Pennsylvania Mortgage Refinance
Nicknamed the “Keystone State,” Pennsylvania (population 12,440,621) home owners have the key to home mortgage refinancing. Pennsylvania borrowers can rely upon its network of qualified lenders to provide the right mortgage refinance product to meet unique, individual needs. Home owners in Pennsylvania can choose from a fixed or adjustable rate mortgage (ARM) to meet refinance needs. For home owners looking for the lowest rate possible, an ARM may be a good choice. The rate on this product begins lower than what is typically offered on a fixed rate product, but adjusts after an initial time period. Rates fluctuate based on market changes so the borrower’s mortgage payment is not always the same. On the other hand, borrowers in Pennsylvania who want a more stable monthly mortgage payment may be interested in a fixed rate product—the rate never changes through the life of the loan. For example, for a 30 year fixed product Pennsylvania lenders are offering rates as low as 5.28% APR. For an adjustable rate mortgage rates are 4.18% APR on a 7/1 ARM or 4.48% ARM on a 10/1. The median sale price for the average Pennsylvania home is $164,700. The median sale price for homes in Lancaster (17601) is $161,200, in Pittsburg (15205) is $111,300 and in Allentown (18101) the median sale price is $177,300. In terms of home values, the median home value in Pennsylvania is $148,200. The median home value in Erie (16501) is $99,500; in Harrisburg (17101) is $163,600 and in York (17401) is $154,300.