylvania |
| 1yr | 5yr | 10yr |
 |
|
Popular Pennsylvania Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Allentown |
106,632 |
$32,016 |
| Altoona |
49,523 |
$28,248 |
| Bethel Park |
33,556 |
$53,791 |
| Bethlehem |
71,329 |
$35,815 |
| Chester |
36,854 |
$25,703 |
| Erie |
103,717 |
$28,387 |
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| Mr. Mortgage, Inc. |
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We work hard to provide our website visitors with the best mortgage and refinance information, we strive to find the lowest PA mortgage interest rates available and the lowest total cost mortgages for both PA new home mortgages and refinance. We want to make you a mortgage client for life; to be so satisfied with our service that you will refer all your friends and family to us for their mortgage needs in the future. Mr. Mortgage continuously searches out the latest loan trends to offer you today's best mortgage and refinance programs. Every day we strive to offer the best current programs and the lowest PA mortgage rates available. PA mortgage borrowers are our clients! Not mortgage lenders or banks. Banks normally will only offer borrowers their own private loan programs. They try to fit you into their loan program instead of searching the entire mortgage market for the program that best fits your current PA mortgage needs. Mr. Mortgage lends in the entire state of Pennsylvania including these counties: Philadelphia, Dauphin, York, Cumberland, Bucks, Adams, Montgomery, Lehigh, North Hampton, Chester, Lebanon, Lancaster, Wyoming, Schuylkill, Northumberland, Franklin, Perry and Berks. Our company's philosophy is "Your Vision is Our Incentive, Our Service is Your Guarantee". Knowledge of products, client service and satisfaction, and client education are our three most important priorities that separate Mr. mortgage Inc. apart from other PA mortgage brokers in this industry. Licensed by the Pennsylvania Department of Banking Mr. Mortgage Inc.
516 Industrial Drive
Lewisberry, Pa 17339
PHONE: (717) 932-4770
FAX: (717) 932-4771
TOLL FREE: (866) 932-4770
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| The Priority Mortgage Group |
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Priority Mortgage Group is one of the largest mortgage brokers in Pennsylvania. We can service all of your financial and mortgage needs. Because of our size, it allows us to have access to the lowest interest rates in Pennsylvania that are offered and the most home loan programs. Whether you are looking for a traditional home loan, refinance, research a debt consolidation, purchase an investment property, new construction loans, second mortgages or take out a home equity loan, our mortgage brokers are here to serve you. Our PA mortgage options include: fixed interest rates, variable interest rates, adjustable interest rates, loans without private mortgage insurance (PMI), construction loans, cash out money at closing, or any other possible Pennsylvania mortgage need. Home mortgages are our business and we do it with the best products and best service available anywhere. With all the changes and growth, one thing that has remained untouched is our commitment to providing the best customer service in the industry. All of our loan officers are held to the highest levels of service with a goal to develop personal relationships with every one of our customers and guide them through their mortgage needs for life. We offer: Home Mortgage Loans, Second Mortgages, Access to Lowest Rates in PA Mortgage, Refinancing, Debt Consolidation Loans, Bad Credit Financing, Low Closing Costs, No Application Fees and Instant Approval. Priority Mortgage Group
325 W. Aaron Drive
State College, PA 16803
814.235.2808 Phone
814.235.2814 Fax The Priority Mortgage Group is a real estate broker licensed by the PA Dept of Real Estate License
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| Pennsylvania Preferred Mortgage Company, Inc. |
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Whether you want to check out today's rates, purchase a new home, or want to refinance your existing home, you have come to the right place. At Pennsylvania Preferred Mortgage Corporation, we want to provide you with personal service allowing us to earn your continued confidence and support by providing quality service and loan products to fit your financial situation. Our loan officers are available to answer any questions you have. With over 100 years of combined experience in the mortgage industry, it is easy to understand why the Mortgage Bankers Association of Southwestern Pennsylvania has recognized our loan officers as top producers. At Pennsylvania Preferred Mortgage Corporation, we pride ourselves on knowing what homebuyers want and being able to provide the resources in order for them to achieve their goal. At Pennsylvania Preferred Mortgage Co., we specialize in Pennsylvania mortgage loans. We offer purchase, refinance, construction and home equity loans. Use the equity in your home or investment property for home improvements, bill consolidation, purchase of a second home and more. We also offer services for self-employed borrowers, those with less than perfect credit, and those that need 100% financing. Fixed Rate Mortgages. Licensed by the PA Department of Banking. 1st License #1246 & 2nd License #04115. Pennsylvania Preferred Mortgage Company, Inc.
9401 McKnight Road
Pittsburgh, PA 15237
Tel: 1-800-837-LEND
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