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Home buyers and homeowners in Pennsylvania can find numerous resources for all phases of getting or refinancing a mortgage loan. Here are some tips and resource links that can help you find mortgage terms you need and lowest lowest available rates.

Preparing to Buy a Home

Mortgage loan rates are typically lower for those with good credit. It's a good idea to know your credit scores ahead of time, so you'll know what to expect. You can order free annual credit reports and purchase credit scores at the link below.

Completing an educational program that explains the basics of buying and paying for a home can help you prepare for and understand the process. These programs also offer advice for managing your finances and budgeting for owning a home over the long term.. Most community home buyer programs require completion of housing counseling or a training program in order to qualify for their programs.

The Pennsylvania Housing Finance Agency (PHFA) provides educational and lending information for home buyers and homeowners. It offers a variety of programs and resources that can help you buy a home, find a lender, and select a home loan. PHFA also assists homeowners who can't refinance their mortgage loans due to fallen property values.

The Pennsylvania Office of Financial Education provides general information about budgeting and managing money here.




Extra Costs of Owning a Home

If you're making the transition from renter to home owner, there are some extra expenses you'll need to be aware of. Property taxes, hazard insurance, and mortgage insurance are additional expenses that you can expect to pay and need to plan for.

MSN Money Central estimates the state property tax rate for Pennsylvania at approximately 1.47% of assessed property value, but for specific information, please contact the county tax collector's office for the county where your property is located.

Federal Housing Agencies in Pennsylvania

The US Department of Housing and Urban Development (HUD) provides home loans through its agency, the Federal Housing Administration (FHA). The Veterans Administration offers a home loan program for military veterans. Links to both agencies are included below.

Finding a Mortgage Lender and Closing Agent

Shopping lenders for rates and products is essential for getting a great deal, but you also want to make sure any potential lender is experienced and ethical. The mortgage closing process and its cost can add to the challenge of financing a home, and the time it takes between making an offer and getting the keys to your new place. Although real estate professionals and lenders may recommend a closing agent, you can also select an independent closing agent. PHFA provides a list of approved closing agents; there's a link included below.

Refinance Information and Help

Contacting your current mortgage lender about refinancing options can help you get favorable rates and potentially streamline the refinance process. Using mortgage calculator tools can help you decide which refinance options match your current financial situation. If you currently owe more than your home is worth and can't get approved for traditional refinancing, PHFA offers a refinancing program that may be able to help.

In order to gain the most benefit from these resources, it's important to understand in advance which home loan options suit your current needs and circumstances.

Also, please make use of our loan calculators which include a refinance calculator, a mortgage loan rate comparison calculator, and an amortization calculator & amortization chart.  There's also a mortgage calculator to tell you your monthly payments, and an affordability calculator that looks as how much you can spend, and your expenses to show you how much home you can afford.

Home Loan Resources in Pennsylvania

Federal Agencies
Pennsylvania Housing Finance Agency Information and Services: Banking and Real Estate Oversight Money Management Help
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