Pennsylvania at a Glance
Population
12,972,008
12,972,008
Average Household Income
$92,849
$92,849
Home to 50 Fortune
500 companies
Top 3 Industries: Agriculture,
Manufacturing, Mining
Manufacturing, Mining
The first step in having a successful home loan experience is finding the right mortgage lender.
NewFed Mortgage Corp. is a top mortgage company to consider when looking for a mortgage in Pennsylvania. They offer a wide range of mortgage products, including conventional, FHA, VA, and USDA loans, as well as refinancing options. With a team of experienced mortgage professionals, NewFed Mortgage Corp. is dedicated to providing exceptional customer service and making the mortgage process as stress-free as possible. Additionally, they have a deep understanding of the local Pennsylvania housing market and can provide expert guidance on the best neighborhoods, school districts, and home values. With a focus on transparency and communication, NewFed Mortgage Corp. ensures that their clients are informed and involved throughout the mortgage process, making them a reliable and trustworthy partner for your home buying or refinancing needs.
Pennsylvania offers a diverse range of cities and towns, each with its own unique character and charm. Philadelphia, the largest city in the state, offers a bustling urban lifestyle with a rich history and plenty of cultural attractions, including world-class museums and restaurants. Pittsburgh is another great option for those seeking an urban lifestyle, with a thriving arts scene, numerous parks, and a strong job market. For those seeking a more laid-back lifestyle, the small town of Doylestown, located in the picturesque Bucks County, offers a charming downtown area with plenty of local shops and restaurants. Additionally, the Pocono Mountains offer beautiful natural scenery, with plenty of outdoor recreational opportunities, including hiking, skiing, and fishing. Finally, for those seeking a college town vibe, State College, home to Pennsylvania State University, offers a vibrant community with plenty of cultural and recreational amenities. Whether you prefer an urban or rural lifestyle, Pennsylvania offers a place that will feel like home.
Mortgage Property Types
The most common property types available in Pennsylvania are townhouses, single-family residences, and condominiums, but you’ll also find some manufactured homes, multi-unit properties, and cooperatives (co-ops). Let’s run through the definition of each.
Townhouses
single-family, multi-floor homes that are attached to one another. They are typically uniform in design and are part of a homeowner’s association.
Single-family residences
freestanding homes on a piece of property, or independent residential structures that act as dwellings.
Condominiums
properties that are split into distinct units in one or more buildings. These are individually owned and can either be attached or detached (condex is an alternate term for a detached condo).
Manufactured homes
homes that are built piece-by-piece off-site in factories and then transported to a lot for final assembly.
Multi-unit properties
houses that can shelter more than one family living separately. They consist of duplexes (multi-unit homes with two attached units) or apartment buildings with a maximum of four units.
Cooperatives (co-ops)
multi-family properties where a legal entity owns the title. Residents accrue equity in the building by purchasing shares, allowing them to own a portion of the property (although their names will not be on the deed).
Refinancing
If you’re interested in revising or replacing the terms of an existing loan agreement, then you might want to consider refinancing. Usually, the decision to refinance is as simple as wanting to secure a lower interest rate, while another common motivation is to take advantage of the equity one has built in their property and convert some of it to cash. Some borrowers may even want to change the terms of their loan (for example, from a variable interest rate to a fixed), or to change the length of their loan agreement. Since loans with shorter terms usually have lower interest rates, the borrower can save a lot of cash by paying it off earlier and by paying less interest. Not only that, but refinancing is also a good way to bundle any outstanding debts into a single loan at a lower rate. For a more comprehensive overview of refinancing and what it entails, feel free to get in touch with one of our loan officers today.
Reverse Mortgages
Reverse mortgages are becoming increasingly popular among eligible people who are 55 or older. Essentially, a reverse mortgage is a special type of home equity loan that is available to homeowners 55 and up who have built up considerable equity in their primary property and want to draw it out as cash either monthly, as a lump sum, or as a line of credit. It’s a form of loan, and the money received is non-taxable and will be paid back when the mortgagee dies or sells the home. To find out more about reverse mortgages, check out our online overview.
