Home buying
Buying a home is the largest purchase most people will ever make. When you're ready to take the plunge consider us to help find you the best home loan and to provide you with all the information you need to make informed, financial decisions.
Getting the best residential mortgage
When shopping home loans be sure to review the entire loan, not just the rate. Some loan features to keep in mind:
- loan type: fixed rate mortgages for when interest rates are low, adjustable for short stays
- term: the duration of the mortgage is typically 1-40 years with many adjustable mortgages having a fixed period before becoming adjustable
- points (a form of closing costs): all loans have fees to close, even so called "no-cost" loans, to cover the man hours associated with the process. Points can be paid upfront or folded into the loan. Some loans allow the borrower to "buy-down" the rate on the loan by paying points (1 point = 1% loan), which can be a money-saving feature for long-term borrowers.
- fees and restrictions: fees in the mortgage industry are by no means standard. Make sure to inquire about all fees and to compare loans based on the APR and not the rate. Also look for any loan restrictions that may cause problems for you, especially pre-payment penalties.
Mortgages available to home buyers
The Pennsylvania Mortgage Store offers many residential loans to qualified borrowers through our established network of lenders. Whether you are a first-time homebuyer or an established real estate pro, we have a loan that's right for you:
- fixed rate mortgages with 10, 15, 20, and 30 year terms.
- 2/28, 3/27 adjustable loans
- loans for non-standard borrowers
