Getting the Best Mortgage Rates in Pennsylvania


Pennsylvania Mortgage Rates & Loans for Borrowers with Good, Fair, and Excellent Credit Scores

Refinancing or buying a home in Philadelphia, Pittsburgh, Allentown, Bethlehem, Harrisburg, Erie, Reading, Scranton, Lancaster, or any other city in Pennsylvania will be one of the most important purchases you will ever make.

Taking the time to research and find the best Pennsylvania home mortgage rates (10-year, 15-year, 30-Year Fixed, 5/1, 7/1 ARM, VA or jumbo) before you commit to a long-term mortgage contract is a smart strategy.

In addition, conducting a mortgage comparison before you purchase your home or refinance your mortgage is critical, because today’s Pennsylvania mortgage rates are constantly changing.

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Which Pennsylvania City are You Located in?

Mortgage loans for Pennsylvania based residents with good, best, and excellent credit scores are based on the city in which they are located, as well as on the amount of their home down payment, the total mortgage amount, the neighborhood where the house is located, the overall condition of the house, and a wide range of other factors.

Most mortgage lenders in Altoona, York, Philadelphia, Pittsburgh, Allentown, Harrisburg, Erie, Reading, Bethlehem, and Lancaster require a down payment of around 20%. Below is a list of some of the largest cities in Pennsylvania. 

CityPopulation
Philadelphia1,527,554
Pittsburgh307,252
Allentown119,580
Erie103,334
Reading89,630
Scranton77,637
Bethlehem76,530
Lancaster60,870
Harrisburg51,076
Altoona47,868
York45,266
Wilkes-Barre43,046
Chester35,520
Williamsport30,929
Easton28,348
Lebanon27,025
Hazleton26,888
New Castle24,821
Johnstown22,526
McKeesport21,279
Hermitage17,768
Greensburg16,440
Pottsville15,872
Sharon15,586
Butler15,305
Washington15,211
Meadville14,936
New Kensington14,664
Coatesville14,648
St. Marys14,618
Lower Burrell13,309
Oil City12,105
Nanticoke12,013
Uniontown11,920
Sunbury11,453
Lock Haven11,320
Warren11,258
Jeannette11,202
Aliquippa10,986
Beaver Falls10,535
Latrobe10,492
Carbondale10,439
Bradford10,318

Table Source: Wikipedia

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Philadelphia Has the Highest Mortgage Interest Rates

According to a study conducted by www.valuepenguin.com, a research company, Philadelphia had the highest mortgage rates in the state. Valuepenguin.com stated that “According to the estimates we received from direct lenders, [Philadelphia] Pennsylvania’s largest metropolitan area had the highest mortgage rates in the state.”

This is important because if you don’t need to live within Philadelphia, then you might want to consider buying a house in the Philadelphia suburbs, or other cities in PA.

Lower rates mean you’ll end up paying much less over the life of the mortgage versus if you were to buy a house within Philadelphia city limits. Just something to keep in mind.

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Conclusion: Mortgage Loan Types in Pennsylvania (PA)

Lenders that provide mortgage loans in Pennsylvania provide a wide range of fixed-rate conventional, as well as adjustable-rate loan types, including those listed below.

Fixed-rate conventional mortgage loans in PA:

  • 10-year mortgage loans
  • 15-year mortgage loans
  • 20-year mortgage loans
  • 30-year mortgage loans

Shorter-termed 10-, 15-, 20-year fixed-rate mortgages normally have lower interest rates than the longer 30-year fixed mortgage loan. For example, below is a conventional mortgage rate table from U.S.Bank’s website that shows reduced rates for 20>15>10-year loans.

Most borrowers seek 30-year mortgage loans. However, if you believe you can afford to pay back a home loan within 15 years, then it is better to go with the shorter period. Adjustable-rate mortgages in Pennsylvania include:

  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM

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PA Mortgage Rate Table Disclaimer

Click here to read AdvisoryHQ’s disclaimer on the mortgage loan table(s) displayed on this page.


Image Source: 

https://www.usbank.com/home-loans/mortgage/conventional-fixed-rate-mortgages.html



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