Getting the Best Mortgage Rates in Pittsburgh (10-15-30-Year Fixed, 5/1, 7/1 ARM)

If you’re in the market to purchase a home in Pittsburgh, you may be surprised to hear that the average cost of Pittsburgh real estate is $184,900 according to Zillow.

These rising costs mark an increase of 6.1 percent throughout the past year, with Zillow experts predicting an additional increase of 3.5 percent in 2018.

Whether you’re planning on buying property with a new home loan or looking to refinance an existing Pittsburgh mortgage, you’ll want to make sure you are prepared before you start talking with Pittsburgh mortgage lenders.

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Good, Great, or Excellent Credit Score for Pittsburgh Home Loans

Most lenders that provide competitive Pittsburgh mortgage rates use a FICO score to determine if a borrower is creditworthy or not.

FICO scores range anywhere from 300 to 850, with higher numbers seen as the most creditworthy and lower numbers seen as the biggest financial risk.

FICO scores for Pittsburgh mortgage rates generally fall into these categories:

  • 300 – 629 is considered “Bad”
  • 630 – 689 is considered “Fair”
  • 690 – 719 is considered “Good”
  • 720 – 850 is considered “Excellent”

If you’re curious about the average credit score, see the table below for average FICO scores from 2005-2015. According to CNBC, as of this year, the average score is 700.

Good, Great, or Excellent Credit Score

Getting Better Pittsburgh Mortgage Rates with Larger Down Payments

Although some lenders require a down payment of 3 percent, the best way to secure better mortgage rates in Pittsburgh is to put down at least 20 percent of the home’s value.

Along with getting a more favorable Pittsburgh mortgage rate, a higher down payment means that you can avoid paying extra for private mortgage insurance (PMI).

Pittsburgh mortgage lenders require the purchase of mortgage insurance for smaller down payments to protect their investments in case borrowers stop making payments.

Typically, borrowers must continue paying until they reach a loan-to-value ratio of 80 percent. While it may not help you cut down costs over the long-term, it certainly does provide short-term affordability for a Pittsburgh mortgage.

According to Zillow, the average premium for PMI ranges between $30-$70 for every $100,000 borrowed, which could make it an affordable compromise for borrowers that can’t put down the full 20 percent.

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Additional Considerations for Pittsburgh Mortgage Rates

When searching for the best mortgage rates in Pittsburgh, there are a few additional pieces of information to keep in mind.

If you have a good, great, or excellent credit history and you are seeking a Pittsburgh mortgage rate for a loan totaling over $424,100, some lenders may be able to provide different mortgage rates in Pittsburgh.

For this reason, it’s important to confirm current mortgage rates in Pittsburgh and terms for specific amounts before making a commitment.

Additionally, it’s also important to keep in mind that APR and payment estimates do not include state-specific taxes or required insurance premiums. As such, you should expect that monthly payments on Pittsburgh mortgages will be greater when taxes and insurance products are added.

Best Mortgage Rates in Pittsburgh

Pittsburgh, PA

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Conclusion – Choosing the Best Mortgage Rates in Pittsburgh

It may take some time to find the best mortgage rates in Pittsburgh, but the payoff is certainly worth the effort.

As you search for the best mortgage rates in Pittsburgh, you may want to ask yourself the following questions:

  • Do the best homebuyer loans come from banks or credit unions?
  • Can I get better refinance rates or Pittsburgh mortgages from online-only lenders?
  • Which lender offers the most competitive Pittsburgh mortgage rates?

Ultimately, finding the best mortgage rates in Pittsburgh is a combination of evaluating long-term affordability and partnership.

No matter what lender you choose, it’s important to partner with a financial institution that you trust and are comfortable working with for the next few decades.

There are plenty of ways to identify the best providers of Pittsburgh mortgages, including the fees they charge, their quality of customer service, what sort of support they offer new home buyers, and how competitive their Pittsburgh mortgage rates are.

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