Pennsylvania has much to offer its residents. It is home to two very large cities, Philadelphia and Pittsburgh, and to the international chocolate giant Hershey’s. Many people, however, neglect to think of Pennsylvania’s more family-oriented nature. Many of its suburbs offer a great escape from the dozens of cities that surround it, while giving individuals access to all of the cultural resources that large cities have to offer. Pennsylvania also boasts some of the nation’s most prestigious universities. With all of these amazing benefits to residents, it is no wonder that most people living in Pennsylvania are paying far too much for their mortgages each month. These individuals could likely benefit from refinancing their mortgages. Refinancing is the process by which a homeowner obtains a new loan for his/her existing home that covers the remaining balance on his/her current mortgage. This process gives homeowners the opportunity of lowering their monthly payments significantly through the new and creative loan programs available today. Homeowners are also given the opportunity to tap into the equity that they have spent so much time establishing.
Quick Pennsylvania Housing Facts:
- Percent of homeowners in Pennsylvania: 71.3%
- Percent of renters in Pennsylvania: 29.7%
- Median annual income in Pennsylvania: $43,202
- Average credit score in Pennsylvania: 696
- Best Pennsylvania city to live in: Blue Bell, PA
- Median Pennsylvania home value: $97,000
When to Refinance in Pennsylvania
Deciding to refinance is a big decision that requires a significant amount of preparation and research, especially if you are looking to earn the most from refinancing. Begin your research by pricing out what your current mortgage and what your refinancing package will end up costing in the long-term. The refinancing program should offer you a significant amount of saving in the long-term as well as in your monthly payments. It is also very important to stay informed about interest rates. If current interest rates are not lower than 1.5% less than what you are currently paying, then you should not refinance, yet. Finally, stay aware of all of the charges that may be located in the fine print in both your existing and your new loans. Oftentimes, agencies only mention closing costs, penalties, and other charges in the paperwork; so be wary of these charges, as they could end up amounting to thousands unless you are careful.
How much house can I afford in Pennsylvania
One of the biggest problems facing Pennsylvania’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for Pennsylvania’s residences. We work with local and national lenders to make sure that you get the best rate possible.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.