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Pennsylvania Mortgage Loans

Now that Pennsylvania mortgage rates have dropped to 3.5% on thirty year fixed rate loans, people should make a move on their adjustable rate home loans. Get connected with a Pennsylvania mortgage lender that offers the best home loan programs locally. If you are tired of dealing with loan brokers that do not understand your local housing market, then you will enjoy the lending process at Nationwide. Pennsylvania mortgage loans of all types are available to qualified borrowers. If you are buying a home, talk with a Pennsylvania lender who can help you get a pre-approval letter quickly and that may help your offer get accepted.

Compare Rates from Top Pennsylvania Mortgage Lenders for Home Buying, Refinancing and Debt Consolidation

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Find out if you qualify for the lowest home loan rates in 50 years. Lock into an affordable Pennsylvania mortgage loan today.

If you are buying a new home in Pennsylvania, you will need a pre-approval letter from a lender or bank. Nationwide can help gain credibility with the seller by providing you with all of the pre-qualification tools needed to stand out amongst competitive offers.

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Mortgage Terms to Know for the Loan Process

Conventional Loan

Second Mortgage

Escrow

A mortgage loan not insured by FHA or guaranteed by the VA. Fannie Mae sets the conforming loan amounts and for 48 states any loan amount under $417,000 for 1-4 unit properties. For more information and guidelines by state, please visit www.fanniemae.com

A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans.

An account held by the mortgage lender into which the homebuyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing by a 3rd party.

Index Closing Costs Refinance

A number, usually a percentage, upon which future interest rates for adjustable rate mortgages are based. Common indexes include the Cost of Funds for the Eleventh Federal District of banks or the average rate of a one year Government Treasury Security.

Any fees paid by the borrowers or sellers during the closing of the mortgage loan. This normally includes an origination fee, discount points, attorney's fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments.

Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

Deferred Interest

Impound

Negative Amortization

When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. This is common with negative amortization loans.

Reserves of a borrower's monthly payments held by the lender to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.

Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.

Interest Only

  • Stated Income Mortgage
  • 100% CLTV on Owner Occupied Properties
  • 90% on Non-owner Occupied Properties
  • Qualify at fully amortizing payment
  • 1-4 Units Condos and PUD's
  • Not Available in All States

Nationwide Mortgage Loan Terms:

  1. First Mortgage Product is available with a 2/28 or 3/27 LIBOR ARM, a 15/15 and 30/30 fixed term, and a 30/15-balloon term. The 2/28, 3/27 and 30/30 terms are available with an Interest Only option with some restrictions.
  2. The Second Mortgage Loans are available with a 15,20, 25 and 30-Year fixed term and a 30/15-balloon term.
  3. Pricing is subject to change daily. Please refer to loan officer for updated interest rates by state.
  4. 40 Yr Amortization: First Mortgage programs are available with a 2/38 or 3/37 LIBOR ARM and 40/30 Balloon first
  5. Interest only is available on the 2/28, 3/27 and 30/30 first liens only

Apply Online or Call our Friendly & Experienced Pennsylvania Mortgage Lenders for a Free Quote
 
 
 

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