Pennsylvania Mortgage Rates
Pennsylvania ranked
16th on Forbes’ quality of life ranking in 2016. Its business climate is also stellar for big and small businesses that accounted for 47.3% of the private sector labor force in 2014. And homeownership at Pennsylvania is growing at a pace of 68.5% in 2016.
Take your pick from waterfront homes in Erie to row houses in Philadelphia and other residential properties in between. You can do so with a mortgage at the rate you can qualify for.
Start your quest toward the best mortgage by looking into rates. You can find and compare them here.
How Are Mortgages in Pennsylvania?
The state is replete with financing options for today’s homebuyers and refinancers. From the traditional 30-year fixed-rate mortgage to hybrid adjustable-rate mortgage plans, government loans to conforming loans.
Your mortgage program has a hand in your mortgage rate. In fact, government loans are known for their flexible guidelines and modest rates to support housing for families earning not-so-high income. They have lower requirements for down payments from 3.5% to 0%, too!
Examples of government-backed loans coursed through approved lenders are FHA, VA, and USDA. FHA loans cater to families with low and moderate income, VA loans for military members and veterans, and USDA for families in rural areas.
Meanwhile, conventional loans that conform to Fannie Mae and Freddie Mac guidelines are called conforming loans. They also have low down payment programs and competitive rates but they can be difficult to obtain for those with low credit scores.
Refinancers can lower their rate via a rate-and-term refinance or drop their rate and get cash through a cash-out loan. Rates on refinance loans vary according to the loan type.
Qualifying for the Lowest Mortgage Rates
You can apply for any of the above loans to buy a single-family home in Pittsburgh or anywhere in PA. Ready your credit score before applying and make sure you have scoured the market for current mortgage rates.
