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Pennsylvania Mortgage Rates

Pennsylvania Mortgage Rates

If you’re looking to settle in a state that’s rich in history and full of fun things to do, look no further than Pennsylvania. There you’ll find great rates on Pennsylvania mortgage loans, refinance loans, and home equity loans that can you turn your Pennsylvania home’s equity into cash.

Incorporated as a state in 1787, Pennsylvania is where the first daily newspaper was published. It’s also where the first baseball stadium was built. Pennsylvania is the chocolate capital of the world and it’s where the first presidential mansion was built. It’s where Betsy Ross created the first American flag and where our forefathers signed the Declaration of Independence. And this is just the tip of the iceberg. If all this sounds enticing, maybe it’s time you consider homeownership in Pennsylvania, the Quaker State.

Pennsylvania adjustable-rate mortgages

Like other mortgage types, Pennsylvania adjustable-rate mortgages or ARMs have plenty of benefits. Rates and payments typically start out low which helps borrowers who expect their incomes to rise become home owners. Since a wide variety of ARM programs are available, they’re often chosen by Pennsylvania home buyers whose incomes fluctuate or who need short-term borrowing. After the introductory period, which usually lasts 1, 3 or 5 years, interest rates on ARMs adjust upwards or down, depending on the movement of benchmark index to which the ARM is tied. Economic trends greatly influence the movement of these indices including LIBOR, which is a commonly used benchmark index.

Pennsylvania home equity loans

Many Pennsylvania homeowners turn to a home equity loan – a second mortgage offering a fixed rate – when they need cash to cover a one-time expense. Home equity loans and refinances help homeowners turn home equity into cash. Although both achieve the same objective, refinancing may not make sense when a Pennsylvania homeowner already has a low rate on a first mortgage or when a homeowner wants to repay the debt sooner than 30 years. Although the interest rate on a Pennsylvania home equity loan may be higher, the associated closing costs usually are lower than on a refinance.

Popular Areas in Pennsylvania

Allentown
Altoona
Berwick
Bethlehem
Bloomsburg
Bradford
Bucks County
Carlisle
Chambersburg
Dubois
Easton
East Stroudsburg
Erie
Gettysburg
Hanover
Harrisburg
Huntingdon
Indiana
Johnstown
Lancaster
Lebanon
Lewisburg
Lewistown
Lock Haven
Meadville
New Castle
Oil City
Philadelphia
Pittsburgh
Pottsville
Reading
Sayre
Scranton
Selinsgrove
Somerset
State College
St. Marys
Sunbury
Warren
Wayne
Williamsport
York
Youngstown